Plan Your Finances Better with a Loan Against Property EMI Calculator
With the loan against property EMI calculator, you can manage your loan repayments before applying for one!
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Loan Against Property EMI Calculator
Ready to move forward? Apply for a LAP with low interest now.
What is a Loan Against Property EMI Calculator?
MyMudra’s loan against property EMI calculator helps you estimate your monthly payments before applying for a loan. Just enter a few details to see your EMI, total interest and repayment amount. Adjust the loan value to find a suitable plan and manage your finances with ease.
How to Calculate Loan Against Property EMI using the Calculator?
- Enter the loan amount: Input the amount you need
- Set interest rate: Adjust the interest rate as per your offer (19% from SBL micro Lap)
- Choose loan tenure: Select a repayment period (up to 10 years for SBL micro lap)
- Click calculate: Get a detailed EMI breakdown of Principal and interest
How Does a Loan Against Property EMI Calculator Work?
A Loan against property EMI calculator helps you estimate your monthly payments when you enter the following details:
- Loan amount: The total amount you wish to borrow
- Interest rate: The rate applied by the lender
- Loan tenure: The number of months for repayment
The calculator then applies the formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]Doing this manually takes time, but the calculator provides instant and accurate EMI estimates, helping you plan your loan repayments better.
Let us take an example to understand it better:
Suppose you take a loan of ₹15,00,000 at an interest rate of 8.5% for a tenure of 15 years using the EMI formula:
EMI = [P × r × (1+r)^n] / [(1+r)^n – 1]
- If Interest amount is = ₹ 11,56,420
- If the Total amount payable = ₹26,56,420
- The monthly EMI will = ₹14,758
Benefits of Loan Against Property EMI calculator
Instant Calculation:
No need for manual maths for complex formulas. The Calculator provides EMI estimates in seconds.
100% Accuracy:
Manual calculations can lead to errors. This tool ensures precise results, reducing financial miss calculations.
Completely free to use:
Use the calculator as many times as needed without any charges. Experiment with different loan amounts, tenures, and interest rates freely
User Friendly Interface:
No technical knowledge is required. Enter loan details, and the Calculator will do the rest.
Helps With Financial Planning:
Knowing EMI in advance allows for better budgeting, expense management, and informed borrowing decisions
Compare Multiple Loan Scenarios:
Adjust the principal, tenure and interest rate to find an EMI that fits your repayment capacity.
24/7 Availability:
Access the calculator anytime, anywhere, without visiting a bank or financial institution.
No Signup Required:
Use the tool instantly without registering or providing personal details.
Loan Against Property EMI Calculator FAQs
What is a Loan Against Property (LAP) EMI Calculator?
The Loan Against Property EMI Calculator uses your loan entry to show your estimated monthly EMI at specified rates and payback times. The tool demonstrates how your finances will work toward paying a loan so you can plan ahead.
How is a LAP EMI Calculator different from a Mortgage Loan Calculator?
LAP EMI Calculator functions exactly like a Mortgage Loan Calculator since they perform the same task.
What is the interest rate on a Loan Against Property?
Each financial institution sets its rates when it provides loans to borrowers. My Mudra provides loans from the top banks at the lowest interest rate starting from 8.5% R.O.I.
What steps should I follow to find my Loan Against Property EMI amount?
Use our internet-based EMI calculator now to perform the assessment. Use the tool to estimate your EMI by inserting your loan amount along with your interest rate and loan term borrowings information. The tool shows you how to pay back the loan properly.