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Total Interest Payable
your EMI will per month
It is very difficult as well as time-consuming to calculate EMIs manually. In such a situation, the mortgage loan EMI calculator comes handy as it helps you calculate your loan EMIs instantly. The results can be obtained by entering just a few information such as loan amount, interest rate and tenor of the loan. The mortgage loan EMI calculator is an online free tool that is available for 24*7 comes with multiple benefits which are as follows:
Loan against property is a secured credit that can be availed of against any property such as residential or commercial. LAP is a high-value loan that can be used to meet any of your big expenses from children’s higher education to wedding expenses, business expansion or a medical emergency. Bajaj Housing Finance Limited offers loan against property to both self-employed and salaried of up to Rs. 3.5 crore and Rs. 1 crore respectively. This loan against property by Bajaj Housing Finance Limited comes with easy-to-meet eligibility parameters and quick disbursal within 72 hours of document verification and approval.
Loan against Property EMI (Equated Monthly Instalment) is a fixed amount that a borrower has to pay to his/her lender every month towards the repayment of the loan until it is completely paid. It comprises two components such as interest and principal amount. Initially, a major part of your EMIs goes as interest while later a larger chunk is dedicated as the principal amount except in a situation when there is an increase in the rate of interest. The longer your repayment tenor is, the lower your EMIs are. Bajaj Housing Finance Limited offers hassle-free loan against property with flexible tenor up to 20 years for salaried people while 18 years for self-employed. To know the exact amount of EMI, you can use a loan against property EMI calculator.
Calculating EMIs for LAP is a complicated and time-taking process but an online LAP EMI calculator can make this task easier without any delay. The three important factors that affect the loan against property EMI calculation are:
Principal amount: This is the total amount of loan you borrow from the financial institution depending on the mortgaged property. Therefore, bigger the principal amount is, the greater the EMIs.
Tenor: The tenor of LAP is an important factor that determines the EMIs. Factors such as the borrower's current age and the retirement age affect tenor. However, longer the loan tenure is, the lower the EMIs.
Rate of Interest: One of the crucial factors that determine the ease of repayment as well as the ability of the borrower to avail LAP is the rate of interest. If the rate of interest is higher, it can be discouraging for the borrowers to apply for a larger loan amount. Contrastingly, lower the interest, easier to repay the loan and therefore the borrower can apply for a bigger loan amount. Factors such as borrower’s profile, credit score or mortgaged property affect the rate of interest.
Bajaj Housing Finance Limited offers loan against property up to Rs. 3.5 crore for self-employed and up to Rs. 1 crore for salaried. With an attractive rate of interest, loan against property from Bajaj Housing Finance comes with flexible tenor of up to 20 years for salaried and 18 years for self-employed.
Bajaj Housing Finance Limited provides a LAP/mortgage calculator, an online tool that comes in handy to calculate loan against property EMIs in just a few easy steps. You can know your exact payable EMIs with the help of mortgage EMI calculator by following the steps given below:
Once you share the information, you will get an instant result in which you will know your monthly instalment, total interest amount which is payable on that loan and the total cost of the loan. You can also change the tenor and principal amount to get an EMI that suits your budget and accordingly plan your finances.
Loan against EMI calculator by Bajaj Housing Finance Limited is a free tool that saves your time from lengthy calculation to know your accurate EMIs on LAP. It is an online tool that helps you calculate your monthly instalment quickly and help you decide your finances smartly. Here are some of the benefits of using a LAP EMI calculator by Bajaj Housing Finance Limited:
It is a very difficult task to calculate the EMIs of LAP manually as the calculation is lengthy and there are chances of errors. It is when the mortgage calculator can be used to give you accurate EMI amount instantly. The mortgage loan EMI calculator used the following formula:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1].
In this formula:
1. What is a LAP EMI calculator?
LAP EMI calculator by Bajaj Housing Finance Limited is an online tool that can help you in calculating the monthly instalment that you have to pay to repay a LAP loan. A manual calculation of EMI is a lengthy process and might have errors in that while a LAP calculator can be useful in such situation as it gives you accurate EMI amount in just a few clicks
2. What is an EMI?
EMI refers to equated monthly installments. It is the total amount that is payable every month till the time your loan is completely repaid. It comprises two components- principal and the interest on the loan. Initially, the interest component is higher in your loan EMI while later it’s a principal amount that has a larger chunk.
3. How to use a property loan calculator?
Property loan calculator by Bajaj Housing Finance Limited is an online tool that is used to know your exact EMI amount that is payable every month towards the loan repayment. You can use a property loan calculator is just three steps:
With the help of property EMI calculator, you can also change the principal amount as well as the tenor to get an EMI that suits your finances.
4. How does a Loan against Property EMI calculator work?
LAP calculator works on three basic parameters- principal loan amount, tenor and rate of interest applicable on loan against property. LAP calculator uses the following formula to calculate the EMIs:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
P: Principal loan amount that is needed
R: rate of interest applicable
N: tenor or total number of EMIs
5. How much loan can I get against my property from Bajaj Housing Finance?
Bajaj Housing Finance Limited offers high-value loans against property up to Rs. 3.5 crore to self-employed and Rs. 1 crore to salaried people at an affordable rate of interest. This hassle-free loan against property comes with minimal documentation and quick disbursal within 72 hours of document verification and approval. You can also enjoy a flexible tenor of up to 20 years if you are salaried professional and in case you are self-employed, you can repay the loan in a maximum of 18 years.
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Last update on 11-Mar-2021
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