Use a Loan against Property EMI calculator for better results
A loan against property gives you funds for your personal or business use. It is a type of personal loan which is granted against the mortgage of your property. The quantum of loan is considerable and the interest rate is also low which makes the loan affordable and quite useful. However, before availing a loan against property, it is always advised to know the EMIs which you would have to pay to clear off the loan. The EMI of the loan is calculated taking into account the amount of loan you want, the repayment tenure you choose and the applicable rate of interest on the loan. The formula to calculate the Loan Against Property EMI is as follows –
EMI = {P*R (1+R)*N} / {(1+R)*N-1}, where,
P = amount of loan
R = interest rate
N = repayment tenure
You can put the three inputs in this formula to calculate your loan EMIs. Can you do the math carefully?
Why do the math yourself when there are calculators to do the calculation easily?
Loan against property EMI calculator
A loan against property EMI calculator is a tool which calculates the EMI of the loan automatically when you enter the three inputs. You don’t have to do lengthy mathematical calculations as the calculator does the calculations itself and shows you the EMIs instantly.
Why the calculator is better?
The loan against property calculator gives better results than manual calculation because the calculator is a scientific tool. The calculations are done accurately without any mistakes. While you might make mathematical mistakes in your calculation, the calculator doesn’t and it shows you the exact amount of EMI payable for the loan, right up to the nearest paisa.
Benefits of loan against property calculator
A loan against property calculator, besides giving better results, also provides the following benefits –
- The calculator is free, easy to use and gives accurate results
- The calculator is available online which makes it easy to access and use
- It shows you the expected EMI payable for the loan you avail. When you know the EMI beforehand you can judge its affordability and can make provisions in your monthly budget to pay off the EMIs with ease
- You can also change the calculated EMI by changing the inputs. The calculator shows the changed EMIs instantly when the inputs are changed without you having to recalculate the revised EMIs yourself. You can, therefore, change the EMIs as many times as you like to arrive at the most affordable amount
- When you opt for a calculator offered by a loan aggregator, you get the EMIs of different lenders based on the different lending rates. You can then compare the EMIs and choose one which has the lowest interest rate so that your loan becomes more affordable
So, before applying for a loan against property always calculate the EMIs to know the cost of the loan. Apply for the loan only if the EMIs are affordable so that they are easily paid. Use a loan against property EMI calculator for calculating the EMIs for a perfect result.
