Loan Against Property EMI Calculator

A Loan Against Property EMI Calculator is an online EMI Calculation tool for a mortgage loan. As you share your loan against property (LAP) details such as amount, rate of interest and tenure, the calculator will instantly provide monthly instalments as well as loan amortization schedule. You can conveniently use 24X7, free Loan EMI Calculator on websites & apps of lenders & aggregators. Using an EMI Calculator helps you make an informed borrowing decision.  

Currently lowest Loan Against Property EMI is Rs. 1,008 per lakh at 9% p.a. Leading lenders such as SBI, HDFC, ICICI Bank, IDBI First Bank, IndusInd Bank, Tata Capital, Bajaj Finserv offer the best offers on LAP.

Let’s use MyMoneyMantra LAP EMI Calculator for calculating EMI and amortization schedule for Loan Against Property with following parameters:

Loan Amount: Rs 1,00,000

Loan Tenure: 15 years

Rate of Interest: 9%

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

Total Payment: Rs 1,82,568

Total Interest: Rs 82,568

EMI: Rs 1,014

You will also get following LAP Amortization schedule.

A Loan Against Property EMI calculator is an online tool using which you can easily calculate the monthly instalments you have to pay towards the loan against property amount. This tool gives accurate results based on some inputs, such as loan amount, rate of interest and loan tenure. The calculator helps in better financial planning and assessment of repayment capability.

Following factors will affect the EMI of your mortgage loan:

Principal amount: The loan amount that you availed from the bank or financial institution is the principal amount. EMI is calculated as interest percentage on this amount. As you repay the EMI, principal amount decreases and thus decreases your interest liability.

Tenure: The tenure of a LAP can go up to 10-15 years, according to credit policy of the lender. Further, current age & retirement age of the applicant impacts the loan tenure. With longer tenure, EMIs are lower.

Rate of interest: Every borrower seeks to lock the best rate of interest. However the offer rate depends on the type of property to be mortgaged, borrower’s profile and credit score. The rate will also vary according to lender’s credit policy. The rate could be floating or fixed.

• 100% free tool for calculating EMI & loan amortization schedule.
• No need to manually do the mathematical calculations.
• Know the EMI instantly & effortlessly.
• Easy to use tool, widely available all over the Internet.
• Everyone can use the calculator. No technical knowledge is needed.
• No capping on the number of usage.
• By changing tenure & rate combinations, you can easily find affordable EMI according to your budget.
• Comparing LAP offers becomes extremely hassle free.

A Loan Against Property (LAP) is a secured loan against a self-owned residential or commercial property. The borrower pledges property to the bank/ NBFC for loan amount. The loan amount is calculated as a percentage to property's market value. This ratio is called loan to value (LTV) for Mortgages. The loan can be availed as a term loan, overdraft facility or demand loan. Just like personal loan, there are no restrictions on the end-use of LAP. You can avail property loan for personal, business or any other purpose. The effective rate of interest is assessed according to loan amount, borrower's eligibility, credit score, and other factors.

Currently, lowest LAP interest rate starts at 9% p.a. for a maximum of 15 years.

To apply for Loan Against Property, the applicant should be a titled owner of the property. The other co-owners also need to become the co-borrower for LAP. Following types of properties can be pledged to avail Mortgage loan/ LAP:

• Residential property, where applicant is currently staying and/or rented & owned by the applicant.
• Commercial property owned by an individual applicant and/ or a group.
• The plot of land owned by individual and/or a group of individuals.

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.