Complete Guide On How To Use A Mortgage Calculator

1
COMPLETE GUIDE ON HOW TO USE A MORTGAGE
CALCULATOR
2
Loan against property has become one of the most
sought- after credit facilities for those
looking for a sizable amount to fund their
expenses in times of financial emergency. This
credit facility is popular due to its
low-interest rates and long repayment tenure.
This helps borrowers lower their monthly EMIs as
per their financial capabilities. Almost all
lending institutions in our country offer a
mortgage loan EMI calculator that makes the
calculation of EMIs very simple and error-free.
This customized online tool has several benefits
that every existing or potential borrower must
know.
APPLY NOW
3
H O W T O U S E A M O R T G AG E L O AN EM I C
AL C U L AT O R ?
A mortgage loan EMI calculator works on a
mathematical formula that goes like this EMI
P x R x (1 R) N / (1 R) N-1 In this
formula, P represents the principal amount, R
denotes the rate of interest charges by the
lender, and N stands for the repayment tenor. The
monthly payouts of a borrower tend to change if
any of these variables change.
4
An individual can follow these simple steps to
use a mortgage loan EMI calculator Step 1
Visit the official portal of your preferred
lending partner and locate the LAP EMI calculator
option. Step 2 Fill in your required loan
amount and select your desired repayment
tenor. Step 3 Enter the loan against property
interest rate in the required section. Step 4
Once done, the tool will generate the results
showing your monthly instalments and total
payable interest against the principal amount.
5
This credit facility has further become popular
due to its flexible eligibility criteria.
Willing borrowers can check the eligibility
criteria before applying for a loan against
property. This will help them get fast approval
of their application and ensure a smooth
borrowing experience.
6
BENEFITS OF USING A LAP EMI CALCULATOR
On-time repayment of the monthly installments is
very important for credit facilities, such as
loans against property, as it involves
mortgaging your immovable asset. Some of the
benefits of using this online tool are as
follows Avail prompt and accurate
results Manual calculation of the monthly
payouts is a tedious task, and the results are
prone to errors. However, a mortgage loan
repayment calculator generates accurate results
based on the variables provided by the borrower
that too within seconds.
7
Help decide the repayment tenor Just like every
other online calculator, a LAP EMI calculator
comes with an adjustable slider that allows an
individual to adjust their loan repayment tenor
according to their financial goals and
capabilities. Nevertheless, one should keep in
mind that a longer repayment tenor increases the
total payable interest. Saves time A mortgage
EMI calculator is an online tool that is
available 24/7 and can be used as many times as
required. Further, it is a free-to-use tool and
does not require any personal details of the
borrower. Help manage finances
efficiently This calculator helps an individual
repay their monthly installments on time. This
saves the borrower from credit defaults and
financial burdens.
8
Further, willing borrowers should also check the
factors on which the loan against property
interest rates depends upon. Further, several
financial institutions in our country provide
pre- approved offers on financial products, such
as loans against property, housing loans, etc.
These pre-approved offers fasten the loan
approval procedure and help in the smooth
disbursal of the loan amount. Customers can
check their pre-approved offers by entering
their names and contact details in the required
section of the website.
9
To sum up, a mortgage EMI calculator is a very
effective tool with several benefits. Every
individual must take the help of this online tool
to know their monthly installments before
applying for a loan against property. This not
only protects them from credit defaults but also
helps them manage their monthly expense
accordingly. Further, knowing the total interest
helps willing borrowers compare different lending
partners and make an informed decision based on
their financial capabilities.
T C APPLY