Firstly Commercial property loan calculator is a great tool. Through this which we can choose the best loan against a property. Consequently it can be done by looking at the applicable EMI. There are many other types of loans available in the market. A key factor to consider the best loan against property is the use of commercial property loan calculator. We can use the loan against property EMI calculator to find out the monthly payouts. To find it we need the loan principal amount, time of loan maturity (loan tenure) and the applicable interest rate. With the loan against property EMI calculator, you can easily choose the loan against property. For eg
The Easy To Use EMI Calculator
Secondly, The applicable EMI is considered the most important factor before choosing the best loan against property. EMI is basically calculated on the loan amount, time till loan maturity and the applicable loan interests. The EMI that is applicable to the loan can be manually calculated with the following formula:
Where P represents the principal amount or the loan amount that has been availed.
R represents the rate of interest that is applicable on the loan.
N represents the total number of months for which the loan has been availed for.
How The Commercial Property Loan Calculator Works.
First, enter the principal amount of the loan that you wish to apply for. Second enter the rate of interest that has been given to you. And third enter the tenure over which you would like to repay the amount borrowed. As described here:
Lastly, Loan against property is an option available to anyone who has the following things: self-occupied residence, commercial property or even a plot of land. The main requirement of loan against property is that you are the sole owner of the property. One of the major benefits of loan against property is that it is most secured loans and the lending rate is also low. Loan against property is the good option an avail a large sum of money in a short period of time. You can get as high as 80% of the property value. There is a basic criterion for availing a loan:
Eligibility Criteria For Availing A Loan.
• The applicant should be Indian National.
• The applicant should be 21 years of age at the time of submit of application.
• The applicant should satisfy the minimum income requirement posted by the lender.
• If the applicant has good credit history then the benefits from reduced processing times and lower loan against property interest rates.
• The applicant must have employed by the current organization or involved in the current business.
Documents Required For Loan Against Property.
• Identity and Residence proof
• Past months salary slips
• Past 6 months bank statement of salary accounts
• The cheque for loan processing fees
The commercial property loan calculator is easy to use. The However, they are different for salaried, self-employed individuals and working professionals. The interest rates are generally fixed for a loan against property. There should be many things while taking a loan against property. You should compare the loan to value ratio that is offered by many banks. The loan to value for commercial properties is generally lower than residential properties. This is because residential property is considered a less risk factor when contemplating a loan. Above all