Best Way to Use Property Loan EMI Calculator


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Best Way to Use Property Loan EMI Calculator

Purchasing property is considered rewarding. The value of the property generally keeps going
up with time. Besides, during times of financial crunch, loan can easily be availed of against
the properties one owns. As a secured funding option, a property loan is one of the most
popular financial products and comes with several benefits. Individuals can opt for a loan
against property and use the borrowed money for meeting all their financial requirements.
Property loans also provide individuals with the flexibility of utilizing different kinds of
property for availing of a loan. Usually, loans against property can be availed on lower
interest rates. For further loan-related planning and calculations, applicants can use property
loan EMI calculator.
What Is a Property Loan EMI Calculator?
Often, prospective borrowers face issues related to correct calculation of loan repayment,
EMI selection, tenor selection, and so on. Property loan EMI calculators, which are available
only freely, provide solutions to all these problems. These calculators give users the breakup
of the loan, enabling them to see the cost of the property loan. For every month, this breakup
contains details about the interest and principal component paid. Further, users can adjust the
loan amount or the EMI to see the impact of the same on the property loan. Similarly, the
effect of choosing a longer or shorter repayment tenor on the loan can be seen as well.
How to Use a Property Loan EMI Calculator?

Property loan EMI calculators are built with the objective of enabling users to comfortably
perform calculations. Accessing a property loan EMI calculator should not be a problem. Just
a simple search can lead you to websites that make this tool available for free. For using the
loan EMI calculator, here is a step-by-step guide:
● Enter the principal property loan amount you have availed of or are planning to avail.
● Select the tenor of the loan during the next step. Loans against property are offered
generally for up to 15 years.
● Lastly, key in the applicable rate of interest.
Once you have input all details, the calculator will automatically calculate all the details.
Advantages of Property Loan EMI Calculators

Using property EMI calculators for carrying out calculations can be beneficial for the
borrowers in many ways. Property EMI calculators are capable of instantly producing
accurate results. So, even with complex calculations, users do not have to bother about

mistakes in calculations. Borrowers can further use the calculator to their benefit in other
ways:
● EMI Selection: Affordable EMI selection should be the priority of borrowers. With
the help of a property loan EMI calculator, choosing affordable EMI becomes
easier because of the option of checking all the combinations.
● Loan repayment tenor: For saving interest money on the loan, repayment years
must be chosen carefully. Choosing to make the repayment tenor longer can
unnecessarily increase the payable interest amount, making the loan unduly costly.
With the help of loan calculator, a proper loan tenor can be selected.
● Loan offer comparison: For choosing the right loan offer, it is essential that you
carry out loan comparison studies. The property loan calculator can be used for
this. By getting the breakup of loan repayments, you can opt for the suitable loan
offer for yourself.
● Unlimited calculations: The calculator is free to use, even when you perform
multiple calculations.
Loan Against Property Eligibility

A loan against property is a secured loan. Borrowers can avail of this type of loan by offering
collateral against the loan. Residential and commercial properties, industrial properties, and
residential plots can be used as collateral. For proceeding with a loan application, it is
mandatory to have ownership of the property. Fundamental loans against property eligibility criteria
can differ for different banks. However, some common criteria are followed by almost all
financial lenders. Here are the standard eligibility criteria followed by most lenders:
● Age: For salaried applicants, the age should be from 23 to 60 years. For self-employed
individuals, the age requirement is different, from 25 to 70 years.
● Residential status: For both salaried and self-employed individuals, being an Indian
resident is mandatory. For self-employed individuals, property loan lenders only offer
loans to those living in selected Indian cities.
● Source of income: Lenders look for a steady source of income. Approval of loans is
subject to individuals proving that they have a steady source of income.
● Ownership of property: Compulsorily, applicants are required to prove that they own
an eligible property for a loan against property. Any dispute regarding the ownership of
the property can become the reason for loan application rejection.
For all those eligible to avail of a loan against property, planning the repayment of the loan is
crucial. By providing a true picture of the loan, property loan EMI calculators can help manage the loan well, which can assist borrowers in avoiding financial troubles.

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Waniha Amir

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