When availing a loan against property, you pledge your valuable asset to get funds for your financial needs. Since property in Mumbai especially has been seeing an increase of more than 7.5% in 2018, retaining ownership is important. So, when you plan to put up your property in Mumbai as collateral, it is important that you focus on sound financial planning. The best way to do so is to calculate your EMIs beforehand to know how repaying the loan will impact your monthly cash flow. While you can use the manual method, you can also avoid this time-consuming and hassling route by using an easy online loan against property EMI calculator. Here’s why an EMI calculator is crucial for planning your loan against property in Mumbai.
You can Enjoy Effortless Financial Planning
Calculating your EMIs manually can be time-consuming and hectic. It can also be quite frustrating if you have to squeeze this activity into your busy schedule. You will also need to recheck calculations by calculating the same again. With a loan against property EMI calculator, you can avoid this hassle. The online calculator is available to you at anytime and anywhere. Most importantly, you can expect nothing but accurate and quick results.
You can Choose Affordable Options
While your lender may offer you more than you need against your property’s value, it is important for you to borrow only as much as you can repay to avoid any kind of debt. You can do this easily by calculating the affordability of the loan. Unlike the manual calculation that would take hours to tweak inputs and arrive at the ideal numbers, an EMI loan calculator is easy to use and allows you to change the inputs of your interest rate, tenor, and loan amount to arrive at a reasonable solution. You can also compare various lender’s offerings based on interest rate and choose the most affordable option. Change up the tenor and the amount to arrive at easy EMIs that do not strain your monthly financial needs while also helping you get debt-free faster.
Additional Read: Maximise Your Credit Score With Mortgage Loans In Mumbai
You can Plan Repayment even during Emergencies or Lean Period
You may need to take a loan against property to fund a medical emergency or a cash crunch for your business. However urgent the need, it is wise to calculate your EMIs and check your repayment strategy before applying for funds. The online EMI calculator is quick and gives you accurate results on the EMI amount, total amount of interest + principal and the total interest paid. Thus, you can check the affordability of the loan within minutes while making your way to the hospital or while going to meet with your board of trustees. In case you wish to apply for extra funds to be well prepared for unexpected expenses, you can choose to avail the Flexi Hybrid facility on your loan against property.
Thus, you can see that using Loan against property EMI calculator is very beneficial to your financial health when you are taking a loan against property in Mumbai or anywhere in the country. While top lenders offer these calculators on their website, they also offer additional benefits like a Flexi Hybrid facility where you can borrow as you need and pay interest only on the used amount. You can even choose to pay interest-only EMIs with a Flexi Hybrid facility. For instance, look at the benefits you can enjoy when you borrow a Loan Against Property:
- High loan amount with low interest rates
- Flexi Hybrid facility
- Nominal foreclosure and part-prepayment charges
- Online account management
- Doorstep document pickup
So, plan your loan efficiently with an EMI calculator. Don’t forget to check the loan against property eligibility criteria specific to your lender while you are looking at the loan against property features. This will help you access funds faster and with greater convenience, so get started today.