A Loan Against Property refers to a kind of secured Loan that lets you pledge your property or asset in exchange for a Loan. You generally have the flexibility of using the money for various purposes. The asset you pledge can be a house, a land you own, or a commercial premises. This pledged property stays with your chosen lender until you repay the Loan. When opting for a Loan Against Property, you may want to determine how much Loan amount you can take.

This is when an online Loan Against Property Calculator can prove helpful. Let us learn more about this, consider the reasons to use it, and understand its uses.

About this tool

A LAP Eligibility Calculator is an easy-to-use online tool various lenders offer. It lets you know the maximum amount you will be eligible for when opting for a Loan by pledging your property. It also takes into consideration various factors like Loan details, existing Debt, income, etc.

Reasons to use a Loan Against Property Eligibility Calculator

Just like you can calculate the equated monthly instalments using a Loan Against Property EMI Calculator, you can also look for a suitable Loan Against Property Eligibility Calculator and use it. Using this calculator offers multiple benefits. These include:

• The calculator helps you get an estimate of the bare minimum debt amount you need to settle to get the Loan amount you want.
• This online calculator lets you assess and get an idea of the maximum sum you can borrow before you apply for a Loan Against Property. Consequently, if you need a higher sum, you can use a co-applicant who could boost your repayment capacity and eligibility. You can choose a family member with a stable income and an excellent credit score as a co-applicant for this.
• This calculator also lets you compare offers from various lenders.

How to use a Loan Against Property Calculator?

To utilise this Loan Against Property Calculator, follow these basic steps:

• Enter the property’s value.
• Select if the property is residential or commercial.
• Select if the property is vacant, self-occupied, or rented.
• You also need to mention your monthly income. This should be your net income.
• Enter the total sum of your existing EMIs.
• Now select the tenure of the Loan.
• You also need to enter the interest rate.

Once you enter these details, you will be able to check the maximum Loan amount you will be eligible for. However, you should know that your final eligibility depends on multiple factors, such as the nature of employment, CIBIL score, property assessment, and more.

Conclusion

A Loan Against Property Eligibility Calculator can be an effective tool that lets prospective borrowers get an idea of the Loan amount they are eligible for. It offers multiple benefits, and you can easily use this calculator to assess your Loan eligibility by following the above-mentioned steps.