Applying for a mortgage loan can seem like an ordeal for many who are unable to understand the application process first followed by the EMI (Equated Monthly Installment) which will be incurred based on their loan amount, interest rate, and repayment period. However, a number of financial institutions are trying to take initiatives to make this process easier, one of which includes mortgage loan calculator which is highly beneficial when opting for loan against property.
These days almost every financial institution has a built in loan against property EMI calculator. To make use of it, you need to visit their website and key in the necessary details which include the loan amount, tenor, and the rate of interest. Once entered, the calculator will automatically show a break-up which includes the total interest that is to be paid and the monthly installment.
To know more: Estimate Your Mortgage Payment with Mortgage Loan Calculator
However, if you are someone who believes in doing things the old-fashioned way, then here is the formula for calculating the EMI –
E = P x r x (1+r)^n/((1+r)^n – 1)
where,
* E is the EMI including the interest
* P is the principal amount
* r is the interest rate per month, and
* n is the tenure of the loan.
There are many uses of mortgage loans. While some of these can be emergency situations where an individual needs immediate cash such as medical emergencies, other applications include business expansion, weddings and debt consolidation.
Applying for a loan against property is easy. Visit the website of any financial institution offering this facility, fill out the required details and look forward to loans of up to 3.5 crore against property. What makes this even more attractive is that the process is completed for tenor of up to 20 years. There are no charges for part-payment or foreclosure of the loan.
Also Read: Understanding The EMI Outgo with A Loan Against Property Calculator
