Area conversion calculator is an online tool that aids in the quick conversion of one unit of measurement to another. Financial institutions and borrowers use this tool during the valuation of a property. A land area calculator is easy to use and benefits its users.
Steps to Use An Land Area Calculator
Individuals can follow the steps below to use an area conversion calculator:
Follow from Step-by-Step Procedures
1: Navigate to the official website of a financial institution.
2: Click on the ‘Loan Against Property’ tab.
3: Move to the ‘Area Conversion Calculator’ section.
4: Select the unit and enter the measurement.
5: Choose the unit of conversion from the dropdown menu.
Once done, the result will automatically appear on the screen. These calculators offer a variety of benefits to their users that immensely contribute to their popularity.
Benefits of an Land Area Conversion Calculator
Individuals can reap the following benefits from area conversion calculators:
Estimating correct property valuation
Lenders stringently determine the market price of the property before approving a loan, So it becomes essential to determine its correct value using a land area calculator. However, apart from misinterpreting property value, borrowers must know the things to avoid when availing of a loan against property to get the most affordable credit.
Easy conversion to lesser-known metrics
Individuals from different parts of the country use a variety of measuring units for calculating the area of land. Hence, inter-conversion among them is essential for ease of understanding. For this, one can use this land calculator to avoid searching for the formulas of each.
Instant and accurate results
Inter-conversion among metric systems involves complex formulas. Hence, a manual calculation can become complicated leading to error-prone results. Thus, using these online tools help individuals can get accurate results almost instantly. Additionally, these calculators are free-of-cost and easy to use.
These calculators provide several benefits to individuals who are planning to apply for a loan against property. Additionally, one should know the different metric systems used country-wide for converting the area of land to desired units.
Different Land Area Measurement Units Using in India
Below are some popular area measurement units that are widely used across the country:
Acre
It is popularly used in India for measuring extensive farmlands or estates.
Hectare
This unit of measurement is used for measuring forest land and agricultural land during the valuation of an estate and for surveying land.
Ground
This is a popular unit of land measurement in Tamil Nadu.
Bigha
This unit of measurement is restricted to states like Punjab, Uttar Pradesh, Himachal Pradesh, Haryana, Bihar, Gujarat, Uttarakhand, and parts of Rajasthan.
Square meter
It is the SI unit of measurement of land area and is denoted in sq.m.
Katha
This is a popular land measurement unit in eastern states like Bihar and West Bengal. However, their value varies considerably with each state.
Square feet
This unit of land measurement is popularly used all across the world.
Apart from these, there are some region-specific land measurement units that individuals must know.
Below are some of the vital regional land measurement units:
- Kanal
- Biswani
- Ghumaon
- Killa
- Cent
- Chatak
- Ankanam
- Guntha
- Dhur
- Kuncham
- Lecha
Once borrowers determine the area of a property and its calculation, they can proceed to apply loan against property. However, they must go through the eligibility criteria first to avoid the rejection of the application.
Loan seekers should also have submitted the documents required for applying loan against property such as salary slips, KYC documents, bank account statements for the last three months, IT returns, and property papers. This would ensure that they enter accurate details during the application process.
Borrowers can also benefit from pre-approved offers that financial institutions provide to their existing customers. This speeds up credit approval to meet financial urgencies. Lenders provide these offers on different products, such as loans against property, home loans, and so on. Individuals can instantly check their pre-approved offers by entering their contact details.
Therefore, determining the land area is crucial whether you are buying, selling, or building something on a piece of property. Use the conversion tool to quickly and conveniently perform precise calculations.
Viewing the benefits of the land area calculator, individuals from across the county should use them to determine the appropriate value of their property. This would prevent loan rejection which can be advantageous for them.
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