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How to Calculate LAP EMI Online

2 Mins 28 May 2024 0 COMMENT
LAP EMI Calculator

If you're looking to ease your financial worries, applying for a Loan Against Property is a great option. However, it can be a daunting task to evaluate your monthly installments. The good news is that you can use a Loan Against Property EMI Calculator to make this process easier. This free online tool can help you calculate your monthly payments.  Keep reading to learn how you can use it.

If you're looking to take out a loan against property, it's important to carefully evaluate your monthly installments, calculate interest charges, and choose a suitable repayment time frame. Rather than attempting to do these calculations manually, you can make use of a Loan Against Property EMI calculator, which will provide you with accurate results.

What is LAP EMI Calculator?

Loan Against Property calculator is a free online tool available on the ICICI Bank website, helping you calculate the monthly installments you need to pay for a particular tenure. Once you enter the required details such as the loan amount, interest rate, and loan tenure, the tool provides accurate results. Using the online calculator, you get a better idea about financial planning and assess your loan repayment capability.

Before we dive into the Equated Monthly Instalment (EMI) calculator for Loan Against Property (LAP), let's understand what LAP is. Loan Against Property is a financial product that allows you to borrow money by mortgaging a rented property, land, or your own house. You can use this loan to fulfill your financial obligations. Both self-employed and salaried individuals can avail of this loan by mortgaging their property and can get a maximum of 60% of the loan amount approved. Once you repay the complete loan amount, you can regain possession of your property. However, if you fail to do so, the bank may take possession of the property. It is important to calculate the monthly installments before picking a Loan Against Property and ensure that you can manage your finances accordingly.

How does one use the Loan Against Property calculator?

  • Enter the principal loan amount
  • Enter the rate of interest offered by the bank
  • Enter the tenure of the loan. In the case of a Loan Against Property, the maximum tenure is up to 15 years.

The Loan Against Property calculator can be used multiple times. To get the results instantly, all you have to do is feed in the required details mentioned above. Furthermore, using the calculator is not complicated. You can use different combinations of the principal amount, interest rate, and tenure to know the EMI amount that will suit your budget. The calculator is accessible 24/7.

ICICI Bank is now offering loans against Property at an affordable interest rate and EMIs. This loan can be used to fund your business or personal financial needs. The bank assesses the financial status of a candidate and the value of the property being offered as collateral to determine eligibility. The loan assistance ranges from Rs 10 lakh to Rs 5 crore, and the maximum tenure for a Loan Against Property is up to 15 years.

ICICI Bank provides an EMI calculator for LAP that can help you determine the amount of EMI you can afford. All you need to do is enter the loan amount and tenure details into the calculator, and it will calculate the EMI you will need to pay. This will help you to plan your finances accordingly.