If you require funds during an emergency, you can apply for a loan against property (LAP). The loan amount would depend on the value of the residential or commercial property that you would keep as collateral or mortgage. You can check your loan eligibility using an online tool known as the Hero Fincorp Loan Against Property EMI Calculator. Read on to know how this tool can help you during the loan application process.
The benefits of the loan against a property calculator are:
Â·Â Â Â Â Â Â Â Â It is easy to use and available online for free
Â·Â Â Â Â Â Â Â Â You can get accurate results which would help you to pre-plan the loan repayment schedule
Â·Â Â Â Â Â Â Â Â Access it remotely anytime according to your convenience
Â·Â Â Â Â Â Â Â Â You can estimate the exact EMI (Equated Monthly Instalment) amount each month during the loan tenure as the calculator uses a mathematical formula
Â·Â Â Â Â Â Â Â Â It helps you to estimate the amount of mortgage loan that you can get before you apply for the loan.
You can use the calculator without logging in or creating an account on the lenderâ€™s website. It would provide you an estimate of the loan amount that you can get, the repayment period, and the interest on a loanÂ againstÂ collateral before you eventually apply for it. You have to provide certain details including:
Â·Â Â Â Â Â Â Â Â The loan amount that you require
Â·Â Â Â Â Â Â Â Â The loan tenure or duration of loan repayment
The calculator would return the EMI (Equated Monthly Instalment) amount that you have to pay until you repay back the entire amount. With the help of the Hero Fincorp Loan Against Property EMI Calculator, you can find out:
Â·Â Â Â Â Â Â Â Â The exact loan amount that you are eligible for. It depends on the value of the property that you would keep as a mortgage and you may get up to 75% of the propertyâ€™s market value as a loan.
Â·Â Â Â Â Â Â Â Â The loan repayment tenure can go up to 15 years if you mortgage either a residential or commercial property like a shop, restaurant, etc. The loan tenure is an important factor as the EMI amount is related to the repayment period. You can change the loan tenure on the calculator to modify the EMI amount that you would have to pay.
Hero Fincorp offers you a choice between two types of interest rates, i.e. the fixed rate and the floating rate. You have to pay interest on the loan amount that you have borrowed. The interest rate will depend on your eligibility to repay, loan amount, loan tenure, and certain other factors.
When you are applying for a loan against a property, take care to check your eligibility and the amount of loan that you can borrow with the help of the Hero Fincorp Loan Against Property EMI Calculator. It will help you to avoid rigorous manual calculations and provide you with exact figures. The online tool is fast and easy to use as you just have to put in certain details like the loan amount, loan tenure, and it will take into consideration the interest rate. Once you put in this information, you can get the results that would help you to carry on with your loan application process.
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Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi â€“ 110057
Email Id: Corporate.Care@HeroFinCorp.com
Website – https://www.herofincorp.com/
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