A Loan Against Property EMI Calculator is an online EMI Calculation tool for a mortgage loan. As you share your loan against property (LAP) details such as amount, rate of interest and tenure, the calculator will instantly provide monthly instalments as well as loan amortization schedule. You can conveniently use 24X7, free Loan EMI Calculator on websites & apps of lenders & aggregators. Using an EMI Calculator helps you make an informed borrowing decision.
Additional Info: You can also avail Loan Against Property without Income Proof and ITR
Currently lowest Loan Against Property EMI is Rs 913 per lakh at 7.25% p.a. Leading lenders such as SBI, HDFC, ICICI Bank, IDBI First Bank, IndusInd Bank, Tata Capital, Bajaj Finserv offer the best offers on LAP.
Let’s use MyMoneyMantra LAP EMI Calculator for calculating EMI and amortization schedule for Loan Against Property with following parameters:
Loan Amount: Rs 1,00,000
Loan Tenure: 15 years
Rate of Interest: 7.25%
As you fill these details, EMI Calculator will share following results:
Total Payment: Rs 1,64,315
Total Interest: Rs 64,315
EMI: Rs 913
You will also get following LAP Amortization schedule.
|Year||Opening balance||EMI paid during year||Principal paid during the year||Interest paid during the year||Closing Balance|
|1 (single EMI)||Rs. 1,00,000||Rs. 913||Rs. 604||Rs. 309||Rs. 99,691|
|2||Rs. 99,691||Rs. 10,954||Rs. 7,101||Rs. 3,853||Rs. 95,838|
|3||Rs. 95,838||Rs. 10,954||Rs. 6,812||Rs. 4,142||Rs. 91,696|
|4||Rs. 91,696||Rs. 10,954||Rs. 6,502||Rs. 4,452||Rs. 87,244|
|5||Rs. 87,244||Rs. 10,954||Rs. 6,168||Rs. 4,786||Rs. 82,458|
|6||Rs. 82,458||Rs. 10,954||Rs. 5,809||Rs. 5,145||Rs. 77,313|
|7||Rs. 77,313||Rs. 10,954||Rs. 5,424||Rs. 5,531||Rs. 71,782|
|8||Rs. 71,782||Rs. 10,954||Rs. 5,009||Rs. 5,945||Rs. 65,837|
|9||Rs. 65,837||Rs. 10,954||Rs. 4,564||Rs. 6,391||Rs. 59,446|
|10||Rs. 59,446||Rs. 10,954||Rs. 4,085||Rs. 6,870||Rs. 52,577|
|11||Rs. 52,577||Rs. 10,954||Rs. 3,570||Rs. 7,385||Rs. 45,192|
|12||Rs. 45,192||Rs. 10,954||Rs. 3,016||Rs. 7,938||Rs. 37,254|
|13||Rs. 37,254||Rs. 10,954||Rs. 2,421||Rs. 8,533||Rs. 28,720|
|14||Rs. 28,720||Rs. 10,954||Rs. 1,781||Rs. 9,173||Rs. 19,547|
|15||Rs. 19,547||Rs. 10,954||Rs. 1,094||Rs. 9,861||Rs. 9,687|
|16||Rs. 9,687||Rs. 10,041||Rs. 355||Rs. 9,687||Rs. 0|
The repayment of a Loan Against Property is made in Equated Monthly Instalments (EMIs). The interest component is calculated on the reducing balance method and thus interest payment reduces with loan tenure. You can conveniently calculate loan EMI on online Calculator. Simply share loan amount, tenure & interest rate and you will instantly get EMI & repayment schedule. By comparing different rates & tenure, you can calculate affordable EMI plan according to your repayment capacity.
Formula for calculating EMI is:
EMI = [P x R x (1+R) ^ N] / [ (1+R) ^ N-1]
P = Principal amount
R = Rate of Interest
N = Tenure in months
Following factors will affect the EMI of your mortgage loan:
Principal amount: The loan amount that you availed from the bank or financial institution is the principal amount. EMI is calculated as interest percentage on this amount. As you repay the EMI, principal amount decreases and thus decreases your interest liability.
Tenure: The tenure of a LAP can go up to 10-15 years, according to credit policy of the lender. Further, current age & retirement age of the applicant impacts the loan tenure. With longer tenure, EMIs are lower.
Rate of interest: Every borrower seeks to lock the best rate of interest. However the offer rate depends on the type of property to be mortgaged, borrower’s profile and credit score. The rate will also vary according to lender’s credit policy. The rate could be floating or fixed.
Additional Info: Also check Pan Number for Banks
A Loan EMI calculator automates EMI calculation process. Simply by sharing loan amount, tenure & interest rate, you can instantly calculate EMI & amortization schedule in a matter of few seconds. It becomes completely hassle free to assess the loan affordability for the applicant. Using EMI Calculator, you can compare EMI burden for different tenures and amounts and make an informed borrowing decision. Being a long term financial commitment, it is always recommended to understand your repayment commitment prior applying for a loan.
Additional Info: You can also check Best Home Loan Interest Rates
It is 100% free and absolutely easy to calculate LAP EMI using MyMoneyMantra Loan Against Property Calculator. Here are the steps to follow:
Additional Info: You can also Check Banglarbhumi West Bengal Land Record
A Loan Against Property (LAP) is a secured loan against a self-owned residential or commercial property. The borrower pledges property to the bank/ NBFC for loan amount. The loan amount is calculated as a percentage to property's market value. This ratio is called loan to value (LTV) for Mortgages. The loan can be availed as a term loan, overdraft facility or demand loan. Just like personal loan, there are no restrictions on the end-use of LAP. You can avail property loan for personal, business or any other purpose. The effective rate of interest is assessed according to loan amount, borrower's eligibility, credit score, and other factors.
Currently lowest LAP interest rate start at 7.25% p.a. for maximum of 15 years.
Additional Info: You can also avail HDFC Home Loan
To apply for Loan Against Property, the applicant should be a titled owner of the property. The other co-owners also need to become the co-borrower for LAP. Following types of properties can be pledged to avail Mortgage loan/ LAP:
|Interest rate||7.25 % p.a. onwards|
|Tenure||Flexible, up to 15 years|
|Prepayment charges||NIL for floating rate loans|
|Stamp duty/other charges||As applicable|
Additional Info: Also check SBI Home Loan EMI Calculator
Additional Info: Looking for 1 Crore Home Loan? Check EMI & Apply
Yes, Loan Against Property can be availed by companies or groups for commonly owned commercial properties. You will have to prove the ownership of the property and also provide the proof of the company's business and profits to be eligible for the loan.
There are no restrictions on the usage of the loan amount availed through Loan Against Property. It can, therefore, be used for renovation purposes if required.
It can be very difficult to calculate the EMI manually through so many complex calculations. The Loan Against Property Calculator will do the calculations for you very quickly and return you a highly accurate result.
Yes, MyMoneyMantra Loan Against Property Calculator is completely free to use tool and can be used by anyone with a basic internet connection.
The type of loan you should go for depends on your requirement and the type of property you have. For example, in case of a self-owned current property (commercial or residential), it would be ideal to go for a Loan Against Property. In case of a rental property from where you have been receiving rent regularly, you could go for a Lease Rental Discount. In case you require regular frequent funding, you could go for Overdraft facility.