The recent government reforms have worked in the favour of the Indian real estate sector. Moreover, RBI’s decision to keep the repo rate at 4% has further encouraged individuals to invest in this sector. As a result, a recent market survey reflects how the real estate sector in India will reach a market value of $1 trillion by 2030.
One reform that needs a special mention here is the RERA Act. The implementation of this act brought the needed transparency and standardisation. Moreover, the availability of an area conversion calculator helps individuals to find their property size in the benchmark units.
What is the current benchmark unit?
Square feet has been identified as the current benchmark unit under the RERA Act. Developers, sellers, buyers and financial institutions use this unit to represent property size. However, for large properties like agricultural land, or land for industry, etc., it is difficult to use square feet as an accurate measurement. Therefore, as an alternative, one can use acre instead.
Converting square feet to an acre is not difficult, especially when one is aware of the valuation.
1 acre = 43,560 square feet
Now, based on this valuation, one can quickly convert his/her property size into acres. For instance, a property of 17,200 square feet when converted into an acre will become –
17,200 sq. ft. / 43,560 sq. ft. = 0.39 acres
Instead of manual calculation, which is time-consuming and error-prone, one can use an area conversion calculator for this purpose.
What are the benefits of using an online calculator?
Here are some notable advantages of using an area conversion calculator –
1. Eliminates mistakes
It eradicates the chances of any human errors. For example, to convert square metres to square feet one can easily make a mistake in placing the decimal point correctly. Since these calculators have the correct value and formula in place as an algorithm, they will not commit similar errors.
2. Saves time
Moreover, using a calculator saves time. To convert sq m to sq ft manually involves a time-consuming process. It includes a long and multi-step calculation to find the correct value, which one can avoid with assistance from these online devices.
3. Free of cost
Additionally, using an area conversion calculator like this will not incur any charges. They are available for free on various websites, and individuals can use them as many times as they want.
Furthermore, the benefit of being aware of a property size is imperative to apply for a mortgage loan without any mistakes. It helps individuals to learn the property value in advance and apply for the same.
What is a mortgage loan?
A mortgage loan is where one keeps a property as collateral and avails of funds against it to either purchase the same, or use it for any other purpose. A popular example of this financing method is a loan against property.
A LAP loan is where an individual hypothecates his/her property to avail funds against it. The benefits of this financial product increase borrower’s convenience and help them to meet any financial requirements without any delay. Here are some highlights –
High loan amount
LAPs are typically high-value loans as the amount depends on the market value of a property. Lenders use the concept of LTV ratio to determine the credit amount. For instance, if you are mortgaging a property of Rs.70 lakh, you can get around Rs.49-56 lakh as a loan amount.
The rate of interest on these financial products is also comparatively low. Resultantly, the monthly instalments are also lower. Borrowers can use a LAP EMI calculator to find the amount.
No end-use restrictions
The absence of any restrictions on the usage of funds allows individuals to meet an array of requirements.
The tenor of a LAP can extend up to 20 years, which further helps to keep the EMIs low. However, one should know the process of determining the ideal tenor for a loan against property to reap its benefits.
Provided by reputed lenders this feature shortens the loan application process and saves time. It is applicable to financial products like home loan, loan against property, etc. Borrowers can quickly check their pre-approved offer by submitting their essential contact details.
Using an area conversion calculator helps to reduce the mistakes of a manual calculation, and applicants can find their property measurements without any delay. However, one should know some things before applying for a loan against property to make an informed decision.
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