A loan against Property EMI Calculator is an online tool that calculates monthly installments, interest payable, and the total cost of the loan. It means a secured loan sanctioned against the asset pledged as collateral. The Loan against property has interest rates lower when compared to an unsecured loan.
Like all other banks, SBI Loan against Property EMI Calculator also gives the total interest payable along with some other factors. Below mentioned are some of them:
- EMI for every month of the entire tenure.
- Interest and Principal component of every EMI
- Outstanding balance after payment of each EMI.
The formula for calculating EMI is:
P x R x (1+R)^N / [(1+R)^N-1] where-
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
Example:
In order to understand how this works, let us look at an example.
For instance – if you borrow a loan of INR 10 lakhs at the interest rate of 6.90% for a tenure of 10 years. Based on the formula, that is – P*r(1+r)^n/([(1+r)^n]-1)
Your interest amount would be = INR 3,87,124
Your total amount payable would be = INR 13,87,124
Finally, your EMI = INR 11,559
How to use Home Loan EMI Calculator
If an HDFC account holder opts for a Loan against Property, to know the amount of EMI he/ she should go through the HDFC Loan against Property EMI Calculator.
- Loan Amount: Enter the desired loan amount that is to be availed.
- Loan Tenure: Enter the desired loan term for which the loan is to be availed.
- Interest Rate: Enter the rate of interest.
Steps to Apply for a Home Loan
Below mentioned are the steps to apply for a home loan:
- Sign Up / Register
- Fill in the home loan application form
- Upload Documents
- Pay Processing Fee
- Get Loan Approval
Comparison of Loans against Property Interest Rates Offered by Various Banks in India
| Name of the Lender | Interest Rate (% p.a.) |
| State Bank of India | 10.90-11.30 |
| Bank of Baroda | 10.85-16.50 |
| PNB Housing Finance | 8.99-12.85 |
| IDFC First Bank | 8.75-16.25 |
| HDFC | 8.95-10.25 |
| L&T Housing Finance | 9.60 onwards |
| LIC Housing Finance | 9.50-11.55 |
| ICICI Bank | 10.85-12.50 |
| Tata Capital | 10.10 onwards |
| Bajaj Housing Finance | 8.50-18.00 |
| Axis Bank | 9.90-10.35 |
| Kotak Mahindra Bank | 9.15 onwards |
Features of Loan against Property
Below mentioned are the features of a loan against property:
- High Loan Amounts: it allows one to get a loan worth 65% of the market value of the property. Also, it has longer repayment tenures and attractive interest rates.
- Fulfill all Needs: Collateral may be in the form of residential or commercial properties. And the money raised can be used for personal or business needs.
- Easy Repayment Options: the loan can be easily repaid in low EMIs, or a Drop Line facility can be chosen.
- Transparent Processing: All the charges are well informed at the time of processing of the loan i.e. no hidden charges or fees.
- Quick & Efficient Servicing: It is a quick & easy service as the loan is processed quickly with the help of doorstep service.
- Benefits for Self-Employed: With the help of customized loan options and specially designed programs self-employed individuals can get benefits.
- Easy Debt Consolidation: A loan against property is an excellent debt consolidation tool.
Benefits of a Loan against Property EMI Calculator
Below mentioned are the benefits of a loan against property EMI calculator:
- As there are no more time-consuming manual calculations, these EMI calculators are quick.
- These calculators give error-free results, hence accurate.
- EMI calculators are free to use.
- By just entering the details, users can get the results in quite an easy manner.
- This calculator can be used to try multiple combinations of the principal amount, tenure, and interest rate to get an EMI that best suits the requirements.
- Lastly, this calculator can be accessed to calculate EMIs 24*7.
Eligibility Criteria
Below mentioned are the eligibility criteria to apply for Loan against Property:
| Residential Status | Resident Indian and Non-resident Indian |
| Minimum Age Limit | 18 years |
| Maximum Age Limit | 70 years |
| Employment Type | Salaried, Self-employed Professional, and Self-employed Non-professional |
| Minimum Salary | At least INR 12,000 per month |
| Net Annual Income | At least INR 1.5 lakh p.a. |
| Work Experience | At least 1 year in the current organization |
| Eligible Loan Amount | Up to INR 25 crore |
| LTV Ratio | Up to 75% of property value |
| Credit Score | Preferably 750 and above |
| Property Type | Residential, Commercial, and Industrial |
Documents Required
Below mentioned are the documents required to apply for Loan against Property:
- In the case of Salaried Employees:
- Ration Card
- Telephone Bill
- Electricity Bill
- Voter’s ID Card
A copy of any of the following as proof of identity:
- Voter’s ID Card
- Employer’s Card
Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
Salary slip for the previous 6 months showing all deductions
Form 16 for the previous 2 years
Copies of all the property documents of the concerned property to be pledged for the loan
- In the case of Self Employed Individuals:
Certified Financial Statement for the previous 3 years
- A copy of any of the following as proof of residence:
- Ration Card
- Telephone Bill
- Electricity Bill
- Voter’s ID Card
- A copy of any of the following as proof of identity:
- Voter’s ID Card
- Employer’s Card
- Latest Bank Statement/Passbook from where you can show a salary/income being credited for the previous 6 months
- Copies of all the property documents of the concerned property to be pledged for the loan
Processing Fees
| Processing Fees | 1% – 2% of the loan amount |
| Administrative Charges | INR 5,000 + GST or 0.25% + GST, whichever is lower |
| Part Prepayment Charges | Floating Rate: Nil Fixed Rate: Up to 4% on outstanding principal |
| Foreclosure Charges | Floating Rate: Nil Fixed Rate: Up to 2% on outstanding principal |
| Penal Interest | Usually at 24% p.a. (2% per month on the overdue installment/s) |
