18 JANUARY, 2022

A loan against property (LAP) can help you fulfill your needs without the need to liquidate your property. Thanks to its secured nature, the loan application is processed and approved faster. Moreover, you can opt for flexible tenures to get an EMI amount that you can comfortably repay. However, your EMIs can consume a major chunk of your income. Therefore, planning your mortgage before you apply for it can help you manage your expenses in a better manner. A loan against property calculator can help you calculate your EMI and plan your mortgage.

If you are planning to take a LAP, continue reading to know about a loan against property calculator.

What Is a Loan Against Property Calculator?

A loan against property calculator is an online tool that you can find on the lender's website. You can use this calculator to know the EMIs and the total amount you will need to pay towards the loan. Your EMI is based on your tenure, loan amount, and interest rates. The calculator uses these variables to display the EMI. Though you can calculate your EMI manually, it can be time-consuming and make way for errors. However, a loan against property calculator works on mathematical algorithms giving you accurate results every time. With this calculator, you can know beforehand how much amount you will need to set aside for EMIs and accordingly make the budget.

Benefits of a Loan Against Property Calculator

  • Helps in making an informed decision

With a loan against property calculator, you can find out if you can afford the loan amount, you want. With this tool, you can calculate the EMI and check its suitability to your budget. It can help you manage your loan better and make an informed decision. If the calculated EMI is too high for you, you restructure the loan by changing the loan amount or tenure.

  • It is free and accurate

You could make mistakes while calculating the EMIs manually. However, with a calculator, you get accurate results eliminating any chances of errors. The loan against property EMI calculator is free to use and is found on all lenders and aggregators' websites. You can use it any number of times to get the results. Moreover, you need not furnish any personal information or loan against property documents to get the results.

  • It saves time

The LAP calculator is simple and easy to use. All you have to do is enter the values of loan tenure, amount, and interest rates with the help of sliders. It saves your time as the results are displayed within seconds.

With a loan against property calculator, you can find out if the tenure and loan amount is suitable for you. If you are not financially comfortable with the loan offer provided by the lender, you can use the calculator to try different combinations to get a suitable loan.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.