In India, the value of land has been significantly appreciating due to the continuous IT and infrastructural progress. Moreover, this makes the precision in land area measurement essential for scrutinising, investing in properties or availing of a land mortgage loan. Depending on the states, varying names are used to define the area of a property or land.
However, to avoid any confusion during property dealing, buyers and sellers must possess a fair knowledge of the standard land measuring units applicable in various parts of the country.
Read on to know about the various land measuring units in India and other parts.
A list of some standard land measuring units
Following are some of the essential land area measurement units that individuals must know before applying for a land mortgage loan:
It is the most commonly used land area calculator unit for gauging agricultural plots and forests. This measuring unit is also utilised for scrutinising that involves a mortgage, town planning and property matters under the ambit of the law. Moreover, it is predominately used in Europe and the area of the square measures 100 meters on all sides.
It is considered a traditional unit for land area calculation in various states like Uttar Pradesh, Punjab, Gujarat, Himachal Pradesh etc. However, this measuring does not have any standard size, and its measurement differs depending on the state.
- Square feet
This is a conventionally used measuring unit worldwide. For instance, It is used in different countries and a part of the US and imperial customary units. The square feet can be referred to as an area of a square with a measurement of 1 foot on each side.
Mostly used in US customary systems and UK, this land measuring unit is used to gauge agricultural land. In this regard, individuals can take the help of a land area conversion calculator that will allow them to convert acres into square feet or varied measuring units.
Apart from learning about some of these measuring units, individuals must also know about the conversion process, which will help them to avail sizeable funds when availing of a loan against property.
Land measuring unit conversion table
Here are some of the necessary conversions that intending borrowers should learn before knowing the things to apply for a loan against property:
- 1 Acre = 43, 560 sq. ft.
- 1 Chatak = 180 sq. ft.
- 1 Square meter = 10.76 sq.ft
- 1 Hectare = 100 acres
- 1 Bigha = 1600 sq.yards
- 1 Square Kilometre = 247.1 acres
However, borrowers must note that these measurements will vary based on the states. For instance, the conversion value of 1 Bigha in West Bengal will not be similar to 1 Bigha in Bihar and the like. For instance, This is especially important when seeking a land mortgage loan.
Significance of land measurement units for loan application
When acquiring a loan against property, the accurate value of land area becomes a crucial document for sanction of funds. This is because each measuring unit has a different value and conversion figure. For instance, 1 Kattha denotes 720 sq. ft. in West Bengal, whereas it is 1361.25 sq. ft. in Bihar. Besides, one can find these conversion values of any land measuring units by using an area converter tool available for free before proceeding with a loan application.
Moreover, such online tools allow borrowers to avail a substantial value against the mortgage of their land or property to leading financial institutions. Potential borrowers can get their desired loan amounts at competitive interest rates and plausible terms. However, one must meet the eligibility parameters and adhere to the list of documents needed to apply for a loan against property
Furthermore, existing borrowers can enjoy the benefit of personalised pre-approved offers on a range of financial products such as loan against property, home loans etc. For instance, Such offers significantly make the loan application process simplified and ensure less time consumption. Therefore, existing borrowers need to submit their names and contact information to check their pre-approved offers.
To sum it up, it can be assumed that the above-mentioned guide will give a clear idea about the different land area measuring units applicable in different parts of the world and their values. Having proper knowledge regarding these units will allow them to select the right land mortgage loan and ensure a fair deal.