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Loan Against Property EMI Calculator
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.
How's a Loan Against Property EMI Calculated
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:
EMI = [ P x R x ( 1 + R ) ^ N ] / [ ( 1+R ) ^ N – 1 ]
Where:
P = Principal Loan Amount
R = Interest Rate per month
N = Period Of Loan in months
An automated Loan Against Property Calculator, features:
- Easy to Use
- Automated Process
- Saves Time
- Precise and Result Oriented
- Helps LAP or Mortgage Loan Planning
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