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Alumni credit card FAQs
What is a Loan Against Property EMI calculator?
A Loan Against Property EMI calculator is a financial tool that helps you to determine your EMI based on your loan amount, interest rate and tenure. It simplifies the loan planning process, making it easier to manage your finances.
How much loan amount can I get against my property?
The loan amount against your property depends on factors such as the property's market value, the lender's policies, your income and creditworthiness. Generally, you can get a loan ranging from 50% to 75% of your property's current market value.
What is the formula to calculate the EMI of a Loan Against Property?
The formula to calculate the EMI of a Loan Against Property is:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Where:
- P is the principal loan amount
- R is the monthly interest rate
- N is the number of monthly instalments