Use Loan-to-Value Calculator to Know Maximum Amount for a Mortgage Loan
A Loan-to-Value Calculator is a financial tool that can help you know the highest amount you can get with a Loan Against Property. Knowing the loan amount can help you gain a better understanding of whether you can manage your expenses by pledging your existing residential or commercial property as collateral. Check the Loan-to-Value Calculator from Poonawalla Fincorp to instantly know the highest sanction amount for our mortgage loan. Try it now!
LTV Calculator – Check Eligible Loan Amount Against Property Value
What is a Loan to Value (LTV) Ratio
A Loan-to-Value (LTV) ratio represents the proportion of your property’s market value that you can finance through a loan.
The formula to calculate the LTV ratio for a mortgage loan is:
LTV ratio = (Loan amount/market value of the property) x 100
Lenders use the LTV ratio to decide the risk while undertaking a loan since the higher the ratio, the greater the risk for the lender. The LTV ratio depends on several factors, such as the market value and condition of the pledged property, the credit profile of the loan applicant, repayment tenure, down payment, etc.
What is the LTV Ratio Calculation Formula?
The LTV Ratio Calculation Formula is based on the type of property you have pledged as collateral for the loan and the property's market value.
To use the LTV Calculator, you just need to enter the following information:
· Type of property
· Current market value of the property
Once you enter this information, the calculator will provide you with the maximum loan amount you can avail of against your property.
How to Use the Loan-to-Value Calculator?
Follow these steps to use the Loan-to-Value Calculator:
· Step 1: Go to the ‘LTV Calculator’ on the ‘Loan Against Property’ section of Poonawalla Fincorp’s official website.
· Step 2: Select the type of property.
· Step 3: Enter the estimated market value of your property.
Once you enter these details, the LTV Calculator will instantly provide you with the maximum loan amount you can get against your property.
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Frequently Asked Questions
No, you cannot use the Loan to Value Calculator to compare different loan amounts. You can only use the LTV calculator to know the maximum amount you can borrow by pledging your property as collateral.
Your credit score can have an impact on the LTV ratio for your mortgage loan as it is an indicator of your creditworthiness. Having a credit score of 750 and above improves your eligibility for availing of a Loan Against Property with a higher LTV ratio.
Yes, the age of your pledged property affects the LTV ratio. A newer property may be eligible for getting a higher LTV ratio compared to an older property.
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