How to use Loan Against Property Calculator
You can either enter the amount in figures or you can just select the preferred Mortgage loan amount from the drag-forward menu. Both are acceptable.
Here are the steps to use the Loan Against Property Calculator.
- Enter the amount of Loan Against Property required by you.
- Enter the desired tenure of the Mortgage loan you are looking at.
- Enter the rate of interest. To make it meaningful, check the ongoing rates in the market for Loan Against Property.
Once these inputs are put in, you get output at two levels.
At the first level, you get the Mortgage loan EMI (Equated Monthly Instalment) payable for the inputs provided.
At the second level, you get the total amount payable by you over the tenure of the loan as principal and interest.
Here is what the data you see means.
For example, if you select a Rs.25 lakh loan against property for a 20-year tenure and at 6.70% rate of interest, your monthly EMI comes to Rs.18,935. Over the tenure of the Mortgage loan, you will pay back Rs.45,44,365 to the bank, which will include Rs25 lakhs as principal and Rs.20,44,365 as the interest on loan.
Just below the Loan Against Property calculator, you can see the entire journey covered in a graph complete with annual drawdown or the year-wise balance amount payable.