In real estate, an area conversion calculator is an important tool used to convert area units. Most lenders advise using this calculator for conversion due to its high accuracy and fast calculation. So, before using this calculator, it is beneficial to know details about it.
What is an area conversion calculator?
An area conversion calculator is an online free tool used for the conversation of area units. One can easily covert area units from local units to universal ones or vice-versa. Some units available are square feet, square meters, Biswa, Kanal, etc.
What are the unit’s available for conversion?
Land area calculator offers most of the property units that are used in India. The units are –
- Square feet, Sq. meter & Square yards
- Acre
- Bigha
- Hectare
- Grounds
- Guntha
- Kanal
- Ares
- Biswa
How to use the area converter calculator?
Follow the steps to use this calculator for ease of application:
1st: Visit the official website of the preferred lender.
2nd: Navigate to the land area converter webpage.
3rd: Enter the number of units in the ‘Property Unit area’.
4th: Then, enter the area unit in its respective section. The calculator will convert the given value to all the available units.
Lenders advise using this area converter due to its great versatility. The benefits of using this calculator are given below –
- Time-saving
While converting areas, calculating with conversion formulas can be time-consuming for an individual. Thus, it is best to opt for a calculator, which provides fast and accurate results within seconds.
2. Provides accurate results
Apart from its time-saving quality, this calculator gives the user the most accurate results. For example, 1 square meter equals 10.76391 square feet. If an individual calculates the value of 15 square meters to square feet, the calculation may be tricky, thus increasing the chances of errors. But, opting for an area conversion calculator makes the calculation error-free and fast.
3. Free to use
Area conversion calculator provides accurate results within seconds for free. An applicant can use this calculator numerous amounts of time on the website of their trusted lender. A user has to enter the unit vale and area unit for conversion.
Helps to avail a loan against property
While availing of a loan against property, it is important to know the property value beforehand. But, calculating the area of a property in local units may not be acceptable for the application. So, to convert area units from local units like bigha or guntha to more universally accepted units like a square meter to square feet, the area converter is ideal.
But, before knowing how to apply for a loan against property, it is mandatory to meet the eligibilities. So, knowledge regarding its eligibilities will ease the application process considerably.
Eligibility for a loan against property
- Prospective borrowers should be residing citizens of India.
- Applicants should be between 25 to 70 years of age.
- Salaried individuals must have a minimum work experience of 3 years.
- For self-employed applicants, they must prove a steady source of income.
Apart from these eligibilities, there are lists of documents that are mandatory to avail a LAP. But, it should be noted that these criteria and the list of document requirements may vary from lender to lender. So, it is advised to check the requirements beforehand.
Documents required for LAP
- KYC documents
- Voter ID
- Aadhaar Card
- PAN card
- Driving license
- Passport
2. Property documents
- All documents related to property.
3. Address proof
- Any KYC document with the address.
- Electricity bill
- Telephone bill
- Other utility bills
Apart from these, an applicant might need additional documents related to their profession.
In India, several financial institutions extend pre-approved offers to expedite the loan application process. These offers are available on selected financial products like a LAP, home loan, etc. Applicants must enter their names and contact numbers to check their pre-approved offers.
Hence, due to the versatility of the area conversion calculator, most lenders advise using this. Also, before opting for a loan against a property it is important to use this calculator for financial calculations.
