Acre to Square Yard Unit Conversion is necessary when you are going on real estate in India. This is essential for the home loan as a property loan calculator. Going to know about the details below when you do Process of Buying a Home
Ground is one of the oldest area measurement units in India. It is primarily used in South India. But in real estate, square yards is widely popular. So for convenience, loan borrowers and other concerned citizens can consider converting ground to square yards or acre to square yard to get an exact estimation of their property size for future use.
Acre to Square Yard Conversion
Usually, 1 ground equals 266.667square yards. But for convenience, concerned individuals must use an area conversion calculator, such as the bigha to square feet calculator.
Using the calculator is simple where the user needs to follow 2 simple steps-
Step 1: Enter the property unit.
Step 2: Enter the area unit.
Then the calculator will automatically convert the area into the desired area unit. The user can also use the calculator for bigha to square feet conversion.
For convenience, if a user is converting 1 Ground, then they have to enter “1” on the property unit and “Ground” on the area unit. Then, the calculator will display the value in their desired unit.
Converting acre to the square yard is an important Property Loan Calculator in the current real estate scenario for availing loan against property. This is done to maintain uniformity and for universal understanding.
Steps to apply for a Loan against property
Step 1: fill application form
Firstly, a prospective lender has to fill the application form. It can either be via online or offline mode.
Step 2: contact applicant
After filling out the application form correctly, a representative from the lender’s end will contact the applicant.
Step 3: submit documents
The applicant needs to submit the documents to their preferred lender.
However, an applicant must check the list of documents needed to apply for a loan against property. These documents vary for self-employed and salaried applicants.
Documents for self-employed applicants
- Bank account statement from last 6 months.
- PAN card/Aadhaar card.
- Address proof.
- Original property documents.
Documents for salaried applicants
- Latest salary slips.
- Bank account statement from last 3 months.
- PAN card/ Aadhaar card.
- Documents of IT returns.
- Property documents.
- Address proof.
Since the eligibility criteria vary from one lender to the other, applicants must compare different lenders to avoid rejection.
Eligibility criteria for salaried applicants
- They should be a citizen of India.
- Applicants must be between 28 to 60 years of age.
- Applicants working in private or government sectors should have a minimum of 3 years of experience.
For self-employed individuals
- They should be citizens of India.
- Applicants should be between 25 to 70 years of age.
- Applicants also need to provide a stable source of income proof.
Also, a prospective borrower opting to apply for a loan against property can consider self-assessment of the property for a smooth loan application. Self-assessment is beneficial to gain the right property value.
To avail a loan against property, it is important to convert 1 bigha to square feet also. Using the area conversion calculator( Property Loan Calculator), one can easily estimate their property size in seconds and avail the right property value.
Steps to get the best property value
Know your lender
Researching on several lenders is important to meet a borrower’s requirements. Applicants can check EMI bounce charges, statement charges, and other charges before availing of the loan. Besides, comparing interest rates, eligibility criteria and documents required to avail a loan against a property is crucial.
Know the property value
The market value of a property depends on several factors like its age, location, and others. A borrower can access his/her property value by calculating the exact property size to get the maximum amount on their property.
In India, leading financial institutions provide pre-approved offers to streamline loan applications. These offers are available on selected financial products like a home loan, loan against property, and others. You can check your pre-approved offers by entering your name and details.
So, for availing of a loan against property, an applicant can check their property value. And to do so, prospective applicants looking to convert acre to square yard can use an area conversion calculator for a seamless and accurate calculation as Property Loan Calculator tool.