How to Use a Loan Against Property EMI Calculator
April 13, 2021
Applying for a Loan Against Property is a great option to put your financial worries to rest. On the other hand, it can be a daunting task when you actually want to evaluate your monthly instalments. However, that can be resolved by using a Loan Against Property EMI Calculator. Read on to know how you can use this free online tool.
Before purchasing a Loan Against Property, you need to evaluate your monthly instalments, calculate interest charges and choose a suitable time frame to repay the loan amount. Now you can simply use a Loan Against Property EMI calculator, which gives accurate results rather than doing the calculation manually.
Loan Against Property calculator is a free online tool available on the ICICI Bank website, helping you calculate the monthly instalments you need to pay for a particular tenure. Once you enter the required details such as the loan amount, interest rate and loan tenure, the tool provides accurate results. Using the online calculator, you get a better idea about financial planning and assess your loan repayment capability.
Before knowing about the Equated Monthly Instalment (EMI) calculator for LAP, let’s get to know about Loan Against Property or LAP. Loan Against Property enables you to avail a loan by letting you mortgage a rented property, land or your own house, so that you can fulfil your financial obligations. Any self-employed or salaried individual can get a maximum 60% of loan approved by mortgaging a property. Once you repay the complete loan amount, you can get possession of the property. If you fail to do so, the bank is entitled to take possession of the property. When you’re picking a Loan Against Property, make sure you calculate the monthly instalments to get your finances in order.
How does one use the Loan Against Property calculator?
• Enter the principal loan amount
• Enter the rate of interest offered by the bank
• Enter the tenure of the loan. In case of a Loan Against Property, the maximum tenure is up to 15 years.
The tool can be used multiple times. You just have to feed in the above-mentioned details to get the results instantly. Moreover, the Loan Against Property calculator usage isn’t complicated. You can use different combinations of the principal amount, interest rate and tenure to know the EMI amount that suits your pocket size. It is accessible 24x7.
Now you can avail Loan Against Property from ICICI Bank at an affordable interest rate and EMIs. You can fund your business or personal financial needs using the loan. To determine the eligibility, the bank assesses the financial status of a candidate and the value of the property being offered as collateral. ICICI Bank offers loan assistance ranging from Rs 10 lakh to Rs 5 crore. The maximum tenure for Loan Against Property is up to 15 years.
To know the EMI amount you can afford, the bank also offers an EMI calculator for LAP where you need to feed in the details of the loan amount and tenure. Once you fill in the information, you will know the EMI you will be required to pay.
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