Individuals in urgent need of funds can relieve their financial stress by applying for a loan against property. This secured loan lets people get affordable financing with no constraints.
However, before making a decision to opt for such a land loan, it is necessary to evaluate EMIs to limit one’s debt burden. That is precisely why a loan against property EMI calculator exists. This article will discuss how to use this calculator online and its benefits.
What is a loan against property EMI calculator?
It is a free, easy-to-use online tool with which one can calculate the loan against property EMI using various input details. These data include:
- Loan amount
The total amount of loan taken
- Loan tenure
The total duration of a loan till its repayment is complete
- Interest charge
The rate of interest imposed on the loan against the property
Upon entering these figures, the EMI calculator will display the EMIs applicable for these loan terms. It will also show the total amount to be paid, including principal and interest.
What is the objective of a loan against property EMI calculator?
The main objective of an EMI calculator is to give individuals a clear idea of their repayment ability. It also helps applicants in the following ways:
- Provides free-of-cost, easy, and accurate calculation of EMI
- Helps with efficient financial planning throughout the loan tenure
- Aids in comparison and management of loan details
What are the benefits of using a loan against property calculator?
The following are the main benefits of using a loan against property loan online calculator:
- Free to use
EMI calculator is entirely free of cost for use.
- Easy calculation
This online tool is pretty straightforward to use.
- Instant evaluation
The property EMI calculator gives instantaneous outputs.
- Accurate results
This online tool yields accurate results, unlike manual calculations.
- No usage limit
EMI calculator can be accessed numerous times online from any device.
- Available 24×7
The property EMI calculator is available for usage by everyone at all times.
- Compare loan details
The calculator can also be used to compare loan details of several financial institutions.
Before opting for a loan against property, using an EMI calculator is the best way to find the right loan amount and tenure for an individual’s budget.
How to use the loan against property EMI calculator online?
The EMI calculator can be used easily in these 4 simple steps:
- Step 1
Enter the amount of the loan against the property.
- Step 2
Select the tenure of the loan.
- Step 3
Enter the interest rate from the financial institution’s website.
- Step 4
Click “Apply Now” to get the EMI value of the loan against the property.
Since this calculator can be used numerous times, borrowers can keep adjusting the loan amount and tenure to achieve a desirable EMI.
Example:
Suppose a loan against property amount is Rs.1 crore, tenure is 10 years, and its rate of interest is 10% per annum. Then, set the loan amount to Rs.1 crore, loan tenure to 10 years, and interest rate to 10%. Click on “Apply Now”, and the calculated EMI of Rs.1,32,151 will be displayed.
What are the tax benefits on loans against property?
Depending on how borrowers use the loan amount, there are certain tax benefits one can avail of for a loan against property.
-
Section 24 (b) of the Income Tax Act
Applicants get tax benefits on the interest given if the capital used is to finance their new home. One can avail a maximum amount of Rs.2 lakhs under Section 24.
-
Section 37 of the Income Tax Act
This section allows borrowers to get tax benefits on interest payments as expenses for business operations.
Previously, borrowers needed to calculate their EMIs by evaluating interest charges, loan amount, and loan tenure manually. Now borrowers can stop worrying about manual calculations to estimate their EMIs and use the loan against the property EMI calculator online.
