RBI’s recent decision to maintain a 4% repo rate has made various credit forms more accessible to potential borrowers. Individuals looking for substantial funds with a flexible spending limit are approaching LAP loan in this regard.
In recent years, land reform initiatives have influenced property dealings. These laws have introduced new measurement techniques and area conversion methods for both lenders and buyers.
Typically, different states in India follow local benchmarks like Dhur, Kattha, Bigha, Chatak, etc., for land area calculation. Moreover, digitalisation has made the process of land measurement easy with the area conversion calculator.
Therefore, before purchasing a land or availing funds against it, it is vital to know about these conversions to evaluate the property’s value easily.
What are the common land area calculation units?
Square feet is most popular land measurement unit accepted worldwide. It usually defines the area of a property with the sides measuring 1ft.
Digitalisation and advanced gadgets have made it easy to convert square meters to square feet. This unit is again utilised to calculate the sides of a plot. Typically, the value of one meter is taken as 3.28084 ft. However, this unit is avoided in terms of measuring distance or length in one direction.
Understanding how to convert sq. m to sq. ft is also important as it is a SI unit for area measurement.
Square yards are larger than a sq. ft, which is made of 9 sq. ft. This unit is used globally to measure land areas and residential property. Moreover, many Indian states use this unit to decide the circle rates.
Here the value of one acre is 0.405 hectare, while 640 acre constitutes one mile. This measurement unit is considered in the UK, USA and India.
To understand its usage broadly, individuals can use the area conversion calculator and check the results. This would further help estimate the credit amount available under the loan against property before making an application.
A hectare is a unit of area equal to 10,000 square meters. Usually used to measure land.
Example: a square that is 100 meters on each side has an area of 1 hectare.
1 ha = 2.47 Acres approximately.
Typically, one hectare is equal to 1,07,639 sq ft.
In terms of local measurement, certain units are exclusive to Indian states. This unit varies from one state to another. For instance, in West Bengal, one Bigha measures around 1600 sq. yd. However, it changes into 755 sq. yd. in Assam. Moreover, it has two separate units, namely Kattha and Biswa.
Apart from these units, potential mortgage loan borrowers must start understanding the charges on their loan against property and related terms. This would facilitate hassle-free application.
In this regard, finding a financial institution offering substantial funds on a mortgage and levying an affordable interest rate would be helpful. These HFCs also extend pre-approved offers that streamline the loan application process. Such offers are available on products like home loan, LAP, etc. Check your pre-approved offer by entering your name and contact number.
How to use an online area conversion calculator?
Using a calculator to convert units imparts accurate results without hassle. One needs to follow the steps mentioned below –
1: Enter the needed unit in the value to convert section.
2: Select the area unit like a square meter or feet from the menu.
3: Press enter to find the desired units.
Hence, awareness of land measurement units and related concepts are essential for loan against property applicants. It would help in determining the ideal tenor of your loan against property. In this regard, using a LAP EMI calculator would indicate the savings made on disposable income.
Similarly, free tools like an area conversion calculator would further aid in making an informed land investment decision.