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‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.
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Key Takeaways:
Taking a loan against your property does not means you are just borrowing the money. It means that you are keeping your valuable assest as a security. You better plan good and make a well thought decision before making it happen.
For a better decision making, the Loan Against Property EMI Calculator helps you to understand certain financial decision before you sign any agreement. Instead of trusting the bank representatives, you can calculate monthly installments on your own.
Maybe most of you are thinking that this can be a fraud or may charge you extra money for the services. But hey! Let me tell you something that will blow your mind. These kinds of LAP EMI calculators are regulated by the Reserve Bank of India itself.
The government takes care of the best you deserve, so you get full transparency in interest rates and repayment terms. Transparency is important in such terms as it helps you understand and calculate your obligations.
Let’s see what an LAP EMI Calculator actually is:
A loan against property EMI calculator is an online tool that helps you calculate your monthly installments with a few inputs, such as:
These kinds of LAP EMI calculators are mostly available on the official websites or pages of the major banks, like the State Bank of India’s official Loan Against Property page. Similarly, some other major banks also provide this kind of calculator, for example:
All of these LAP EMI calculator works in a very similar way. However, you need to compare on different platforms in order to know what is right for you.
The LAP calculators, on most of the platforms, work on the same amortisation formula. Now, what is an amortisation formula? Let me explain.
This formula distributes the principal and interest rate across the tenure you have selected.
Amortisation Formulae: M = P x [ r (1+r)ⁿ ] / [ ( 1+r )ⁿ - 1 ]
Here:
When using the LAP EMI calculators, you just need to enter the loan amount, interest rate, and tenure. In just seconds, the system will show you the exact monthly EMI, total interest payable, and overall repayment amount on your mortgage.
Different banks and platforms have different methods of calculating the LAP EMI. However, they work on the same formula. Let’s see what the different platforms offer:
The SBI Loan Against Property EMI Calculator can be accessed through the SBI’s official LAP portal. This calculator helps the user to understand the loan repayment options under the SBI’s current or existing interest rates.
The HDFC’s LAP EMI calculator allows the borrower to customize and modify the tenure as per their needs. Instantly, the EMI results are displayed on the screen based on HDFC’s loan structure. The HDFC LAP EMI Calculator can be accessed from the bank’s official page.
It can be used through the official website of Axis Bank LAP EMI Calculator. This calculator allows the user to review the loan repayment scenario based on the Axis Bank’s lending terms.
Apart from these, there is a huge difference noticed between the SBI and Kotak Mahindra LAP EMI calculator. This happens because they both have a distinct interest rate spread and internal risk pricing.
To make sure that there is no confusion, platforms like LoansJagat help borrowers compare lender options conveniently. But the final confirmation should be done as per the official bank website.
Bonus Tips: Try keeping your EMI within 30-40% of your monthly income. Even a small change in your EMI can directly affect your monthly cash flow.
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Blindly trusting the bank representative or a broker is not the right thing to do. Why trust anyone when you can make calculations independently and on trusted websites and pages? Here is why you should actually use an LAP EMI calculator:
By using a LAP EMI Calculator, you are allowing yourself to make better decisions. Through this tool, you can compare, calculate, and choose your loan plan as per your comfort.
LAP EMI may seem like a better option for most people, but this can depend on their needs, or maybe this is what actually helps them. But some things must be kept in mind that most of the people avoid. Check pointers for some common mistakes to avoid:
An LAP EMI Calculator is not just there to calculate the mortgages; it is introduced in the market to safeguard people from paying more than what they owe. It doesn’t matter if you use the SBI LAP EMI calculator or the Kotak Mahindra LAP EMI Calculator. All of them have the same motive, which is to help you bring transparency and fair rates.
How to use the EMI calculator formula?
Formula: M = P x [ r (1+r)ⁿ ] / [ ( 1+r )ⁿ - 1 ]
Here:
Input the numbers in place of the alphanumericals to calculate your EMIs.
How to calculate principle and interest amount in monthly EMIs?
The principal and interest amounts are included in your monthly EMI. This information is calculated by the lender on your loan balance.
What is a (loan against property) LAP EMI calculator?
An LAP EMI calculator is an online tool that helps you calculate your monthly EMI for your loan on a property.
What are the facts to know about a loan against property?
LAP is a secured loan in which you keep your property as collateral in return for funds at lower interest rates.
Which bank offers the lowest EMI for LAP?
There is no fixed price offered by banks for the lowest LAP EMI; it totally depends on the loan amount you need, interest rate, and the tenure period. Comparing through LAP EMI calculators can provide you with clarity for such confusion.
