Owing to the vast geography of India and its diversity, land measurement units vary from one region to another. Units such as dhur, chatak and kattha are mainly used in eastern states like Bihar, West Bengal, Tripura, etc. Whereas kanal, killa, ghumao are used in northern states of Punjab, Haryana, Himachal Pradesh, etc.
Even though these local measurement units are still in use, the implementation of the RERA Act brought standardisation in the real estate sector of this country. This act has identified square feet as its benchmark.
Thus, one should be aware of the process of converting square metre to square feet to know the property rate in advance.
Conversion process of square metre to square feet
To convert square metres to square feet, one can refer to the conversion table to know the values. For instance –
1 square metre = 10.764 square feet
Now, you can use this value to convert any figure in square metre to square feet. For instance, if you are applying for a mortgage loan for a property of 50 square metres, then you can convert the same as –
50X10.764 = 538.2 square feet
Once you know the square feet version, it helps you to apply for a LAP loan since you can easily mention the size of your property without any assumptions.
Contrarily, you can also use an online calculator to convert sq m to sq ft. It reduces the chances of mistakes, and you can get the results without any delay.
Process of using an online calculator
Here are the steps to convert square metre to square ft. though an online calculator –
Step 1: Go to an online calculator, and enter the values in their respective fields.
Step 2: Select an area unit from the available options.
Step 3: Click on submit and find the value.
Typically, these calculators are free to use and reputed providers of loan against property have them on their website. It allows you to convert the unit and find the loan amount based on other parameters.
Other units of measurements
Apart from these two, here are some notable units of measurement –
Acre: One of the most popular units of measurement, acre is primarily used for large properties. 1 acre is equivalent to 4047 square metres and 43,560 square feet.
Hectare: Like acre, hectare is also used to measure a large section of land. It is primarily used to measure agricultural land and industrial areas. Moreover, 1 hectare stands for 100 acres.
Bigha: Bigha is another popular unit of measurement, which is primarily used in India. However, the size of 1 bigha can alter from one state to another, depending on the local measurements. Hence, it is essential to know about the local value before any conversion.
Other notable mentions are kattha, chatak, gaj, etc. These units are mostly used in various regions of this country, and they lack standardisation. Therefore, if you are applying for a LAP, it is ideal to stick to standardized units for this purpose.
Loan Against Property – a quick financing solution
Also known as mortgage loans, this financial product allows individuals to avail funds by hypothecating their property. Once you know how a loan against property is processed, you can do the needful to avoid facing rejections.
As a financial product, LAP comes with a high loan quantum, low-interest rate, and extended tenor, which keep the instalments low and make repayments easier. Moreover, you can use a LAP EMI calculator to find the instalments beforehand.
Furthermore, the availability of pre-approved offers also increases the convenience of borrowers. This offer expedites the loan application process and saves time. It is available on financial products like loan against property, home loans, etc. You can check your pre-approved offer by submitting your contact details.
Being aware of the process of converting square metre to square feet is essential for the borrowers of LAP. It helps you to learn about your property size in advance and apply for a loan against property accordingly.