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14 DECEMBER, 2021

A loan against property is a secured loan in which you can borrow funds by mortgaging your property. You can use the loan against property for varied needs ranging from medical, business, travel, debt consolidation, home renovation, etc. However, a loan against property is a significant amount that can alter your finances and budget. Moreover, if you default on the payments, you could lose the property. Therefore, you must borrow an amount that you can comfortably repay on time.

A loan against property EMI calculator helps you check your affordability so that you avail a loan amount that you can repay at convenient EMIs. Read on to know what a loan against property calculator is and how it can be a useful tool for you.

What Is a Loan Against Property Calculator?

A loan against property calculator is an online tool that helps you check your affordability. It computes monthly instalments, total repayment amount and interest payable. With a loan against property calculator, you can calculate the amount of EMI you can comfortably pay. You can also alter the variable values like tenure and loan amount to find your affordability and best EMI. You can find this calculator on an aggregator or your lender’s website.

You need the following variables to get the result on this calculator.

Loan amount - This is the amount of loan that you want to apply against the property.

Tenure - You can repay the loan amount over a long tenure. Lenders allow you to choose the repayment tenure as per your repayment capacity and financial viability.

Interest rates- The interest rate applicable on your loan against property. This interest rate is based on your credit score, income, financial stability, market conditions, etc.

Benefits of Loan Against Property Calculator

Loan against property calculator has the following benefits:

  • Quick to use - With this online tool, you can calculate your EMI in a few seconds. It facilitates speedy calculation and saves time, unlike manual computations.
  • Accurate- This calculator is error-free and accurate. It works on algorithms, and so there are no chances of any errors or mistakes.
  • Free to use- It is available on all lender’s websites and is free to use. You can use it multiple times to find a suitable EMI for you.
  • Aids in financial planning - With the loan against property calculator, you can plan your finances better. You can compare different tenure and loan amounts to know which the most suitable loan is for you.

Steps to Use Loan Against Property Calculator

To use the loan against property calculator, follow the below-mentioned steps -

  • Visit the lender's website
  • Go to loan against property calculator webpage
  • Enter the loan amount you have applied for
  • Use the slider to enter the tenure in years or months
  • Enter the applicable interest rate

Your results will be displayed instantly. With this calculator, you will know your monthly EMI, total interest payable and outstanding amount.

Knowing your affordable EMIs will help you avoid defaults. Moreover, it can also help you plan your finances in a better manner. Therefore, check your affordability and apply for loan against property today.

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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.