Loan Against Property EMI Calculator
Mortgage Loan Calculator 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.
| Loan Amount | 5 Year Loan | 10 Year loan | 15 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 |
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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.
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 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 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.
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 |
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 amounts | 5 years | 10 years | 15 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 |
| Corporation Bank | ₹ 13,974 | 11.35% | 10 Years |
| Federal Bank | ₹ 13,271 | 10.10% | 10 Years |
| IndusInd Bank | ₹ 9,270 | 7.50% | 15 Years |
| South Indian Bank | ₹ 12,067 | 10.20% | 12 Years |
| Union Bank of India | ₹ 11,836 | 9.80% | 12 Years |
| Indian Overseas Bank | ₹ 16,472 | 9.75% | 7 Years |
| Piramal Housing Finance | ₹ 10,664 | 11.50% | 20 Years |
| India Shelters | % | 10 Years | |
| Canara Bank | ₹ 16,575 | 9.95% | 7 Years |
| DBS Bank | ₹ 12,212 | 8.15% | 10 Years |
| HSBC Bank | ₹ 10,624 | 9.80% | 15 Years |
| Jammu And Kashmir Bank | ₹ 16,191 | 9.20% | 7 Years |
| Lakshmi Vilas Bank | ₹ 13,775 | 11.00% | 10 Years |
| Standard Chartered Bank | ₹ 10,807 | 10.10% | 15 Years |
| United Bank of India | ₹ 16,991 | 10.75% | 7 Years |
| Indiabulls | ₹ 13,210 | 9.99% | 10 Years |
| Cholamandalam | ₹ 11,366 | 11.00% | 15 Years |
| Allahabad Bank | ₹ 16,422 | 14.15% | 9 Years |
| Central Bank of India | ₹ 15,377 | 13.75% | 10 Years |
| Dhan Laxmi Bank | ₹ 11,116 | 10.60% | 15 Years |
| Karnataka Bank | ₹ 11,297 | 10.89% | 15 Years |
| OBC | ₹ 13,747 | 10.95% | 10 Years |
| HDFC Bank | ₹ 9,847 | 8.50% | 15 Years |
| Andhra Bank | ₹ 13,634 | 10.75% | 10 Years |
| Edelweiss | ₹ 10,292 | 9.25% | 15 Years |
| Indian Bank | ₹ 16,861 | 10.50% | 7 Years |
| Karur Vysya Bank | ₹ 13,676 | 9.25% | 9 Years |
| Punjab and Sind Bank | ₹ 11,324 | 8.90% | 12 Years |
| UCO Bank | ₹ 11,635 | 9.45% | 12 Years |
| DCB Bank | ₹ 9,701 | 8.25% | 15 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 |
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:
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
- SBI
- HDFC
- ICICI Bank
- Axis Bank
- Citibank
- PNB Housing Finance
- LIC Housing Finance
- Kotak Bank
- Yes Bank
- Bajaj Home Finance
- IDFC First Bank
- RBL Bank
- Syndicate Bank
- IDBI Bank
- IndusInd Bank
- Karur Vysya Bank
- HSBC Bank
- Standard Chartered Bank
- Edelweiss
- Corporation Bank
- Indian Bank
- Indian Overseas Bank
- OBC
- PNB
- HDFC Bank
- Indiabulls
- DCB Bank
- Dhan Laxmi Bank
- Karnataka Bank
- South Indian Bank
- Federal Bank
- Jammu And Kashmir Bank
- Lakshmi Vilas Bank
- Allahabad Bank
- Andhra Bank
- Bank of India
- Canara Bank
- Central Bank of India
- Punjab and Sind Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- DBS Bank
- India Shelters
- Piramal Housing Finance
- Cholamandalam
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