A Loan Against Property EMI calculator is an online tool that helps you figure out how much you need to pay each month towards your loan. It's accurate and takes into account details like the loan amount, interest rate, and loan tenure.
Using an EMI calculator is crucial for better financial planning and understanding if you can handle the repayments comfortably. It gives you a clear picture of what to expect when taking out a Loan Against Property (LAP). EMI stands for Equated Monthly Installment, which is the fixed amount you pay each month.
MybankingTips Loan Against Property EMI Calculator is particularly helpful as it calculates your monthly payments and breaks down the total payment into principal and interest. This breakdown is presented in the form of an Amortization Schedule, which shows your periodic loan payments over time. It helps you see how much of each payment goes towards the principal amount and how much goes towards interest.
| Name of the Lender | Interest Rate (% p.a.) | |
|---|---|---|
| State Bank of India | 10.00 - 11.30 | Apply Now |
| Axis Bank | 10.50 - 10.95 | Apply Now |
| Bank of Baroda | 10.85 - 16.50 | Apply Now |
| ICICI Bank | 10.85 - 12.50 | Apply Now |
| Standard Chartered Bank | Starts from 9.25% | Apply Now |
| HSBC Bank | 9.75 - 14.00 | Apply Now |
| Union Bank of India | 10.45% - 13.10% p.a. | Apply Now |
| PNB Housing Finance | 9.25 - 15.00 | Apply Now |
| IDFC First Bank | 9.00 - 16.50 | Apply Now |
| HDFC Bank Limited | 9.50 - 11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50 - 11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| Indiabulls Finance | 9.75% p.a. onwards | Apply Now |
| Tata Capital | 10.10 onwards | Apply Now |
| Bajaj Housing Finance | 9.75 - 18.00 | Apply Now |
| Punjab National Bank | 10.40 - 12.75 | Apply Now |
An EMI is the fixed amount you pay every month, which includes both the principal amount and the interest, until you've paid off the entire loan. At first, most of your EMI goes towards paying the interest, but as time goes on, more of it goes towards paying off the actual loan amount.
Knowing your EMI upfront helps you figure out how much loan you can afford based on your finances. The interest rate on the loan against property is a big factor in determining your EMI. Different banks and financial institutions offer different interest rates for these loans.
mybankingtips.com offers a free Loan Against Property EMI calculator, allowing you to determine the monthly installment for your loan. This tool aids in making informed decisions when applying for a LAP. Here are some advantages of using MybankingTips LAP EMI Calculator:
The three main factors that determine EMIs are:
To use the MybankingTips Loan Against Property EMI Calculator, follow these steps:
Once you've provided all the necessary details, the calculator will display the EMI amount you need to pay. You can experiment with different tenures to find the one that best fits your budget.