What is LAP - Full Form, Meaning & Benefits
Sep 16, 2024 | 4 mins read
Foreclosing a Loan Against Property allows you to repay your outstanding amount before the scheduled tenure, reducing your interest burden significantly. The Loan Against Property Foreclosure Calculator helps you evaluate foreclosure fees or understand potential savings, this tool simplifies the process in minutes. Use our foreclosure charges calculator today to make informed decisions.
Calculate your foreclosure amount with this calculator
Preferred loan amount
Interest rate (per annum)
Loan tenure (months)
Estimated EMI
per monthInterest payable
₹52,41, 690Loan foreclosure is when a borrower decides to repay the entire outstanding amount of a loan before the scheduled end of the loan tenure. This process reduces the interest outflow, ensuring significant savings for the borrower.
Why Consider Foreclosure?
- Save on Interest: By foreclosing the loan early, you minimise the total interest you would otherwise pay over the remaining tenure.
- Financial Freedom: Clearing off a debt early can provide peace of mind and improve your financial health.
- Asset Utilisation: If your property value has appreciated, foreclosure may help you reinvest for better returns.
However, it’s important to factor in loan foreclosure charges, which lenders typically levy as a percentage of the outstanding principal.
The Loan Against Property Foreclosure Calculator considers critical variables of your loan to estimate the charges and savings associated with the foreclosure. Here’s how it functions:
1. Input Loan Details:
Enter details such as the original loan amount, tenure, interest rate, and start date.
2. Provide Outstanding Balance:
Input the remaining loan balance and the number of EMIs already paid.
3. Foreclosure Month:
Specify the month in which you plan to foreclose the loan.
4. Charges Estimation:
The calculator uses predefined formulas to compute foreclosure charges and total interest saved.
5. Savings Projection:
It displays the exact amount you can save by foreclosing early.
Using the foreclosure calculator is straightforward and user-friendly. Follow these steps:
1. Enter Loan Details: Fill in fields such as loan amount, tenure, interest rate, and EMI start date.
2. Provide Outstanding Details: Mention the current outstanding amount and EMIs paid so far.
3. Select Foreclosure Month: Choose the month when you intend to foreclose the loan.
4. View Results: The calculator instantly displays the foreclosure charges and potential savings.
5. Make an Informed Decision: Use the results to evaluate whether foreclosing your loan is financially beneficial.
The Loan Against Property Foreclosure Calculator offers multiple advantages:
1. Accurate Estimation:Calculate precise foreclosure charges without any guesswork.
2. Saves Time: Get results instantly without manual calculations..
3. Improves Financial Planning: Understand how much you can save in interest payments.
4. Transparency:Offers clarity on charges and savings, ensuring no surprises.
5. Convenience:Accessible online anytime, making it easy to use from anywhere.
Sep 16, 2024 | 4 mins read
Nov 14, 2024 | 4 mins read
Oct 24, 2024 | 4 mins read
