The loan against property application process is fairly basic and straightforward. However, one of the major challenges that Indian applicants face while applying for a property loan is that most of them know the area of the property to be pledged as security in units that are used locally but are not a part of the International System of Units.
One can convert land area from one unit to another manually. However, manual calculations are always tricky and susceptible to errors. Further, they are mentally taxing and time-consuming. For such loan applicants, a loan against a property area conversion calculator is a blessing.
The area converter is an easy-to-use online tool that lets loans against property applicants convert the area of the pledged collateral into standard units. These calculators have all the different conversion formulas fed into them. Here is how a loan applicant can use the area converter to convert the land area from one unit into another.
- From the drop-down menu, select the unit in which you know the area of the property to be pledged as collateral.
- Next, from the second drop-down, select the unit to which you wish to convert the area.
- Enter the area of the property and click on calculate.
The process to convert the land area one from unit to another using an area converter is as simple as that.
If you are still doubtful about whether or not you should use an area converter, let us try and convince you by highlighting the various benefits of an area converter.
Area Converter: Here’s Why You Must Use This Handy Online Tool When Applying for a Loan Against Property
- The area converter is fairly easy to use. One need not have any advanced knowledge to use this tool. If you have a smartphone and use it regularly, you will also be able to use the area converter easily.
- In India, different units are used in different parts of the country for land measurement. For instance, while land is measured in Biswa and Bigha in North India, in South, the use of Guntha and Ground is more common. Hundreds of different land measurement units are used across the country. An area converter has all the formulas fed into it and thus, can make a loan applicant’s life much easier.
- If you decide to search the conversion formula to convert one unit into another and use this formula, the calculations may be susceptible to errors. An area converter eliminates any chances of calculation errors.
- Loans against property are long-term and high-value loans. Thus, one must find oneself the right lender. Negotiating, renegotiating, and availing of the lowest loan against property interest rates is crucial. An area calculator can help you save effort thus providing you enough time to finalise your loan.
- Lastly, the area converter is free to use. One need not pay any fee to use this tool. More importantly, one can use it at any time and anywhere.
In conclusion,
the area converter can help make life easier for you. So, make this tool a part of your loan against property planning.
Further, if you are planning to apply for loan against property, remember to use a mortgage loan EMI calculator and a mortgage loan eligibility calculator. While the mortgage loan eligibility calculator lets you calculate the loan amount you are eligible for and increases chances of loan approval and the ability to negotiate for better loan terms and conditions, the mortgage loan EMI calculator lets you calculate your loan EMIs in advance and plan repayment in advance. It helps you avoid late fees and penalties, repay the loan before the agreed tenor and become debt-free quickly.