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Managing your loan against property EMIs is easier if you are aware of your monthly debt obligations in advance. Using our loan against property EMI calculator can help you with this.
Select Loan Amount
₹
Min ₹ 20,00,000
Max ₹ 75,000,000
Interest Rate
12 %
Min 11%
Max 17%
Select Loan Repay Duration
10 Years
Min 3 Years
Max 15 Years
An EMI calculator for a loan against property is a web-based application that assists you in calculating your monthly mortgage loan obligation in advance. To use this tool, you only need to enter three figures for the loan: principal amount, interest rate, and payback period. The calculator will display the results in the blink of an eye after you enter the required numbers.
Calculating your loan against property EMI is a simple process. You can do it online with an EMI calculator loan against property or manually with a mathematical formula. Here is the mathematical formula for the same.
EMI = [P x R x (1+R)^N] / [((1+R)^N)-1)]
where,
EMI means Equated Monthly Instalment
P is the Principal loan amount
R is the rate of interest
N is the loan tenure in months
The EMI calculator for a loan against property works on the mathematical formula provided in the previous section. You can use the Hero FinCorp loan against the property EMI calculator by following the three easy steps outlined below.
1
On the loan against the property EMI calculator, enter your mortgage loan principal amount.
3
Next, choose the repayment period you selected when you signed the loan agreement.
Lastly, click on the "Calculate your EMI" option, and you will get the details of your monthly debt obligations.
Using a loan against a property calculator offers a slew of advantages. The most prominent ones are as follows:
The mortgage loan EMI calculator tells you how much monthly repayment obligation you can afford before you submit your application. In order to arrive at the pocket-friendly EMI, experiment with different repayment terms and loan amounts.
If you are opting for a fixed interest rate mortgage, your EMI does not fluctuate and remains the same till the conclusion of the loan term. As such, using an EMI calculator will inform you of how much money you need to set aside each month for debt repayment while also allowing you to manage your finances efficiently.
Unlike manual calculations, which mostly yield unreliable results, the loan against property EMI calculator provides error-free results.
The EMI calculator for a loan against property is simple to use, requiring only three variables to be entered. Further, you can use this tool at any time and from anywhere.
A mortgage loan amortisation schedule splits your monthly EMI for each month into principal repayment and interest payment and displays them in a tabular format. When analysing this table closely, you will notice that as your loan progresses, the monthly interest payable decreases, and you pay more towards the principal outstanding.
You can lower your mortgage loan EMI by choosing a longer repayment term. However, longer tenure has a disadvantage. It raises the total amount of interest payable for the loan availed.
Knowing your EMI beforehand will help in comparing various mortgage lenders and determining how much loan you can afford when it comes to EMI repayment. It further helps in managing your finances in a better way while lowering the chance of EMI skips.
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