Evaluate Property Loan with an Area Conversion Calculator

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If you are planning to apply for a loan against property, your lender will require you to mention the exact area of your property and that too in units that are a part of the International System of Units, such as square feet, square meters, acre, yard, etc. However, across the length of the country, Indians are more familiar with local units, such as ground, katha, marla, bigha, etc. The use of these local units is quite prevalent in various parts of the country and people continue to measure land in these units. 

An area conversion calculator can help bridge this difference in your and your lender’s knowledge by allowing you to convert any land measurement unit into another. The area conversion calculator is an online tool that has all the land measurement units, their definitions and the formulas to convert one unit into another fed into it. Here’s how you can use a land area conversion calculator to convert land measurements from one unit into another. 

Land Area Conversion Calculators: How to Use Them 

  1. From the dropdown list, select the area unit in which you know the area of your land or property. 
  2. Next, from the second dropdown list, select the unit into which you wish to convert your land area. 
  3. Enter the area value.
  4. Click on calculate and once you do so, on the output page you will be able to see the area of your property in your desired unit. 

Benefits of Area Conversion Calculators

If you are planning to apply for a loan against property, here’s why you should consider using an area conversion calculator. 

  1. The biggest advantage of an area conversion calculator is that it makes it possible for users to convert the land area from one unit to another without remembering all the conversion formulas. Since different local land measurement units are used in different parts of India, remembering all the conversion formulas is a near-impossible task. 
  2. The area conversion calculator also removes any need for manual calculations. These days, the internet can easily provide answers to most of the problems. Thus, one can easily search for the required conversion formula on the internet. However, manual calculations are always prone to errors and even a small error can cause serious trouble when the loan is a high-value loan, such as a loan against property. 
  3. The area conversion calculators are also quite easy to use. Their user interface is fairly simple. If you are familiar with a smartphone or a tablet and can use one, you will also be able to easily use an area conversion calculator. 
  4. These calculators are also quick and accurate. They help you save a lot of time and effort, which you can devote to finding the right loan against a property lender for you and negotiating with them the best loan terms and conditions possible. 
  5.  These calculators are also entirely safe. One need not worry about security breaches while using this useful tool. 

In conclusion, if you are planning to apply for property loan, make the area conversion calculator a part of your loan application journey and during the application process, keep the following things in mind to experience a smooth and stress-free journey altogether. 

Things to Keep in Mind When Applying for a Loan Against Property

  1. To enjoy an entirely stress-free loan repayment journey, try to avail yourself of the lowest loan against property interest rates possible. Maintaining a high credit score, a low credit utilization ratio and a healthy mix of secured and unsecured loans will help you do so. Not being excessively dependent on credit and not having too many hard enquiries under your name will help too. 
  2. Do not forget to develop a clear understanding of the loan against property tax benefits available to you and use these benefits to reduce your tax liability by a significant margin. For instance, individuals who use LAP funds to buy another property can claim tax benefits under Section 24b of the Income Tax Act up to Rs.2 Lakh and reduce their yearly tax liability by a significant margin. 
  3. Loans against property involve collateral and not being able to repay one’s loan EMIs for an extended period can lead to the collateral being seized. Thus, one must borrow carefully and only what one needs. Further, with loans against property, one must always plan repayment beforehand and keep aside an emergency fund to help borrowers navigate a life contingency smoothly.    

Q1: How does an Area Conversion Calculator benefit property loan evaluation?

When assessing property for a loan, accurate area measurements are crucial. An Area Conversion Calculator simplifies the process by swiftly converting diverse measurement units, providing precise data for loan evaluation and facilitating better-informed decisions.

Q2: Can I trust the accuracy of an Area Conversion Calculator?

Yes, most Area Conversion Calculators use standardized conversion factors to ensure accuracy. However, it’s essential to use reliable and reputable calculators to guarantee precise results for property loan evaluation.

Q3: What units can be converted using an Area Conversion Calculator?

An Area Conversion Calculator can convert a variety of units, including square meters, square feet, acres, hectares, and more. It offers flexibility to match different measurement standards commonly used in property assessment.

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