Whether an individual is looking to buy, sell or mortgage an immovable property, he/she must know the intricacies related to property measurements. After the Real Estate Regulatory Authority act came into effect, Indian builders were forced to measure all properties using square feet. If you own a property whose carpet area is in square meters, you can undertake a conversion from square meter to square feet easily. The following write-up explains the details involved with the same.
How to convert square meters to square feet?
The first thing that individuals must know during such a conversion is that 10.764 square feet is equal to 1 square meter. Therefore, to convert square meter into square feet, you would need to multiply the measurement in square meters by 10.764.
For example, consider that you own a house measuring 69 square meters. Its corresponding square feet measurement would be 69X10.764, which equals 742.716 square feet.
Advantages of knowing property’s measurement in square feet
Learning about the measurement of a property is required for the following reasons:
- Having a detailed idea regarding your property’s measurement and the process of converting it from square meter to square feet helps in real estate dealings. This is mainly because the main unit that builders use in this regard is square feet.
- Housing finance companies look for property-related details when one approaches them to avail a loan against property. At that time, the measurements are required in square feet along with supportive documents.
However, the calculation or conversion of one unit to another might seem challenging for property owners. That is why most of the HFCs have made several online land area conversion calculator available on their websites. Using such tools, one can easily convert square meters to square feet by entering specific values. The result will be available within a few seconds, and after collecting that, loan applicants can submit their loan application forms.
How to apply for a loan against property?
Before applying for this credit advance, individuals have to meet some necessary eligibility factors and furnish substantial documents. One needs to provide complete information regarding the property he/she is pledging as collateral as well. Such details include the detailed measurements of the property areas, which is why learning to convert from 1 square meter to square feet is necessary. The procedure of applying for this secured credit facility is mentioned below:
Step 1: Visit the official website of your preferred lender and navigate to the Loan Against Property tab.
Step 2: Click on the ‘Apply’ button to get the online application form. Fill up with relevant personal and employment details.
Step 3: Next, attach all the supporting documents with the application form and submit them.
Upon receiving your application, representatives will get in touch with you to discuss the loan amount you want to avail. Here, you must choose the repayment tenor wisely so that your EMIs remain affordable. Also, discuss with the lender between floating interest and fixed interest what will be better when you opt for LAP.
Note that based on the location and condition of the immovable asset, one can expect a loan-to-value ratio of up to 85% of that property’s value. Some reputed housing financing companies also provide pre-approved offers to make financing hassle-free and affordable. These offers are available on several financial products such as home loans, loans against property, etc. To utilise the applicable benefits, individuals can easily check their pre-approved offers by submitting their names and contact details.
Since the property is getting used as collateral to acquire funds, lending institutions will inevitably look for information related to that to avoid legal issues. In this regard, the property’s exact measurement by converting from square meters to square feet is not enough.
Apart from this, there are several factors to consider while availing a loan against property. From associated charges to relevant documents, individuals must pay heed to all of that before making a decision.