Individuals planning to avail themselves of a mortgage loan, which are loans availed of by pledging a residential or commercial property or land as security, must mention the area of their property in units that are a part of the International System of Units.
In India, the use of local units is quite frequent. In fact, different units are used in different parts of India. As an example, in Northern India, most property owners know the area of their land in units, such as Bigha, Biswa, Biswansi, Ghumaon and Kanal. In Northern India, most people know the area of their land in units, such as Ground, Guntha and Kuncham. In Eastern India, people measure land area and know the area of their property in units, such as Decimal, Dhur, Katha and Lecha and in Western India, land is most commonly measured in units, such as Bigha, Biswa and Biswansi.
The problem with knowing the land area in these units is that one cannot mention the land area in these units in one’s mortgage loan application form. If you are applying for a mortgage loan in India and are reading about property loan interest rates, you must know that you will need to know the area of your property in units that are a part of the International System of Units and that is where an Area Conversion Calculator comes in handy.
What is an Area Conversion Calculator?
An area conversion calculator is an online tool that helps mortgage loan applicants convert the area of land or property they plan to pledge as a collateral from units in which they know the area of their land and that are a part of the local language to units that are a part of the International System of Units and that their lender understands. The area conversion calculators are easy to use. They have a very simple user interface and one need not pay any fee to use these calculators.
How to Use a Land Area Conversion Calculator?
The process of converting land area using the area conversion calculator is fairly easy. Here’s the process you must follow:
- The first step in the process is selecting from the first drop-down menu the state in which your property is located. For instance, if the property you wish to pledge as a collateral is located in Karnataka, from the first drop-down menu, choose Karnataka.
- During the next step, you will be asked to enter the number of units. For instance, if you know the area of your property in Guntha and the final area in Guntha is 33 Guntha, under the number of units, enter 33.
- During the next step, you will be asked to select the unit from the drop-down in which you know the area of your property. In this case, from the drop-down menu, select Guntha.
- From the next drop-down menu, select the unit to which you wish to convert the area of your land. For instance, if you wish to convert the land area into acres, from this drop-down menu, select acres.
- Once you enter these details, the area conversion calculator will do the needful and convert the land area for you into the unit that you have chosen.
Benefits of an Area Conversion Calculator
If you are planning to apply for a mortgage loan, here are some reasons why you should use the area conversion calculator
- The land area convertor saves borrowers from remembering different conversion formulas. Since hundreds of different units are used across India, it can become very difficult for mortgage loan applicants to remember different conversion formulas. The area conversion formula also eliminates the need to do so.
- Area conversion calculators help borrowers save time and effort, which they can devote to other important tasks, such as finding the right lender for them, negotiating with their chosen lender for better loan terms and conditions, reading about mortgage loan tax benefits and how to avail them, etc. More importantly, area conversion calculators also help borrowers eliminate any chances of any errors entering into their calculations. This makes loan applicants accurately assess the fair market value of their property and hence, decide the loan amount that they deserve to get.
Conclusion
To sum up, an area conversion calculator can make your life a lot simpler. So, use this tool if you are planning to avail yourself of a mortgage loan. Further, also use a loan against property EMI calculator for repayment planning and use the eligibility calculator to secure the lowest property loan interest rates you can get.
