How to Use a Land Loan EMI Calculator for Quick Calculations? - Loan Trivia


Full-Width Version (true/false)

Wednesday 21 February 2024

How to Use a Land Loan EMI Calculator for Quick Calculations?

When an applicant is planning to apply for a loan on a certain amount, he/she goes through various
loan offers provided by different lending financial institutions. This way the applicant finds some of
the most suitable loan offers. Now, to compare the EMI or total payable interest on these offers, a land
loan EMI calculator is used. 

What are the steps involved in using a land loan EMI calculator?

The step-by-step process an application needs to follow while using a land loan EMI calculator
are as follows:

Step 1: Visit the online portal having this EMI calculator.

Step 2: Enter the required loan amount. 

Step 3: From the selected loan offers, enter the interest rate and tenor.

Step 4: Submit this data to get the total EMI and interest payable. 

What are the advantages of using a land loan EMI calculator?

The benefits that an applicant gets while using a land loan EMI calculator are as follows:

  • Provides accurate results, which have a high chance of being wrong if done manually.

  • Being a free tool, it can be used numerous times.

  • Provides results quickly and the process of calculation is also simple.

  • Loan offers among various lending financial institutions can be compared.

  • A proper financial plan can be prepared to avoid a financial crisis.

  • Estimating the loan amount, interest rate, and tenor is easier with this calculator.

  • Facilitates better management of repayment schedules to avoid skipping EMIs.

Why should individuals use a land loan EMI calculator before borrowing?

If borrowers use land loan EMI calculator before applying for a loan,
they can know the instalment amount of the debt. Additionally, they can get the repayment
schedule on the result page of the calculator. Thus, it will be easier for them to make a proper
financial plan regarding the repayment of their loan. As a result, they can repay on time and
prevent any late EMI payments. 

How to avail property loan

The steps that need to be followed when applying for a loan against property are:

Step 1:

Go to the online portal of a particular lending institution providing the loan against property

Step 2:

Find the application form and click “Apply Now”.

Step 3:

Enter all the required details like name, address, contact number, email, bank account number, etc.

Step 4:

Generate an OTP via a phone number or email for verification purposes.

Step 5:

Add a soft copy of all the necessary documents as mentioned in the form

Step 6:

Enter the required loan principal amount and repayment tenor

Step 7:

Submit the application form and wait for approval till the loan amount is disbursed.

What are the factors affecting EMI of a loan against property?

It is also necessary to know the factors affecting the EMI for loan against property. These factors are
as follows:
  1. Property Loan interest rate

The primary factor affecting the loan EMI is its interest rate. If this rate is higher, the EMI amount
will also be higher, and vice versa.
  1. Property loan repayment tenor

Choosing a repayment tenor can also affect the loan EMI. The EMI amount increases with shorter
repayment tenor and vice versa.
  1. Property loan amount

The value of loan is another very common factor affecting the total EMI. As the applicant demands a
higher loan amount, the EMI also increases and vice versa.

Hence, by using the land loan EMI calculator, individuals can understand their financial obligations
to the lender. They can know the instalment amount beforehand on a desired tenor, applicable interest
rate and principle amount. Thereafter, they can make proper plan for the repayment. This is why, the
calculator serves as a very useful tool that borrowers must leverage before loan application.

No comments:

Post a Comment