Several units denote the area of the property in India. To better interpret the various terms mentioned in land documents, understand a seller’s offer, and calculate a land’s value, it is imperative to be aware of the standard units for property measurement in India. Square meter and square feet are two commonly used land measurement units in India.
This article illustrates some vital aspects of these two units, including converting the square meter to square feet.
What is a square metre?
A square meter is an area measurement unit used globally for determining two-dimensional areas. A square metre defines the area of a square with all its four sides measuring 1 metre each.
What are square feet?
Denoted as sq.ft. or ft^2, square feet refers to the area of a square with all its sides measuring 1 foot. Square feet is an imperial unit and a US customary unit.
It’s used to refer to the following areas of an apartment or a flat:
- Super built-up area
- Carpet area
- Built-up area
As per the Real Estate (Regulation and Development) Act 2016, it is mandatory for promoters and developers to use square feet as a standard unit for measuring an apartment or flat.
How to convert square meter to square feet?
To convert a square meter to square feet, it is imperative to be aware of the relation between these two land measurement units. One unit of square metre can be converted to square feet if the former is multiplied by 10.764. Understand this with the help of the following example:
12 square metre = 12 * 10.764 = 129.167 square feet
Individuals who want to convert sq. meter to sq. feet can simply use an area converter tool. This is a user-friendly tool that helps convert one measurement unit to another.
Besides knowing the conversion of 1 square meter to square feet, landowners must note that they can pledge their property to acquire a loan against property to meet big-ticket financial obligations.
Using the online converter is easy. The first step is to enter or select the state where you want to convert the units. For example – Maharashtra. Enter the value, select the unit you want to convert, and hit enter to get the result.
Benefits of a loan against property
Illustrated below are some benefits of a loan against property:
- Comes with no end-use restrictions
This credit instrument provides no restrictions to using the loan proceeds, implying that borrowers can use a loan against property for education, starting a business, wedding, or meeting any other financial obligation.
- Acquiring a substantial loan value
Individuals need to pledge their property as collateral to acquire a LAP loan. Lenders sanction the loan amount based on the pledged property’s current market value. The amount acquired from this credit instrument is higher than an unsecured credit instrument.
Before applying for a loan against property, potential borrowers must research thoroughly for different lenders and opt for a reputed one offering the best value for their property.
Choosing a renowned financial institution will allow them to benefit from several pre-approved offers. They offer both secured and unsecured financial products and help simplify and accelerate the lending process. Borrowers can check their pre-approved offers by providing a few details, such as their name and contact details.
- Get a lower interest rate
Since LAP is a secured credit instrument, lenders extend a nominal interest rate to borrowers. A lower rate of interest decreases the interest outgo and lowers the total loan cost for a borrower.
Therefore, individuals must keep in mind the above-mentioned conversion formula of a square meter to square feet to avail a hassle-free loan against property.