When planning to buy a home, every square meter or square foot matters, particularly when it comes to planning for your home loan. Property measurements tend to be quoted in several units on different real estate websites and across cities, which confuses buyers. One common question that arises is how to convert sq mtr to sq yard or sq yard to sq mtr. Understanding these conversions can enhance property value estimating, which is essential in home loan eligibility calculations or EMIs planning. This tutorial guides you through the need for unit conversions and their role in ideal home loan decision-making.
Understanding Square Meters and Square Yards
A square meter (sq mtr) and a square yard (sq yard) are both units of measurement for area, but are used differently based on location and preference. Square meters are metric and widely used across India, while square yards are more traditional and still widely used in much of the country.
A speedy conversion:
- 1. 1 sq meter = 1.19599 sq yards
- 2. 1 sq yard = 0.836127 sq meters
It is helpful to understand how to convert square yard to square meter or sq yards to sq meters while comparing two houses or preparing papers for your home loan application.
Why Area Unit Conversions are Helpful for Home Loans
While taking a home loan, financial institutions and banks like Grihum Housing Finance need accurate property measurements to decide on the size of the loan. During buying, construction, or reconstruction, the size in normal units helps evaluate the worth of the property and the amount of loan you can avail yourself of.
Assume a posting indicates a house as 100 square meters. You must convert it into square yards so you can compare it with another property. Through a simple calculation:
100 sqm to sqyard = 100 x 1.19599 = 119.599 sq yards
This gives you a better idea of how much space you are getting and allows you to judge whether the cost per unit space is reasonable, something that is important before taking a long-term financial burden like a house loan.
Also Read: Top 5 Home Loan Benefits for First-time Woman Buyers
Convert Sq Mtr to Sq Yard for Home Loan Eligibility
Eligibility for a home loan is generally property value-based. If you have the property valued by sq yard and you only know its area in sq meters, it has to be converted accordingly.
- For instance, a property valued at 80 square meters is:
- 80 x 1.19599 = 95.6792 sq yards
- If the rate per sq yard is ₹25,000, the value of the property is:
- 95.6792 x 25,000 = ₹23,91,980
Grihum Housing Finance would determine your home loan eligibility based on this market value, typically sanctioning 75%-90% of the value by regulatory requirements. Having the correct unit conversion helps with down payment planning and estimating your home loan EMIs.
How Accurate Area Conversions Help with Home Loan or Rental Decisions
When deciding between home loan or rent option, property price and size clarity is extremely crucial. Owner ship of a house has EMI attached, but when an approximate conversion exaggerates the property size, you pay more and stretch your EMIs unnecessarily.
Correspondent conversions allow you to compare:
- Cost per sq yard and cost per sq meter
- Rent vs. EMI affordability
- Value appreciation by locality area rate per unit
Grihum Housing Finance recommends fair property evaluation with proper units to ensure you are in the right position to decide whether to own or rent.
Grihum Housing Finance: Helping You Make the Right Decision
At Grihum Housing Finance, we understand just how complex property area measurements are, especially for first-time buyers. That's why we refer borrowers to:
- Convert sq mtr to sq yard and vice versa effortlessly
- Understand the impact of these conversions on property valuation
- Use correct values while determining home loan eligibility
- Budget for affordable home loan EMIs
Our mission is to make property deals easy, particularly for informal income earners or those who are not used to dealing with technicalities. Be it LTV calculation or deciphering area units, Grihum has got your back.
Sample Property Area Conversion Table
Here's a handy reference for common conversions:
| Sq Mtr | Sq Yard |
| 50 | 59.8 |
| 75 | 89.7 |
| 100 | 119.6 |
| 150 | 179.4 |
| 200 | 239.2 |
Utilise this table to get a general sense of how your chosen property size in square meters converts to square yards, especially when comparing across alternative listings or builders.
Also Read: Buying Land with a Home Loan? Know How to Convert Bigha to Sq. Ft
Why Measurement Conversion is Important in EMI Planning
Your home loan EMIs depend not just on the interest rate and loan tenure but also on the correct value of the property. Overestimating or underestimating property size can lead to:
- Overpayment of EMIs due to overvaluation
- Rejection or reduction in the authorised loan amount
- Mismatch while registering property and releasing loans
The correct measurement allows for easy documentation and hassle-free processing of loans with financiers like Grihum Housing Finance.
Conclusion
Measurement of property seems to be a technicality, but it's a crucial part of home loan planning. Ranging from determining the value of your house to looking for loan eligibility and EMI calculability, it is crucial to know how to convert sq mtr to sq yard or how to convert square yard to square meter.
Grihum Housing Finance supports homebuyers throughout from unit conversions to figuring out property value and lending. From a simple application procedure to transparent calculations, Grihum's borrower-friendly policies simplify your path to homeownership from renting.
