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Different land measurement units are used in different parts of the world. Even within a country, different land measurement units are used in different parts of the country. For instance, in Southern India, the use of Guntha, Ground, Kuncham and Cent is quite frequent. In Northern India, these land measurement units are unheard of and people measure land in units, such as Bigha, Katha and Dhur. The problem here is that when so many different units are used across different parts of a country, it becomes increasingly difficult for people to remember the conversion formulas for converting one unit into another. This is where land area converters become important.
Land area converters or land area calculators are online tools that allow users to convert land area from one unit to another. The calculator has all the conversion formulas fed into it. Therefore, one can use it to obtain a land area in any land measurement unit that one desires. These calculators are quick and accurate. Most importantly, they are free to use. Further, using land area converters is quite easy. Here is how one uses this calculator:
- From the first drop-down menu, select the land measurement unit in which you know the area of your property.
- From the second drop-down menu, select the land measurement unit to which you wish to convert your property’s area.
- Enter the number of units and click on calculate.
For instance, if your home is built on a 6200 square feet area and you wish to convert this area into square meters, search the internet for a land area converter. Next, under the first drop-down, select square feet and under the second drop-down, select square meters. Finally, under the number of units, enter 6200 square feet. Click on calculate and within seconds the calculator will tell you that your home is built on an area of 575.98 square meters.
Now that we understand the basics of land area convertors and why one should use this handy tool, let us get into the details of mortgage loans and everything you need to know about them.
What is a Loan Against Property? Everything You Need to Know About Mortgage Loans
Loans against property, also known as mortgage loans or property loans, are loans availed of against real estate. Individuals who own property can avail of a loan by pledging it as collateral. The papers of the property get transferred to the lender while the borrower retains the complete right to use the property as they please. The LTV ratio can go as high as 75%. Since these loans are backed by collateral, mortgage loan interest rates are low and therefore, mortgage loan EMIs tend to be affordable and easy to repay. The cost of borrowing is also quite low for such loans.
To be eligible for a mortgage loan in India, you must meet all the mortgage loan eligibility requirements. To start with, you must be a residing citizen of India. Further, your credit score must at least be 700 and you must have all the property papers in your name. Since mortgage loans are backed by security, sometimes, lenders are slightly less stringent about borrowers meeting all the eligibility requirements. In case you have low mortgage loan eligibility, you can talk to your lender and explain your situation to them.
Since loans against property are backed by collateral, other than a land area calculator to help you convert your property area into units that are a part of the International System of Units, you must also use a mortgage loan EMI calculator to figure out the right combination of loan tenor and loan value for you. More importantly, you must plan your repayment strategy and keep aside an emergency fund to help you navigate your loan journey easily without experiencing any major hiccups.
Mortgage loans are one of the best financing options available to property owners. However, since these loans involve collateral, one must avail themselves of these loans after much deliberation and planning. Further, one must try and avail oneself of the lowest mortgage loan interest rates to help one keep EMIs affordable and the total interest payout on the loan as low as possible.
