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Land measurement units in India change in every city, state or region, and the lack of standardisation makes it difficult to gauge the size of the property. Moreover, converting one land measurement unit to another can be difficult and prone to errors. In this regard, an online calculator can be of great help.
An area conversion calculator allows individuals to convert one land measuring unit to another. This tool is particularly helpful for individuals looking to avail of a property loan. It helps individuals find the size of their property in a unit preferred by their lender. This land unit area conversion calculator contains a legion of units such as square yards, square feet, hectares and others.
Steps to use an area conversion calculator
The steps to use a land area unit conversion calculator are –
Step 1: Provide the existing area unit on the ‘Input area unit’
Step 2: Enter the numerical value of the area unit
Step 3: Give the desired area unit in ‘Output area unit’
Step 4: Finally, the online calculator will convert the existing unit to the desired unit after providing the required values
Units available on the area conversion calculator
The units that are supported by the land area converter are –
- Square meter
- Square yards
- Square feet
- Hectare
- Acre
- Bigha
- Ground
- Guntha
- Kanal
- Biswa
- Ares
Features and benefits of an area conversion calculator
A land area conversion calculator provides a plethora of benefits for individuals planning to apply for a property loan, like a loan against property –
- Provides accurate results
Calculating area conversions manually might be daunting for a few individuals. However, as an area conversion involves complex calculations, performing it manually is error-prone. For instance, 1 square yard equals 0.836127 square metres. So, to get the value of 5 square yards, one has to multiply 5 with 0.836127 to get the desired value, which is 4.18064 square meters. Thus, to get this value without significant errors, one must put the value in the respective boxes of the calculator for evaluation.
- Gives quick results
This calculator provides prompt results within seconds for individuals. Hence, opting for this calculation saves significant time and can curb any delays in a loan application.
- Free to use
One of the essential benefits of a land area converter is that it is free to use. Prospective borrowers can use it multiple times, and it incurs no charges. Hence, they can convert as many area units as they want before applying for a LAP.
- Helps in determining the loan amount
Most lending institutions have their specific set of instructions for availing any property loan. This requirement includes a prospective borrower’s eligibility, documents, and property details. In most cases, they also provide their preferable area unit for calculations. Therefore individuals can take the assistance of the concerned calculator to convert their desired unit and compute the loan amount accordingly.
Also, for faster loan approval, it is essential to know the eligibility and document requirements of a lender.
Eligibility for loan against property
The eligibility criteria for LAP are –
- Applicants must be citizens of India
- They should be between the age of 25 to 70 years.
- Salaried applicants must be employees of government, multinational or private organisations.
- Self-employed applicants must have a steady source of income.
- The location of the concerned property must be within the operating area of the lending institution.
Read More: Everything You Must Know About Area Conversion Calculator
Documents required for LAP
The documents that are needed for a loan against property application are –
- KYC documents
- Income documents (Form 16, IT returns, etc.)
- Bank account statements for the last 3 to 6 months
- Documents of property to be mortgaged
After meeting these criteria’s applicants can apply for a property loan from their preferred lender. However, these prerequisites vary from lender to lender; hence prospective borrowers must check these from the official website of the concerned financial institution before applying.
Furthermore, selected HFCs also extend pre-approved offers that simplify and expedite loan application process. Such offers are available on various financial products like loans against property, home loans, etc. Individuals can enter their name and contact number to check their pre-approved offers.
To conclude, before opting for any property loan, it is beneficial to use an area conversion calculator to help convert area units as per a lender’s requirements. Also, this calculator enables the conversion of a variety of units, thus providing comprehensive assistance.