Measurements continue to play a vital role throughout life. Be it at the time of a medical check-up, while trying to get into the armed forces or perhaps even on the occasion of buying property, measurements and conversion factors have a strong say in so many aspects of life.
One of the more important areas where measurements and conversion factors have a say is in the purchase of property. A clear understanding of the standard measurement helps individuals avoid making mistakes while doing calculations.
Individuals applying for an online home loan should know that legal and technical verification is involved in home loan processing. Only after successful verification of the property, lending institutions approve a home loan application.
Knowing the property measurement units help borrowers get the right loan-to-value (LTV).
Units of Measurements – Square Feet and Gaj
In the real estate business, valuations are crucial. Square Feet and Gaj are the two measurement units for properties used in several parts of India. Knowing the measurements in detail is necessary to avoid fraud while buying a property.
Here is the explanation of both metrics and a conversion table that can help individuals make easy manual calculations.
a) About Square Feet
The area covered in a single square that has 4 sides measuring 1 foot each refers to a square foot. The sq. ft is the denoting unit of square feet, representing the plural form of 1 foot.
The measurement unit square feet is more convenient for architects and real estate professionals. Simply because the shape of most properties and rooms is square. It makes measuring the vast span of the space easy for them. It is a convenient method to measure large square units.
b) About Gaj
Gaj is a traditional metric for land measurement. Gaj is a popular unit in the states of north India, mostly Delhi, Haryana, and Punjab. Square yard is another term used for Gaj. Gaj is bigger as one Gaj is equal to 9 Square Feet.
This metric is also used to measure objects and textiles. An area of a property of 9 square feet forms a Gaj. In the context of textiles, 1 Gaj is equal to 8.91 square feet.
Like square feet, a Gaj also becomes a square Gaj to measure a piece of land. But, the word square is not used for Gaj.
How to Convert Square Feet to Gaj
Though there are many modern devices and ready-to-use tools to measure property dimensions, understanding the metrics and their conversion better is necessary in practical life. To ensure accuracy and avoid confusion in property measurement, individuals may need to convert Square Feet to Gaj.
Establishing a relationship between Square Feet and Gaj is simple. Here is the basic formula and the steps to convert Square feet to Gaj.
1 Square Foot = 0.1111 Gaj
To convert the measuring unit, just multiply the square feet by the value of Gaj.
Suppose an individual needs to calculate Gaj measurements with a dimension of 20 feet X 20 feet. It makes a total of 400 square feet.
Since 1 Square Foot = 0.1111 Gaj
Therefore, 20 Square Feet = 20*0.1111
i.e. 2.222 Gaj.
Similarly, 400 Square Feet = 44.44 Gaj
Square Feet to Gaj Conversion Table
This is a ready-to-use table to convert square feet to Gaj swiftly.
|1 Sq Ft
|2 Sq Ft
|3 Sq Ft
|4 Sq Ft
|5 Sq Ft
How Lenders Evaluate a Property to Approve a Home Loan
More prospective homebuyers are eyeing online home loans. They need to go through the technical and legal verification of the property. Technical verification includes the examination of the property’s physical condition, building specifications and its market value. Legal verification includes the examination of all the original title deeds and other documents of the property.
Lending institutions offering home loans need to first evaluate the property. They check for the quality, size, and age of the property.
- Just like homebuyers, lenders also are obsessed with the property’s quality. They check the location of the property and its resale value. The dimension or angles of the property also matter while calculating reselling value.
- To approve a loan value, lenders look at the size of the property. The bigger the property size, the higher the loan amount. Borrowers should mention the exact property size and valuation if asked during the evaluation process.
Calculations are vital in the real estate business. Understanding the differences between Square Feet and Gaj better is very helpful when buying a property. With renowned lending institutions and NBFCs (Non-banking Financial Companies) like Smfg Grihashakti, online home loans are affordable starting from 9.50%. The loan tenure can be up to 30 years.