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A Loan Against Property may be termed as a Mortgage Loan since to avail an LAP, you need to mortgage your property to cover risk of non-payment or default in repayment of the funds borrowed. For any lender to approve such a borrowing, the lender will first analyse your personal and financial profile, which will include criteria such nationality, age, occupation, income, and market value of the collateral you are willing to keep. A mortgage loan calculator then calculates the financial implications of such a loan based on certain parameters based on eligibility criteria to enable approval of your Mortgage Loan.
You may calculate your LAP EMI by dividing the period of your loan in months after putting together your Principal Loan Amount, and the Interest Payable on the Amount. Below is the LAP EMI Calculation Formula:
Where:
Move the slider to indicate your preferred Loan Amount
Choose the preferred Rate of Interest
Specify your preferred loan tenure in months
This figure will indicate the EMI Amount Payable
This field will display the Total Amount of Interest Payable
The Total Loan Repayment Amount displayed will be Principal plus Interest
LAP or loan against property is a type of secured mortgage loan. One can use a loan against property to fulfil their various personal as well as professional needs. You can use the funds taken from loans against property to fund your child oversees education. Paying for a foreign university from India can be pretty exhausting on your wallet.
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The funds taken from loan against property can be used to pay various expenses of a wedding in Mumbai. You can have a grand wedding of your dreams by taking a LAP in Mumbai.
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When you choose Ruloans, you can expect the best customer service and our USP which is to help the customer right throughout the mortgage loan process until the application is approved. All of these services will be provided free of cost.
Read MoreI have purchased a loan against property via Ruloans. I'm comparing with other banks about the interest rate and the service has been good. I got the loan amount of Rs. 10 lakhs and the total tenure period of the loan is 15 years. I never faced any issues with this loan. I compared the rates of different banks and choose the best one. A good experience.
