What is Loan Against Property EMI?
Loan Against Property (LAP) is a secured loan where you mortgage residential, commercial or industrial property to borrow up to 60-70% of its market value. Tenure can go up to 15-20 years. Rates are lower than personal loans but higher than home loans.
Formula
The standard amortizing EMI formula:
EMI = P × r × (1 + r)^n / [(1 + r)^n − 1] P = loan principal r = monthly interest rate (annual ÷ 12 ÷ 100) n = tenure in months
How to use this calculator
Enter the loan amount (typically capped at 60-70% of the property's fair market value), the bank's rate and tenure. LAP rates are usually 1-2% higher than home loan rates on the same property.