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Loan Against Property EMI Calculator

Mortgage Loan Calculator 2022

Last Updated 27th Jan 2022

Loan against property EMI calculator is an online tool that helps you calculate your mortgage loan EMI based on the loan amount you want to apply for. You have to enter details like loan amount, interest rate and loan tenure to get the estimated EMI. You can also change the values to see which EMI fits your budget.

  • Lowest mortgage loan EMI as on 27 Jan 2022 is ₹ 769 per lakh at lowest LAP rate of 6.90%.
  • Banks offering the lowest EMI on loan against property are SBI, Citibank, IDFC First Bank, IDBI Bank, DBS Bank, IndusInd Bank.
  • Use Mortgage Loan EMI Calculator to calculate your EMI online without any hassle.
Loan Amount5 Year Loan10 Year loan15 Year loan
₹ 10 Lakh₹ 19,754₹ 11,559₹ 8,932
₹ 20 Lakh₹ 39,508₹ 23,119₹ 17,865
₹ 30 Lakh₹ 59,262₹ 34,678₹ 26,797
₹ 50 Lakh₹ 98,770₹ 57,797₹ 44,662

Jump to EMI Calculator

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What is Mortgage Loan EMI?

Mortgage Loan EMI is a monthly installment that you pay against the borrowed amount till the end of your loan tenure. The loan against property EMI amount consists of both principal and interest amount and remains constant throughout the tenure until you make a prepayment of your loan. You can use an online Mortgage Loan EMI Calculator to check your EMI accurately and estimate the repayment capacity.

Why Should You Use an Online Mortgage Loan EMI Calculator?

You can use an online loan against property EMI calculator to estimate EMI as it gives correct results and allows you to compare EMI on different property loan schemes instantly.

  • Saves time: You can save your time by calculating EMI immediately in seconds, as and when you enter the loan details.
  • Give accurate results: Manual calculation of EMI is complex and chances of wrong calculation are high which may lead you to make a wrong decision. With an online mortgage EMI calculator, you can make the right decision.
  • Plan your finances: You must know your mortgage loan EMI in advance to plan your monthly budget. Always opt for EMI that falls within your budget and reduces any potential distress on your finances in the future. Maintain a good income to expenses ratio.
  • Allows to evaluate multiple schedules: You can also check amortization schedules and EMIs for various combinations of loan tenures and interest rates and accordingly choose the EMIs that suit your repayment or servicing capabilities.

Mortgage Loan Calculator Formula

Calculating your LAP EMI manually is time taking and difficult, if done manually. If you want to calculate your EMI, you only need to enter your loan amount, interest rate and loan tenure. The formula used by mortgage loan calculator is:

P*r* (1+r)^n/([(1+r)^n]-1)

In above formula, P is the loan amount that you want to borrow
r is the rate of interest per month
n is the tenure of loan repayment in months
It is advised to use a loan against property calculator as it is a very easy and time saving process and helps you in calculating your EMI in seconds.

Factors Affecting Loan Against Property EMI

Factors that impact loan against property EMI are:

Loan Amount

Loan amount is the borrowed amount that you apply for to fulfil personal or business needs. Mortgage loan amount depends upon the value of property to be mortgaged and can be taken upto 75% of the property’s market value. Higher the loan against property amount, higher will be the EMI.

Interest Rate

Interest rate is the amount charged on the borrowed loan. Interest amount is generally high in the initial years, and as the tenure comes to an end, interest component reduces and the principal component increases. Lower the Loan against property interest rate, lower will be the EMI.

Loan Tenure

Longest loan tenure available for a mortgage loan in India is 20 years, subject to the borrower’s current and retirement age.

How to calculate EMI using Loan Against Property Calculator?

You can calculate the interest that you will pay over the property loan tenure, especially in long tenure using a loan against property installment calculator which is also called a Mortgage Loan EMI Calculator. Longer the loan tenure, higher will be the interest you will pay. Following table provides a comparison of EMI for a ₹ 1 Lakh loan at different tenures:

Calculated Results for Home Loan EMI 5 years 10 years 20 years
EMI for a loan amount ₹ 1 lakh at 6.90% ₹ 1,975 ₹ 1,156 ₹ 769
Total amount you pay back to the bank including principal and interest ₹ 1.19 Lakh ₹ 1.39 Lakh ₹ 1.85 Lakh
Interest you have to pay during the loan tenure ₹ 18,500 ₹ 38,720 ₹ 84,560
  • At the lowest Loan against property rate of 6.90%, the lowest EMI for a maximum tenure of 20 years is ₹ 769 per lakh. In this case, you have to pay an interest of ₹ 84,560 on your loan amount of ₹ 1 Lakh over a period of 20 years.
  • If you decide to take a loan for 5 years only, for the same rate of interest you will pay a higher EMI of ₹ 1,975. In this scenario you pay a total interest of ₹ 18,500 on your loan amount of ₹ 1 Lakh over a period of 5 years, which is less than half of what you paid for a 20 years loan.

How to Use MyLoanCare’s Property Loan Calculator?

You can calculate the Loan Against Property EMI by following the below-mentioned way:

Step 1: Visit MyLoanCare website.

Step 2: Go to the Loan Against Calculator Loan EMI Calculator page.

Step 3: Enter the details like loan amount, tenure, interest rate and email ID. Then click on ‘Calculate EMI’.

Step 4: To get EMI calculations on your phone, enter your mobile number and OTP.

Step 5: The result will show the EMI and interest amount you are required to pay on your loan.

Loan Against Property EMI for Different Loan Amounts

EMI for various mortgage loan amounts5 years10 years15 years
EMI on ₹ 10,00,000₹ 19,754₹ 11,559₹ 8,932
EMI on ₹ 15,00,000₹ 29,631₹ 17,339₹ 13,399
EMI on ₹ 20,00,000₹ 39,508₹ 23,119₹ 17,865
EMI on ₹ 30,00,000₹ 59,262₹ 34,678₹ 26,797

Mortgage Loan Monthly EMI Comparison of All Banks

Bank Monthly EMI for ₹ 10 Lakh Lowest Rate Max Tenure
SBI Loan Against Property EMI Calculator ₹ 9,585 8.05% 15 Years
HDFC Loan Against Property EMI Calculator ₹ 9,994 8.75% 15 Years
ICICI Bank Loan Against Property EMI Calculator ₹ 9,760 8.35% 15 Years
Axis Bank Loan Against Property EMI Calculator ₹ 9,994 8.75% 15 Years
Citibank Loan Against Property EMI Calculator ₹ 9,072 7.15% 15 Years
PNB Housing Finance ₹ 8,837 8.75% 20 Years
LIC Housing Finance ₹ 9,847 8.50% 15 Years
Kotak Bank ₹ 11,664 9.50% 12 Years
Yes Bank ₹ 10,113 8.95% 15 Years
Bajaj Home Finance ₹ 8,997 9.00% 20 Years
IDFC First Bank ₹ 9,557 8.00% 15 Years
RBL Bank % 15 Years
Syndicate Bank ₹ 13,187 9.95% 10 Years
IDBI Bank ₹ 9,614 8.10% 15 Years
PNB ₹ 12,940 9.50% 10 Years
Bank of India ₹ 11,296 8.85% 12 Years

Loan Against Property Amortization Calculator

Loan Against Property amortization schedule gives a break up of your monthly EMI into interest and principal repayment. The Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Loan Against Property of ₹ 25 Lakh for 15 years from at an interest rate of 6.90%. EMI calculated for this loan amount is ₹ 22,331 and the total annual EMIs to be paid annually is ₹ 2,67,974. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Loan Against Property of ₹ 25 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2022 ₹ 1,69,422 ₹ 98,552 ₹ 2,67,974 ₹ 24,01,448
2023 ₹ 1,62,403 ₹ 1,05,571 ₹ 2,67,974 ₹ 22,95,877
2024 ₹ 1,54,883 ₹ 1,13,091 ₹ 2,67,974 ₹ 21,82,786
2025 ₹ 1,46,829 ₹ 1,21,145 ₹ 2,67,974 ₹ 20,61,641
2026 ₹ 1,38,200 ₹ 1,29,774 ₹ 2,67,974 ₹ 19,31,867
2027 ₹ 1,28,957 ₹ 1,39,017 ₹ 2,67,974 ₹ 17,92,850
2028 ₹ 1,19,056 ₹ 1,48,918 ₹ 2,67,974 ₹ 16,43,931
2029 ₹ 1,08,449 ₹ 1,59,525 ₹ 2,67,974 ₹ 14,84,406
2030 ₹ 97,087 ₹ 1,70,887 ₹ 2,67,974 ₹ 13,13,519
2031 ₹ 84,915 ₹ 1,83,059 ₹ 2,67,974 ₹ 11,30,460
2032 ₹ 71,877 ₹ 1,96,097 ₹ 2,67,974 ₹ 9,34,363
2033 ₹ 57,910 ₹ 2,10,064 ₹ 2,67,974 ₹ 7,24,300
2034 ₹ 42,949 ₹ 2,25,025 ₹ 2,67,974 ₹ 4,99,274
2035 ₹ 26,921 ₹ 2,41,053 ₹ 2,67,974 ₹ 2,58,222
2036 ₹ 9,752 ₹ 2,58,222 ₹ 2,67,974 -₹ 0
In the above illustration, on a Loan Against Property of ₹ 25 Lakh, taken at the lowest interest rate of 6.90%, EMI paid is ₹ 22,331 and an annual total of EMIs is ₹ 2,67,974, the interest component is ₹ 1,69,422 while the principal component is ₹ 98,552 in year 1 of loan disbursement. You repay only 3.94% of the total principal after paying 12 EMIs during the first year.

Loan Against Property Prepayment Calculator

Part prepayment is an amount that you pay before the due date of your EMI when you have surplus money with yourself. When you part prepay your loan, bank gives you two options:

  • To reduce your EMI and keep the tenure the same.
  • To keep the EMI the same and reduce your repayment tenure.

Foreclosure is a method in which you can repay the loan amount in full before the tenure gets over. There are few financial institutions which charge 1%-4% of outstanding loan amount as a foreclosure whereas there are few which do not charge any fees. By availing this service you can save on EMI.

What are the Charges Levied on Non-Payment of Property Loan EMI?

These are the following which you will have to pay if you default on mortgage loan EMI:-

Particulars Charges
Late fee penalty Up to 2% of EMI
EMI Bounce Charges - Electronic Clearing System (ECS) payment ₹ 100 - ₹ 150
Post Dated Cheque (PDC) payment ₹ 250 - ₹ 400

FAQs

What is Loan Against Property EMI?

Loan against property EMI is a fixed amount you pay towards repayment of your loan every month till the loan is fully paid back. While the EMI amounts stay constant, each month the interest component keeps coming down and the principal keeps going up, except when interest rate increases. Loan against property tenure in India ranges from 1 year to 20 years. Longer the tenure, lower the EMI. For accurate EMI calculation, it is best to use a LAP EMI calculator.

How to use a Loan Against Property EMI Calculator?

LAP EMI Calculator uses a combination of the loan amount, loan tenure and interest rate to calculate loan EMI instantly. You can find a LAP calculator at online marketplaces like MyLoanCare. To use a LAP EMI Calculator enter loan amount, tenure and rate of interests, and get an estimate of LAP EMI. The calculator can be used to track the impact of loan amount, rate and tenure change on Loan Against Property EMI.

How Loan Against Property Principal and Interest Split in EMI?

Loan against property EMI comprises two components, such as principal and interest rates. The interest component is higher in the initial years and reduces over the years. When you pay an EMI, all the interest is first paid, and the remaining amount is considered as principal. Every month the interest is calculated on the outstanding amount.

Suppose you have taken ₹ 1 Lakh loan for 12 months at 12% rate. The EMI for the loan will be ₹ 8,885.
Interest component in 1st EMI = (12/12*100)*1,00,000 = ₹ 1000
Principal component in 1st EMI = ₹ 8,885 – ₹ 1,000 = ₹ 7,885

In the next EMI, the interest amount will be calculated on an outstanding principal of ₹ 1,00,000 – ₹ 7,885 = ₹ 92,115. By the end of the tenure, the interest component will come down to zero and the amount you pay as EMI is the remaining principal. This is how interest and principal split in EMI.

You can use a EMI calculator for mortgage loans to get the complete schedule of your EMIs along with principal and interest components in it.

What is the maximum tenure for which I can get a property loan?

Usually, banks offer a Property loan for a maximum period of 20 years. But loan tenure can be extended up to 25 years, under special schemes of a few banks. If you apply for a longer repayment tenure, your EMI for Property loan will be less. However, longer loan tenure increases the number of interest payments to be paid on loan against property.

What is the EMI for a ₹ 10 Lakh loan against property?

The mortgage loan EMI is dependent on the loan amount, interest rate and tenure of the loan. On the basis of, ₹ 10 Lakh, the mortgage loan EMI calculations will be as follows:

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 6.90% 10 years loan ₹ 11,559
₹ 10 Lakh 6.90% 15 years loan ₹ 8,932
₹ 10 Lakh 6.90% 20 years loan ₹ 7,693

What is the EMI for a ₹ 20 Lakh loan against property?

The mortgage loan EMI for ₹ 20 Lakh offered at an interest rate of 6.90% for 5 years will be ₹ 39,508, Whereas the EMI for interest rate 6.90% for 5 years will be ₹ 39,508.

What is the EMI for a ₹ 30 Lakh loan against property?

If you wish to take a mortgage loan , interest rate and tenure of the loan. On the basis of, ₹ 30 Lakh, the mortgage loan EMI calculations will be as follows:
Loan amount: ₹ 30 Lakh
Interest rate: 6.90% per annum
and, loan tenure: 5 years
Your loan against property EMI will be ₹ 59,262 for 5 years

What is the EMI for a ₹ 50 Lakh loan against property?

You will have to pay a higher EMI if you want to take a mortgage loan for ₹ 50 Lakh because the higher the loan amount the higher the EMI. The EMI will be ₹ 98,770 at an interest rate of 6.90% for 5 years for ₹ 50 Lakh.

Compare Loan Against Property Rates of All Banks


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