Loan Against Property EMI Calculator
Calculate your EMI for taking a Loan against Property using Pocketful’s EMI calculator.
What is a Loan Against Property Calculator?
A mortgage loan or loan against property calculator is a digital tool designed to calculate the EMI payable for a loan against property. It helps streamline the loan planning process. Imagine you are planning to take a loan against the property; by entering essential inputs in this calculator, such as loan amount, tenure of the loan, and the interest rate, this calculator gives you outputs – your equated monthly installments (EMIs), your total interest payable and the total amount payable instantly. This way, you can make an informed decision regarding your EMI and repayment options and compare different loan providers.
How Can Loan Against Property Calculator Help You?
The Pocketful’s Loan Against Property calculator can help you in the following ways:
- Budgeting and financial planning: The loan against property EMI calculator gives you insights into your monthly repayments so that you can make informed financial decisions and plan your finances accordingly.
- Real-time EMI calculation: It saves the time and effort required to manually calculate your EMIs, providing you with accurate results instantly.
- Compare loan options: By adjusting your inputs and comparing different loan options offered by different lenders, you can see the impact on your monthly payments.
How Does a Loan Against Property Calculator Work?
Here’s the step-by-step guide on how to use the Loan Against Property calculator:
- Insert the inputs: These inputs include – the total loan amount you are going to borrow, the interest rate charged by the lender, and the loan tenure in years.
- Result Review: Pocketful’s Loan Against Property calculator instantly gives you accurate results, which include – the EMI amount, total interest payable over the loan term, and the total amount payable.
- Adjust the variables: You can also adjust your variables to compare loan options offered by different lenders to see how these varied inputs can impact your EMIs and overall loan cost.
Formula to Calculate EMI for Loan Against Property
The formula to calculate the EMI for the Loan Against Property is:
EMI = [P*R*(1+R)^N]/[(1+R)^N-1]
| EMI | Equated Monthly Installment |
| P | Principal Amount of Loan |
| R | Monthly Interest Rate of Loan = (Annual Interest Rate) / 12 |
| N | Loan Tenure in Months or Number of Monthly Installments |
Example of Loan Against Property Calculator
Suppose we have entered the following inputs:
- Loan amount (P): ₹25,00,000
- Annual interest rate (r): 8.5% ( 8.5% / 12 = 0.7083% = 0.0071 )
- Loan tenure (n): 18 years (216 months)
Using the formula, we can calculate the monthly EMI:
EMI = ₹25,00,000 * 0.0071 * (1 + 0.0071)^216 / ((1 + 0.0071)^216 – 1) = ₹ 22,636.
You’ll repay ₹ 22,636 monthly for 216 months, resulting in a total repayment of ₹ 48,89,470, including ₹ 23,89,470 as interest.
How to Use Pocketful’s Loan Against Property Calculator?
Pocketful also provides one such tool on their platform to calculate EMIs and the interest payable over the loan term, which is simple and free to use.
- To use Pocketful’s Loan against Property EMI calculator, you need to visit Pocketful’s official website. Scroll to the bottom of the page and click on tools, then click on “Financial Calculators,” and then open the EMI calculator.
- Enter the inputs like Loan Amount, Rate of Interest (P.A), and Loan Tenure (in yearly or monthly terms).
- The calculator will instantly calculate the Monthly EMI, interest amount, and total amount payable over the loan term.
Benefits of Using the Loan Against Property Calculator
The benefits of using Pocketful’s Loan Against Property calculator are as follows:
- Borrowers can wisely plan their future finances.
- This calculator helps you compare different lending options that are available.
- This tool is simple to use, and it accurately calculates Monthly EMI amount, Total Interest Payable, and Total Amount Payable.
- This calculator allows you to adjust your inputs to compare different loan providers based on the EMI and total interest payable.
- It helps you evaluate future financial obligations and avoid defaults.
FAQs
How much loan amount can I get against my property?
The loan amount you can get against your property depends on factors such as the property’s market value, the lender’s policies, your income, and creditworthiness. Generally, you can get a loan from 50% to 75% of your property’s market value.
Can you use the mortgage loan EMI calculator to calculate prepayment options?
Yes, some mortgage loan EMI calculators allow you to input prepayment amounts to see the impact of partial payment on EMI, loan tenure, and total interest payable.
Does it consider processing fees and other charges?
No, basic mortgage loan EMI calculators usually exclude processing fees, legal charges, or other costs. It is better to consider all the charges before selecting a lender.
Is the EMI amount fixed for the loan tenure?
For fixed-rate loans, the EMI remains constant. However, in the case of variable-rate loans, the EMI can change depending on market interest rates.
Does the calculator explain whether there are any tax benefits?
No, the mortgage loan EMI calculator is not configured to calculate the tax benefits as per the applicable Income Tax laws. Consult a tax advisor for better understanding.
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