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LandBank loan calculator

LandBank loan calculator online in the Philippines in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.

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Calculate the loan at LandBank
Interest rates are given in accordance with the rates of the LandBank in Manila as of 01.12.2022
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10000 ₱
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months
days
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36
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About LandBank of the Philippines

The LandBank of the Philippines was formed on August 8, 1963, by the agricultural land reform code to support the acquisition and distribution of agricultural estates by small landowners and the purchase of landholdings by agrarian lessees. Presidential Decree 251 reactivated the Land Bank in 1973, expanding its loans to farming, commercial, residential, house restorations, and other production companies. With 678 branches, 2,810 ATMs, and 58 lending centers, LandBank of the Philippines has grown into one of the largest financial organizations in the Philippines.

The bank is a government financial entity (lending centers inclusive) that strives to strike a balance between its social goal of encouraging rural development and its financial viability. Earnings from commercial banking activities are used to fund the Bank's developmental projects and initiatives. The financial institution has managed this balancing act over the years, as demonstrated by the constant growth of its lending portfolio in favor of its key areas: small farmers and fishers, a large portion of whom are agrarian reform recipients; micro and small- and medium-sized businesses (SMEs); agri- and aqua-projects of local government-links entities and government-links and managed corporate entities; communications, public transit, accommodation, education, medical services, environment-related developments, tourism, and utility services.

What is a LandBank loan calculator?

You will likely take out a credit from a lending center at some point in your life. Whether you're purchasing a vehicle or a house, establishing a company, consolidating debt, dealing with unforeseen bills, or paying for a college education, there will be times when you need more money than you have in savings. A loan is often a better alternative for a ready supply of cash than a credit card since interest rates on loans are typically much lower than interest rates on credit card purchases. A loan calculator will help you assess whether the credit you're contemplating is reasonably priced and suitable for you.

A LandBank housing loan calculator may be used to assess the terms of a potential housing loan. You may estimate the total cost by adjusting your gross family income, loan period, and interest rate. As the loan period lengthens, your monthly payments decrease while the overall cost of the loan (the total paid) grows. Take into account any mortgage costs that you may be charged.

How does a LandBank loan calculator work?

This loan calculator is simple to use, comprehend, and do calculations fast. You need to submit your credit information, which includes your gross monthly income, loan term, and chosen monthly installment payment, among other things. The first step in calculating your monthly payment is identifying your loan type, which determines your authorized loan payment schedule. There is no math involved in this phase. Are you getting an interest-only loan or an amortized loan? Once you know, you'll be able to figure out what sorts of loan payment calculations you'll need to do.

LandBank only offers a housing loan calculator, but you can still use this calculator to compute the terms of any other loan offered by the bank. The calculator helps you to determine your highest loanable amount from your gross monthly income. All you need to do is type in your gross family income, select a loan term that will be the best for you, and select the correct interest rate. The calculator will determine your highest loanable amount and likely monthly payment. Also, remember that the computation is only an estimate and does not include out-of-pocket charges such as the application form fee, appraisal fee, mortgage registration fee, and any other fees associated with your housing loan application form.

Input

Using this calculator requires putting in some data before you can get the required result. Here are the required inputs.

Gross family income

Gross family income or gross income is the aggregate yearly gross income of all individuals who are resident or planning to reside in a housing unit, from whatever source obtained before taxes or withholdings. Annualized gross income is defined as gross monthly income multiplied by 12 for this definition. Monthly gross pay plus any other income from extra hours, part-time work, bonuses, dividends, interest, royalties, pensions, veterans administration compensation, net rental income, and other sources equals gross monthly income.

An individual's gross income is the amount of money generated before any deductions or taxes are deducted. The gross income of a full-time employee is their annual pay or compensation before taxes. On the other hand, a full-time employee may have additional sources of income that must be included when assessing their income. Dividends on stocks, for example, should be included in an individual's gross income. Other income sources are rental property income and interest income from assets and savings.

Assume that a person makes ₱100,000 per year from financial management consulting employment. They also generate ₱70,000 in rental revenue from their real estate assets, ₱10,000 in dividend income from Company XYZ shares, and ₱5,000 in interest income from their savings account. Their earnings are computed as follows: gross Income = ₱100,000 + ₱70,000 + ₱10,000 + ₱5,000 = ₱185,000. You must also do this for all family members for gross family income.

Desired term

A loan term is the amount of time it will take to pay off a loan when the borrower makes regular payments. Loans can be either short-term or long-term. LandBank’s mortgage term is between one and twenty years. 

Interest rate

An interest rate shows you how much it costs to borrow money or how much it pays to save money. So, if you're a borrower, the interest rate is the amount you pay for borrowing money, expressed as a percentage of the entire amount. For a particular loan, the greater the percentage, the more you must pay back. Even little changes in interest rates can have a significant impact. It's critical to monitor whether they rise, decline, or remain stable.

Landbank housing loans have a fixed interest rate of 6.5%. Fixed interest rate loans are those in which the interest rate does not change during the fixed rate period. This enables the borrower to precisely forecast future payments.

Output

After successfully inputting all the above data correctly, here are the outputs you will get - and what they mean.

Loanable amount

The loanable amount, also known as the maximum loan amount or as a loan limit, is the total amount of money an applicant can borrow. Standard loans, credit cards, and line-of-credit accounts all have loan maximums. The maximum amount will be determined by multiple factors, including the borrower's creditworthiness, the loan length, the loan purpose if the loan is collateralized, and various lender conditions. 

The LandBank housing loan calculator mainly considers your family's gross income. The interest rate and the term of the loan also influence this. When the calculator displays your loanable amount, you can not be granted a loan amount higher than this. This is the highest you can borrow.

Monthly amortization

The LandBank monthly amortization is defined as an amount equal to the appropriate principal component of a hypothetical monthly constant payment of principal and interest calculated as of the first monthly amortized payment date based on:

LandBank housing loan calculator

The LandBank housing loan calculator is an automated tool that allow users to calculate the financial consequences of changing one or more variables in a LandBank housing loan agreement. Consumers use the tool to calculate monthly payments, while banks use it to assess a house loan applicant's financial eligibility. The calculator is available on the LandBank website 24 hours a day, seven days a week. The tool's main variables include the applicant's gross monthly income, the periodic compound interest rate, the number of payments per year, the total number of installments, and the regular payment amount.

How to use the LandBank housing loan calculator

The tool is straightforward to use. All you have to do is visit the LandBank housing loan calculator website and insert your gross family income (without commas) and your desired loan term, which is between one and twenty years. Finally, click on the Compute button.

For instance, let’s assume your gross family income is ₱200,000, your desired loan term is 12 years, and the fixed interest rate is 6.5%. When you key these inputs in and hit the Compute button, you have the following output:

This means that the highest amount of money you can borrow is ₱5,988,497, and the monthly amortization for the terms of your loan will be ₱60,001.

What are the benefits of using a LandBank loan calculator?

Below are some benefits and advantages of using a LandBank housing loan calculator.

Ease of use

The ease of use of the Land Bank loan calculator is one of its main advantages. It is simple to use and guides you through each step. LandBank cherishes its customers' comfort and clarity, which is why they have gone above and beyond to ensure they understand how to utilize the loan calculators. You do not need to go to a LandBank branch. Go to the LandBank loan website. Enter your gross family income, chosen interest rate, and payback time. LandBank also provides on-call or in-person assistance with loan calculations and other areas of the loan application process.

Time-saving

The Landbank loan calculator gives quick and accurate results. The tool is accessible online, saving the time and effort of traveling to the bank, waiting in queues, and calculating your loan terms. The remainder of the loan process is then completed. Furthermore, the strain of completing a deluge of burdensome paperwork or phoning an agent to establish loan amounts and interest rates is lifted. Because calculators are available online, you may use them while driving, taking a break at work, or even on vacation in the furthest regions of the planet. All you need is a reliable and secure Internet connection.

Accurate results

One of the most significant benefits of utilizing the Landbank loan calculator is the accuracy of the results. There is always the possibility of making mistakes while manually calculating the loanable amount. You are not required to utilize pen and paper and risk miscalculating the loanable amount. You also do not have to sit and experiment on your own with various effective interest-rate combinations, desired loan rates, and loan tenures. You may save time by utilizing the Land Bank loan calculator, which provides accurate and instant answers for various loan alternatives in minutes or seconds. The algorithm is designed so that you may experiment with different gross income levels and alter the factors affecting your loan without negatively impacting your credit score.

Easy comparison

Using the LandBank loan calculator, you can calculate the interest and principal owed amount for different loan amounts and terms without affecting your credit score. Soft inquiries are easy to carry out. You are not compelled to pay somebody to make these computations and comparisons on your behalf. You may quickly test out several loan options this way. You may also choose a loan amount that does not conflict with your monthly financial obligations, day-to-day costs, or general lifestyle. Remember that you are not required to accept the first LandBank loan plan that the calculator proposes, and you are free to consider as many possibilities as possible.

Functions of a LandBank loan calculator

A LandBank mortgage calculator estimates the loanable amount and the loan payments, or EMIs (equated monthly installments), that you must pay to the bank until the loan is entirely paid off. The EMI you receive after computation is determined by your family's gross income, interest rate, and loan term. It is one of the most excellent finance planning tools for someone looking to buy a home. Below are some of the functions of this tool.

Lending center comparative analysis

You may use the LandBank house loan calculator to evaluate the loan plans different banks offer and determine how much money you can save by choosing a particular bank. This is very necessary before deciding on the loan commitment.

Options

To determine the overall mortgage cost, the loan applicant can use this online calculator to enter multiple loan amounts, tenures, and interest rates to compare various payment possibilities. Note that there are other charges made at the lending center like the loan application form fee, agency fees, etc.

Customized calculation

The applicant may obtain personalized results by entering the kind of interest rate, amortization duration, and gross income amount into a LandBank mortgage calculator. They can repeat this for as long as they want to, without it affecting their credit score. Just keep on adjusting the inputs until you arrive at what you feel is the best output for you. You must do this to determine the best payment option for you since getting a loan is a big commitment.

Comfortable interface

The LandBank mortgage calculator is straightforward and pleasant to use since it can perform calculations quickly and provide an applicant with an overview of loan possibilities available from the bank before the commitment.

Better understanding

Because the housing loan calculator is simple to use, it aids in better comprehension of products and services rather than having a detailed description in text format. From when you input your details to when the results are out, everything is simple and easy to understand.

Customers satisfaction

To attract more consumers and ensure their pleasure, the bank employs its home loan calculator on its website. That means you can access the tool from anywhere in the world, you just need to have a stable Internet connection.

Example of calculations using a LandBank loan calculator

Example 1: Assuming Mr. A is interested in a loan from the Landbank lending center and the gross monthly income of Mr. A’s family is ₱180,000. The loan term he wants is 12 years, and the interest rate is fixed at 6.5%. Using the loan calculator, what will be his loanable amount and monthly amortization?

After entering the above input and clicking on Compute, we get the following outcome:

This means that the highest amount of money Mr. A’s family can borrow from the LandBank lending center is ₱5,389,647, and the monthly amortization for their loan terms will be ₱54,001.

Example 2: Assuming Mrs. Q is interested in a loan from the LandBank lending center, the gross monthly income of Mrs. Q’s family is ₱376,000. The loan term she wants is 17 years, and the interest rate is fixed at 6.5%. Using the loan calculator, what will be his loanable amount and monthly amortization?

After entering the above input and clicking on Compute, we get the following outcome:

This means that the highest amount of money Mrs. Q’s family can borrow from the LandBank lending center is ₱13,906,680, and the monthly amortization for their loan terms will be ₱112,801.

Example 3: Assuming a Filipino is interested in a LandBank housing loan commitment and the gross monthly income of their family is ₱80,000. The term of the loan they want is five years, and the interest rate is fixed at 6.5%. Using the loan calculator, what will be his loanable amount and monthly amortization?

After entering the above input and clicking on Compute, we get the following outcome:

This means that the highest amount of money they can borrow from the LandBank lending center is ₱1,226,609, and the monthly amortization for their loan terms will be ₱24,001.

Example 4: Assume someone is interested in a housing loan from the LandBank lending center and their family's gross monthly income is ₱10,000. The loan they desire has a period of 20 years and an interest rate of 6.5%. What are his loanable amount and monthly amortization using the loan calculator?

After entering the above input and clicking on Compute, we get the following outcome:

This means that the highest amount of money they can borrow from the LandBank lending center is ₱402,376, and the monthly amortization for their loan terms will be ₱3,001.

Example 5: Let’s say Mr. P wants to take a LandBank housing loan, but he does not know the right amount he should take or what the monthly payment may look like. The gross monthly income of Mr. P’s family is ₱216,826. The loan term he wants is 20 years, and the interest rate is fixed at 6.5%. Using the loan calculator, what will be his loanable amount and monthly amortization?

After entering the above input and clicking on Compute, we get the following outcome:

This means that the highest amount of money Mr. P’s family can borrow from the LandBank lending center is ₱8,724,539, and the monthly amortization for their loan terms will be ₱65,048.

How to perform complex calculations using the LandBank loan calculator

Let’s use the LandBank housing loan calculator to calculate the highest loanable amount and the monthly amortization if a family of five takes a housing loan with LandBank. The father earns ₱50,000 a month, the mother earns ₱30,000 a month, and the only working kid earns ₱5,000 a month. The loan they intend to take is a 20-year term and interest rate fixed at 6.5%.

Firstly we start by calculating the gross monthly income of the whole family. This can be done by adding everyone’s income, thus: ₱50,000 + ₱30,000 + ₱5,000 = ₱85,000. Now we enter all the inputs in the calculator and press the Compute button. We will have:

This means that the the highest amount of money the family can borrow from the LandBank lending center is ₱3,420,189, and the monthly amortization for their loan terms will be ₱25,501.