Finance

How Acre to Square Feet Conversion is useful in Property Loans

Over the years following India’s independence, different land reform laws have changed the perspective of property dealings and transactions in this country. These regulations have introduced necessary standardisation in this sector and assisted prospective purchasers and lenders.

Moreover, the modulation and implantation of the different metric systems have made this process more convenient. Among various land measuring units prevalent in different parts of India, acre and square feet are counted as the most common units required by the intending property buyers. In addition to that, knowing the conversion of an acre to square feet is also essential when buying a property or availing funds against it.

How to convert acre to square feet?

Essentially used in the imperial unit system, acre is one of the earliest land measuring units used all over the world. It is primarily used to gauge agricultural land. One must know that one acre is equivalent to 43,560 square feet, and 640 acres makes 1 mile.

On the other hand, a square feet is primarily a US customary and imperial area unit. In India, this measuring unit is used to determine flat and plot measurements. Therefore, after knowing about an acre and square feet, individuals need to know about the conversion process, allowing individuals to determine the dimensions of their owned land.

The basic formula to carry out the conversion is –

For example, consider a plot measurement is 15 acre and needs to be expressed in square feet. As per the value of equivalent units –

Since 1 acre = 43560 square feet, then,

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15 acre = 15 x 43, 560

= 653400 square feet

Similarly, one can also calculate the process of converting square feet to acres and also other land measuring units as per requirement. By following this process, one can complete the conversion when learning about property space and dimensions.

The above-mentioned process is the conventional technique to convert acre to square feet.

However, manual calculations will entail mistakes. To avoid such issues, individuals can simplify the conversion procedure by using an acre to square feet converter. Follow the steps mentioned below for using this online tool:

Step 1- Get the exact plot or land measurement

Step 2- Seek for an online acre to square feet online calculator

Step 3- Input the acre measurement and other values in their respective fields

Within a few seconds, this online converter will display the conversion results. Moreover, individuals can convert other land measuring units as well with this calculator, and it can aid them in availing of a property loan.

Why is the conversion of an acre to square feet essential for property loans?

Land conversion can be important for multiple reasons, including when an owner is willing to mortgage property or land. Moreover, all leading financial institutions that extend mortgage loans like loan against property allow individuals to use the area conversion calculator to determine the accurate valuation of the property.

Since a loan against property is extended to the borrower in exchange for pledging a property, it is crucial for the borrowers to know the exact measurement of the land or property. Usually, the LTV for these loans can range up to 75% depending on the property’s market value. Therefore, while applying for loan against property, it is wise to evaluate the overall area measurement of the land and borrow accordingly.

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With a loan against property, individuals can avail substantial amount and meet various financial requirements. Moreover, this credit does not come with any end-use restriction, which means individuals can utilise the funds in whichever way they want.

Although knowing the accurate property valuation is one of the factors to consider while taking a loan against property, borrowers must also meet the eligibility parameters and produce necessary documents to ensure a hassle-free application.

However, one must also factor in other aspects to make an informed decision. For instance, reputed financial institutions also extend pre-approved offers on a wide range of secured and unsecured loan products. Such offers are provided to eligible borrowers to accelerate the loan application process and reduce the hassle of extensive documentation. Therefore, check your pre-approved offers by mentioning your name and contact details.

Therefore, to conclude, it is essential for intending property buyers to have a fair knowledge about the different land measuring units so that they can perform a comparison of various land dimensions before purchasing or mortgaging the property. Nevertheless, one can use these online converters for converting acre to square feet to ensure precision and accuracy.