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Loan Against Property EMI Calculator

Calculate your EMI with the Loan Against Property EMI Calculator to better organise your budget. The LAP calculator is an online application that is free to use by everyone. The instrument produces correct results without any difficulty.

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Period Payment Interest Balance

Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

Loan Against Property EMI Calculation

Currently, the lowest Loan Against Property EMI is Rs. 1,008 per lakh at 8.90% per annum. Leading lenders, including SBI, HDFC, ICICI Bank, IDBI First Bank, IndusInd Bank, Tata Capital, and Bajaj Finserv, provide the greatest LAP offers.

Let’s use LoansWala LAP EMI Calculator to calculate the EMI and amortisation schedule for a Loan Against Property using the following parameters:

Loan Amount: Rs 1,00,000

Loan Tenure: 15 years

Rate of Interest: 8.90%

As you fill these details, EMI Calculator will share following results:

Total Payment: Rs 1,81,499

Total Interest: Rs 81,499

EMI: Rs 1,008

You will also get following LAP Amortization schedule.

Year Opening Balance EMI*12 Interest (p.a) Principal (p.a) Closing Balance
1 Rs. 1,00,000 Rs. 12,100 Rs. 8,766 Rs. 3,334 Rs. 96,666
2 Rs. 96,666 Rs. 12,100 Rs. 8,457 Rs. 3,643 Rs. 93,023
3 Rs. 93,023 Rs. 12,100 Rs. 8,119 Rs. 3,981 Rs. 89,043
4 Rs. 89,043 Rs. 12,100 Rs. 7,750 Rs. 4,350 Rs. 84,693
5 Rs. 84,693 Rs. 12,100 Rs. 7,347 Rs. 4,753 Rs. 79,940
6 Rs. 79,940 Rs. 12,100 Rs. 6,906 Rs. 5,194 Rs. 74,746
7 Rs. 74,746 Rs. 12,100 Rs. 6,425 Rs. 5,675 Rs. 69,071
8 Rs. 69,071 Rs. 12,100 Rs. 5,898 Rs. 6,202 Rs. 62,870
9 Rs. 62,870 Rs. 12,100 Rs. 5,323 Rs. 6,777 Rs. 56,093
10 Rs. 56,093 Rs. 12,100 Rs. 4,695 Rs. 7,405 Rs. 48,688
11 Rs. 48,688 Rs. 12,100 Rs. 4,008 Rs. 8,091 Rs. 40,597
12 Rs. 40,597 Rs. 12,100 Rs. 3,258 Rs. 8,842 Rs. 31,755
13 Rs. 31,755 Rs. 12,100 Rs. 2,438 Rs. 9,662 Rs. 22,094
14 Rs. 22,094 Rs. 12,100 Rs. 1,543 Rs. 10,557 Rs. 11,536
15 Rs. 11,536 Rs. 12,100 Rs. 564 Rs. 11,536 Rs. 0

How LAP EMI is Calculated?

A Loan Against Property is repaid in Equated Monthly Installments (EMIs). The interest component is calculated using the declining balance approach, thus interest payments decrease with loan tenure. You can easily calculate loan EMI using an online calculator. Simply enter the loan amount, period, and interest rate, and you will receive a quick EMI and payback schedule. By evaluating different rates and tenures, you can determine an affordable EMI plan based on your repayment capacity.

Formula for calculating EMI is:

EMI = [P x R x (1+R) ^ N] / [ (1+R) ^ N-1]

Where,

P = Principal amount

R = Rate of Interest

N = Tenure in months

Loan Against Property Interest Rate Calculator

A Loan Against Property The EMI calculator is an online tool that allows you to effortlessly determine the monthly instalments you must pay towards the loan against the property amount. This tool provides reliable results based on certain inputs, such as loan amount, interest rate, and loan tenure. The calculator aids in better financial planning and determining payback capability.

Factors Affecting LAP EMI Calculation

Following factors will affect the EMI of your mortgage loan:

  • The primary amount is the loan amount you borrowed from a bank or financial organisation. The EMI is calculated as the interest % on this amount. As you return the EMI, the main amount decreases, which reduces your interest liability.
  • Term: The term of an LAP might range from 10 to 15 years, depending on the lender’s credit policy. Furthermore, the applicant’s current and retirement ages have an impact on loan tenure. Longer tenures result in reduced EMIs.
  • Every borrower wants to lock in the best interest rate possible. However, the offer rate is determined by the type of property being mortgaged, the borrower’s profile, and their credit score. The rate will also vary based on the lender’s credit policy. The rate may be floating or fixed.

Why Use a Loan Against Property Calculator?

A Loan EMI Calculator simplifies the EMI computation process. Simply enter the loan amount, tenure, and interest rate to automatically calculate the EMI and amortisation plan in a couple of seconds. It is now fully hassle-free for the applicant to analyse loan affordability. EMI Calculator allows you to compare the EMI load for various tenures and amounts and make an informed borrowing decision. As a long-term financial commitment, it is always essential that you understand your payback obligations before applying for a loan.

Benefits of Using a Loan Against Property Calculator

  • A free tool for determining EMI and loan amortisation schedules.
  • Eliminates the need for manual mathematical calculations.
  • Easily calculate your EMI.
  • The tool is simple to use and freely available online.
  • The calculator is accessible to all users. No technical knowledge is required.
  • No limit on consumption.
  • Change tenure and rate combinations to get an inexpensive EMI that fits your budget.
  • Conveniently compare LAP offerings.

How to Use LoansWala Loan Against Property Calculator?

It is 100% free and absolutely easy to calculate LAP EMI using LoansWala Loan Against Property Calculator. Here are the steps to follow:

  • Go to LoansWala official website.
  • Under Financial Tools, select EMI Calculator.
  • Enter loan details such as amount, tenure and rate of interest.
  • Hit ‘Calculate’ button to get EMI.
  • You will get loan EMI, overall interest payment and amortization schedule.

Product Overview: What is Loan Against Property?

A Loan Against Property (LAP) is a secured loan made against a self-owned residential or commercial property. The borrower commits property to the bank or NBFC in exchange for the loan amount. The loan amount is determined as a proportion of the property’s market value. This ratio is known as loan-to-value (LTV) for mortgages. The loan can be obtained as a term loan, an overdraft facility, or a demand loan. LAPs, like personal loans, have no restrictions on their end usage. You can obtain a property loan for personal, business, or other purposes. The effective rate of interest is calculated based on the loan amount, borrower eligibility, credit score, and other factors.

Currently, the lowest LAP interest rate starts at 8.90% per annum for a maximum of fifteen years.

Types of Property Eligible for LAP/ Mortgage Loan

A Loan Against Property (LAP) is a secured loan made against a self-owned residential or commercial property. The borrower commits property to the bank or NBFC in exchange for the loan amount. The loan amount is determined as a proportion of the property’s market value. This ratio is known as loan-to-value (LTV) for mortgages. The loan can be obtained as a term loan, an overdraft facility, or a demand loan. LAPs, like personal loans, have no restrictions on their end usage. You can obtain a property loan for personal, business, or other purposes. The effective rate of interest is calculated based on the loan amount, borrower eligibility, credit score, and other factors.

Currently, the lowest LAP interest rate starts at 8.90% per annum for a maximum of fifteen years.

FeatureDescription
Interest rate8.90% p.a. onwards
TenureFlexible, up to 15 years
Purpose
  • No restriction.
  • The loan can be availed for any purpose such as personal, business, education, medical, home
    renovation etc.
Processing fee
  • Varies as per lender’s credit policy.
  • Generally up to 1% of loan amount.
Prepayment chargesNIL for floating rate loans
Stamp duty/other chargesAs applicable
Documents Required
  • KYC
  • Income Proof
  • Business continuity proof (as applicable)
  • Property documents

Types of Loan Against Property

1. Loan Against Property- Term Loan

  • Purpose: Term LAP for personal, business, educational, medical & other purposes.
  • Amount of loan: You can avail loan up to 70 % of the property’ market value.
  • Margin: A margin for LAP ranges from 30 – 50 %.
  • Interest: LAP Interest rates start from 8.90% p.a.
  • Tenure: Maximum tenure for LAP will go up to 15 years.
  • Security: Self-owned residential, commercial or industrial property
  • Processing fee: up to 1 %.

2. Lease Rental Discounting

  • Lease Rental Discounting is offered against rental properties. The loan is approved on submission of rental receipts.
  • Purpose: Same as Loan Against Property Term Loan.
  • Amount of loan: Up to 60% of property value.
  • Margin: The margin vary from 30-50%.
  • Tenure: Tenure ranges up to 10 years.

3. Overdraft Facility Against Property

  • Overdraft facilities against property are sanctioned against residential, commercial or industrial property for multiple purposes. The OD is sanctioned for 1 year and can be renewed next year as per eligibility.
  • Purpose: This dropping overdraft facility can be used for working capital requirements.
  • Repayment: The interest applies to the amount consumed and needs to be paid as per statement each month.
  • Margin: A margin of 40% to 55% is stipulated.
  • Processing charge: Processing fees are usually low and start from 0.5% of the loan amount.

Amortization Table

Year Opening Balance Amount paid by customer (EMI*12) Interest paid during the year Principal paid during the year Closing Balance
1 ₹5000000 ₹504163 ₹366294 ₹137869 ₹4862131
2 ₹4862131 ₹604996 ₹425526 ₹179470 ₹4682661
3 ₹4682661 ₹604996 ₹408885 ₹196111 ₹4486551
4 ₹4486551 ₹604996 ₹390702 ₹214294 ₹4272256
5 ₹4272256 ₹604996 ₹370832 ₹234164 ₹4038092
6 ₹4038092 ₹604996 ₹349120 ₹255876 ₹3782216
7 ₹3782216 ₹604996 ₹325394 ₹279601 ₹3502615
8 ₹3502615 ₹604996 ₹299469 ₹305527 ₹3197088
9 ₹3197088 ₹604996 ₹271140 ₹333856 ₹2863232
10 ₹2863232 ₹604996 ₹240185 ₹364811 ₹2498421
11 ₹2498421 ₹604996 ₹206359 ₹398637 ₹2099784
12 ₹2099784 ₹604996 ₹169396 ₹435599 ₹1664185
13 ₹1664185 ₹604996 ₹129007 ₹475989 ₹1188196
14 ₹1188196 ₹604996 ₹84872 ₹520124 ₹668072
15 ₹668072 ₹604996 ₹36646 ₹568350 ₹99722
16 ₹99722 ₹100833 ₹1111 ₹99722 ₹0
Year Opening Balance Interest paid during the year Closing Balance
1 ₹5000000 ₹366294 ₹4862131
2 ₹4862131 ₹425526 ₹4682661
3 ₹4682661 ₹408885 ₹4486551
4 ₹4486551 ₹390702 ₹4272256
5 ₹4272256 ₹370832 ₹4038092
6 ₹4038092 ₹349120 ₹3782216
7 ₹3782216 ₹325394 ₹3502615
8 ₹3502615 ₹299469 ₹3197088
9 ₹3197088 ₹271140 ₹2863232
10 ₹2863232 ₹240185 ₹2498421
11 ₹2498421 ₹206359 ₹2099784
12 ₹2099784 ₹169396 ₹1664185
13 ₹1664185 ₹129007 ₹1188196
14 ₹1188196 ₹84872 ₹668072
15 ₹668072 ₹36646 ₹99722
16 ₹99722 ₹1111 ₹0

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FAQs

Yes, Loan Against Property can be obtained by businesses or groups for commonly owned commercial buildings. To be qualified for the loan, you must verify ownership of the property as well as present proof of the company’s business and profits.

The bank and the EMI calculator both use the identical formula to calculate the EMI. You should ensure that the components, i.e., loan tenure, interest rate, and loan amount, considered by the bank and the calculator, are all the same. Don’t forget to include professional costs in the loan amount when calculating the EMI. If this is done, the EMI provided by the bank and the EMI determined by the calculator will be the same.

The loan amount obtained through Loan Against Property has no constraints on how it is used. It can thus be used for renovations if necessary.

Calculating the EMI manually might be difficult due to the number of sophisticated calculations involved. The Loan Against Property Calculator will do the calculations quickly and provide you with an extremely precise answer.

Yes, the LoansWala Loan Against Property Calculator is a 100% free service available to everyone with a basic internet connection.

The sort of loan you should take depends on your needs and the type of property you own. For example, if you possess a present property (commercial or residential), you should consider a Loan Against Property. If you have a rental property from which you have been receiving rent on a regular basis, you may be eligible for a Lease Rental Discount. If you require regular, frequent funding, you could use an overdraft facility.

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