What is an area conversion calculator,and how to use it ?
The usage of land measurement units in India varies from one state to another. Along with that, the lack of standardization is another major issue in this calculation that often hinders any property related transactions.
Individuals can use an area conversion calculator to simplify this computation and avoid any mistakes.
What is an area conversion calculator?
An area conversion calculator is an online tool that allows individuals to convert one measurement unit to another. This calculator consists of almost all measuring units available, and individuals can easily convert them without any hassle. Moreover, this calculator can be used to convert multiple units such as square feet, square meters, hectares and others.
This tool is particularly useful for prospective borrowers seeking loan against property and or individuals in the real estate business.
How to use an area conversion calculator?
This land conversion tool is an easy and simple one to use. However, steps to use this calculator are given below –
- Steps for using a land area conversion calculator
Step 1: Visit the official portal of your preferred lender
Step 2: Enter the provided area unit
Step 3: Enter the area value
Step 4: Provide the output area unit
Step 5: Finally, the calculator will convert the required area into the desired unit
For example, if individuals want to convert their measuring unit from acres to bighas, they need to select ‘Acre’ in ‘Input area unit’. Then enter the value, let’s say 10. After that, click on ‘Output area unit’ and select the desired area unit from the dropdown menu, which is ‘Bigha’, in this case. Lastly, the calculator shows the value of 10 acres in Bighas; that is 30.25 bighas in no time.
Units available for conversion
A few of the units that are available for conversion are –
- Square meter
- Square feet
- Square yards
Benefits of using the area conversion calculator
Opting for a land area converter provides myriad benefits. Some of them are provided below.
- An area conversion calculator provides results to prospective borrowers within seconds. It saves time and hassle of a manual calculation.
- Apart from it, this calculator also provides accurate results consistently. As converting measuring units manually might be challenging for most individuals due to daunting formulas, opting for an online conversion calculator is ideal.
- Land conversion calculator contains almost all of the measuring units available all over India. Hence, prospective borrowers can find their desired results, which ease the LAP application.
Besides knowing the size of a property precisely, opting for a loan against property requires multiple pre-requisites and knowing those prior makes the application process faster and lowers the chances of rejection. Also, individuals must remember that this pre-requisite differs with a lender, and they must consult their preferred financial institution before avail a loan against property. The eligibility criteria and documentation of a LAP are two such prerequisites that one must take care of.
Eligibility criteria for loan against property
Eligibility parameters of a LAP are –
- Candidates must be between 25 to 70 years of age.
- They must be the residing citizens of India.
- For self-employed applicants, they must provide a steady source of income.
- Salaried applicants must have a working experience of 3 years.
Documents required for loan against property
The documents needed to avail LAP are –
- PAN card
- Voter ID
- Aadhaar card
- Latest salary slips
- Bank account statement for last 3 months
- IT returns
Property related documents
Besides eligibilities and documents, prospective borrowers are also advised to check their EMI before availing of a loan. Lenders advise doing so using a loan against property EMI calculator because it provides the monthly installments beforehand. Apart from it, this calculator provides an amortisation schedule that provides a detailed breakup of the repayment and gives details on how the payment proceeds throughout the tenor.
In India, several HFCs extend pre-approved offers to expedite loan against property applications. These offers are available on a host of secured and unsecured financial products. Applicants need to enter their name and contact number to check their pre-approved offers.
Hence, before availing of a loan against property, individuals can change their measurement unit into the desired unit with the help of an area conversion calculator. This helps in a faster loan application, processing and approval.