Loan amount

₹

Rate of interest (p.a)

%

Loan tenure

Yr

Monthly EMI | ₹ |

Principal amount | ₹ |

Total interest | ₹ |

Total amount | ₹ |

Principal amount

Interest amount

Your Amortization Details (Yearly/Monthly)

A Loan against your property means a secured loan sanctioned against the asset pledged as collateral. The asset could be land, a house, or commercial property. The asset would remain as collateral with the lender until the whole Loan against the property amount is repaid.

With these provisions, the sanction is usually high, and the tenor spans decades. The Loan against property has interest rates lower when compared to an unsecured loan.

It will come in handy if you know the EMI that you would pay when it comes to your loans against property, which would also enhance financial planning. For this very reason, you could use the Loan Against Property EMI Calculator from Groww.

The Loan against property EMI calculator is an online tool that computes your monthly instalments, interest payable, and the total cost of your Loan. It will also let you adjust the loan amount and tenor to arrive at an EMI value that matches your repayment capacity, which will enable you to plan the repayment in advance. This will thereby minimize the chances of defaulting.

This calculator would also give you the interest that is payable and an informed look into several other attributes, such as the interest and outstanding principal, the balance after paying the EMI, and the month of the entire tenor.

The Loan Against Property EMI Calculator is a simple to use tool, and it does not require any technical knowledge to be used. It also works within seconds, and it gives you the responses within those seconds, enabling no tedious manual work.

In terms of financial planning and budgeting, it is necessary to know the monthly contribution that you would be making towards your borrowed loans, and you can use this calculator to do this. The calculator would not ask you to sign up or have an account, you would just have to enter some of the basic information onto it, such as the loan amount and more, and it will give you the results within seconds of doing this.

Using the Loan against property EMI calculator is simple and fast, and all you would have to do is enter some of the basic information. The information that you need to enter is mentioned below:

**Principal Amount:** This would be the loan amount that you need against your property. For a loan against your property, you can get up to 90% of the property's market price and not more than that.

**Tenure: **This is the time period that you would want to pay EMIs. Now, you have to remember that the longer the time period you take, the smaller the EMI amount would be, and the shorter tenure that you take - the higher your EMI amount would be.

**Interest Rate: **This is the rate of interest that you would prefer on your Loan. Now, different financial setups give you different interest rates, and this feature will allow you to compare these financial sources all in one place.

After you have entered all of the above-mentioned data, you will be shown the monthly instalments that you would have to pay towards your Loan.

Mentioned here are the formula and the procedure on how Loan against property EMI is calculated.

P*r(1+r)^n/([(1+r)^n]-1)

- P = It is the principal Amount that you want to borrow.
- R = This is the rate of interest accrued every month.
- N = This is the tenure of the repayment (typically in months).

**Example:**

In order to understand how this works, let us look at an example.

For instance - if you borrow a loan of Rs. 10 lakhs at the interest rate of 6.90% for a tenure of 10 years.

Based on the formula, that is - P*r(1+r)^n/([(1+r)^n]-1)

Your interest amount would be = Rs. 3,87,124

Your total amount payable would be = Rs. 13,87,124

**Finally, your EMI = Rs. 11,559**

These are some of the major benefits of using the Loan against property EMI calculator:

- This tool will make fast calculations; it allows the borrowers to bypass time-consuming manual computations.
- The calculator would work on an algorithm, which would leave you to eliminate all of the manual errors that would possibly occur.
- It would allow for computations at no additional charges, and it uses them as many times as you wish or want to.
- When you calculate your EMI in advance, it makes sure that you get to compare offerings across different types of lenders, which will help you choose a suitable option.

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