Individuals often opt for loans against property to acquire substantial funds at times of emergencies. In such cases, lenders use square feet and acre unit systems to measure the property mortgaged by the individuals. So, prospective borrowers must know how to convert square feet to acres to determine the value of their property as per the ongoing market rates.
They should also be aware of square feet to acre conversion procedure before purchasing any property such as houses and plots of land.
How to convert square feet to acres?
The formula to convert square feet to acres is given below:
Acre = Square feet X 2.29568E-5
1 acre = 43560 square feet
1 square foot = 0.00002295684 acre
Individuals can refer to the following examples to obtain a clearer understanding of this formula.
- Conversion of 10000 square feet to acres
10000 square feet = 10000 X 0.0000229568 acre = 0.229568 acres
- Conversion of 15000 square feet to acres
15000 square feet = 15000 X 0.0000229568 acre = 0.344353 acres
- Conversion of 30000 square feet to acres
30000 square feet = 30000 X 0.0000229568 acre = 0.688705 acre
- Conversion of 50000 square feet to acres
50000 square feet = 50000 X 0.0000229568 acre = 1.147842 acres
- Conversion of 0.5 acre to square feet
0.5 acre = 0.5 X 43560 square feet = 21780 square feet
- Conversion of 0.5 acre to square feet
0.25 acre = 0.25 X 43560 square feet = 10890 square feet
Knowing only how to convert square feet to acre and vice versa is not enough. Individuals should also be aware of the significance of these units and their uses before applying for a loan against property.
What is the significance of square feet and acre?
Leading financial institutions provide considerable funds to eligible individuals via loans against property. These lenders decide the loan amount based on the value of the property mortgaged by the borrowers. To determine the correct value of the property as per the ongoing market rates, financial institutions use units like square feet and acres to measure the same.
Here, individuals can also take the assistance of an online square feet to acre converter before applying for a loan against property. Besides saving time, these online square feet to acre calculators are accurate, simple to use and easily available.
In this regard, prospective borrowers should also be aware of the eligibility criteria to qualify for a loan against property. Having a clear idea beforehand can contribute to a seamless and hassle-free application and loaning process.
Owing to its secured nature, a loan against property brings along several benefits like higher loan amount, longer tenor and affordable interest rates. So, prospective borrowers can opt for the tenor and loan amount that suits their individual requirements. However, these benefits can vary from one applicant to another depending on their age, income, credit score, etc.
Hence, individuals should also be aware of how their credit score affects their loan against property eligibility.
Leading financial institutions also extend several pre-approved offers to eligible individuals. This facility allows them to skip the hassle of documentation and verification and avail a loan faster. It is possible due to the already established working relationship between the lender and a customer. These offers apply to various financial products, including home loans and loans against property. Borrowers can easily check the pre-approved offers by submitting their names and contact details.
Now that individuals know how to convert square feet to acre, they will be able to determine the value of the property they are willing to mortgage to the lender as per the ongoing market rates. This, in turn, will give them a clearer idea of how much amount they can avail by applying for a loan against property. Although the terms of this credit instrument are quite lenient due to its secured nature, individuals should always repay the loan amount punctually and responsibly.