The appropriate management of finances Loans in the modern world has indeed turned into a highly challenging task. With each passing day, one is expected to make sensible new investments and tread advanced economic territories. Be it business expansion, children’s education, medical emergencies or debt consolidation – the monetary expenses meant to be borne by both, salaried and self-employed individuals, have just become far too many! It is under such pressing circumstances that availing a loan against property can prove to be of immense value.
What Is A Loan Against Property?
A loan against property, in simple words, is a collateral-based loan which can be availed against residential or commercial property, that is registered in your name. With low-interest rates, no end-usage restriction, flexible repayment tenures and continuous ownership provision, such loans serve as an incredible tool of gaining quick access to finances while unlocking the true potential of your assets.
However, before you decide to approach a lender for obtaining a loan against property, it would be wise to find out the exact amount of equated monthly instalments (EMIs) that you would be liable to pay towards servicing this loan.
These approximate EMIs can easily be calculated with the assistance of a loan against property calculator.
What Is A Loan Against Property Calculator?
Commonly known as a mortgage calculator, a loan against property calculator is essentially a specialized online device which allows you to compute the specific amount of EMI that you would need to pay if you avail a certain sum of the loan.
In order to do this, a mortgage calculator generally tends to use the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated monthly instalments
P = Principal borrowed amount
R = Rate of interest charged
N = Total loan tenure
By employing this formula, the otherwise time-consuming calculation of potential EMI amounts can be greatly reduced, and a detailed mathematical number can be diligently arrived at, with proper caution and precision.
How Should A Loan Against Property Calculator Be Used?
The usage of a loan against property calculator is fairly straightforward and simple. All you are required to do is follow a step-by-step approach, which largely includes:
- Entering the principal loan amount that you intend to borrow. The higher the amount of money you need to borrow, the greater would be your monthly EMI.
- Filling in the details of your total rate of interest. If you are unaware about this rate, ask your lender to provide you with information regarding the same, in exclusive detail.
- Putting down your probable loan tenure, depending entirely on your repayment capacity, personal preference and monetary requirement.
- Once this is done, just click on the ‘Calculate’ tab and find a comprehensive breakdown of your equated monthly instalments.
Proper use of this calculator will equip you to understand all facets of your credit facility and thereby, enable you to make the right borrowing choice while limiting your prospective financial burden.
The Way Forward
As times change, more and more people will begin seeking the assistance of credible lenders for acquiring loans against their properties’ tangible assets. If you too would like to do the same, there can be no better place to meet your monetary needs than – Fullerton India. With their competitive pricing, digital processing, Fullerton can bring you instant financial relief and documentation without compromising with your specific requirements. You can avail the benefits of online EMI payment and also use a loan against property calculator to check the EMI amount, quick customer care, low-interest rates and flexible repayment schedules even while keeping your income and lifestyle intact. So, what are you waiting for? Click here and begin your journey towards getting a loan against property now!