The high disbursal amount of mortgage loans or loans against property is a feasible solution for individuals looking forward to funding their expenses in times of financial crisis. Several lending institutions in the country offer LAP along with many benefits, such as tax exemptions, longer repayment tenor, mortgage loan repayment calculator, etc.
In this article, we are going to see the features and benefits of a loan against property EMI calculator.
Features and benefits of a mortgage loan calculator
Some of the features of this online tool that help borrowers plan their expenses are as follows:
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Displays accurate results
A mortgage loan calculator works on a mathematical formula that ensures accurate results, unlike manual EMI calculation. Candidates can use this tool and get a detailed breakdown of their monthly instalments. Before applying for a loan against property, candidates can consider using this tool and make an informed decision accordingly.
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Helps choose a suitable lender
Candidates can enter the interest rates offered by different financial institutions to know the monthly instalments. This helps them compare different lenders and decide the one suitable for them per their financial capabilities. In addition, individuals can use this tool to assess their monthly obligations and opt for a balance transfer facility, if needed.
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Ensures borrowers plan their finances carefully
This online tool helps willing borrowers know their monthly pay-outs for their chosen loan amounts, even before applying for a LAP. This assists them in assessing their financial capabilities and avoiding the risks of credit defaults in the long run.
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Comes for free
Candidates can adjust the interest rate, repayment tenor and loan amount as many times as they want to find their desired results. Further, a mortgage loan calculator is free to use, making it a convenient option for willing applicants.
How to use a mortgage loan calculator?
Now that you know the features and benefits of a loan against property EMI calculator, let us see the steps to use this online tool:
- At first, visit the official portal of your preferred lending partner and locate the option of LAP calculator
- Then, enter the details and use the slider to adjust the loan amount as per your requirement.
- Select your desired interest rate and loan repayment tenor.
- Finally, after providing all the required determinants, click on ‘submit’ to check your monthly EMIs.
A loan against property can be one of the best choices to fund personal and professional expenses in times of financial emergencies. This credit facility comes with several tax benefits that an individual can claim on the interest paid. Willing borrowers should check the tax exemptions and benefits on loan against property to know more about the same.
However, one must also check the additional fees and charges of a LAP before applying for this credit facility. Lending partners levy these charges in the form of processing fees, service charges, prepayment charges, foreclosure fees, etc. Knowing these costs will be beneficial and can help borrowers manage their monthly expenses without any burden.
Several financial institutions in India, such as Bajaj Finserv, extend pre-approved offers on a wide range of financial products, such as home loans, loans against property, and many more. These exclusive offers significantly fasten the application procedure and reduce the hassle of documentation considerably. An individual can check the pre-approved offer by providing his/her name and contact details in the required section.
To sum it up, a mortgage loan calculator is a convenient online tool offered by several financial institutions to evaluate a borrower’s repayments. However, one must try to keep his/her EMIs as low as possible to avoid any sort of financial burden during the loan repayment tenor. Apart from checking the monthly repayments, borrowers should also check the eligibility criteria, property’s value, documents required, etc., to streamline the entire approval process.
