Importance of Square Meter to Square Feet Conversion in Property Deals

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With mortgage loan rates reducing with every passing day, individuals are inevitably leaning towards this particular secured loan variant to raise funds. However, while availing of such a loan, the primary information lenders ask for is the carpet area of the property you will be pledging as collateral. The formula for the square meter to square feet conversion is: sq. ft. = sq. m. X 10.764.

So, if you are a potential borrower planning to avail a loan against property, you need to know the formula and process for conversion from square meter to square feet. Before learning about the formula, you should know the definition of these two units. 

What does square meter mean?

Any square whose all four sides are 1 meter each is a square meter. It is the SI unit of area, symbolised by m2. To measure any area in square meters, all you need to do is measure the area’s breadth and length in meters and multiply the two. 

For example, consider a room where the floor’s length is 21 meters and its breadth is 16 meters. In such a case, the room’s square meter area would be: 21 X 16 or 336 sq. m. knowing this basic calculation will help you when you need to convert square meter to square feet. 

What do square feet mean?

The Indian real estate relies on square footage calculation when determining a property’s area. You can define a square foot as the area of a square whose every side measures 1 foot. Square feet is an imperial unit of area and a US customary unit. In real estate calculations, one can use square feet to measure the following:

  • Super built-up area
  • Built-up area
  • Carpet area

As per the Real Estate (Regulation and Development) Act or RERA, 2016, all real estate developers have to use square feet to measure apartments or houses. Therefore, always keep in mind that 1 square meter to square feet equals 10.7639 sq. ft. 

Formula for conversion of square meter to square feet

Keep in mind that 1 sq. ft. = 0.092903 sq. m. Conversely, 1 sq. m. = 3.28 sq. ft. To make you understand better, here is an example:

Suppose your property is 60 sq. m. Therefore, its area in sq. ft. will be: 60 sq. m. = 60 X 10.764 = 645.84 sq. ft. 

Inversely, if you want to convert your property’s area from square feet to square meter, the calculation will be: 800 sq. ft. = 800/ 0.092903 = 74.3224 sq. m. 

Apart from housing loans, such conversions are integral when availing a loan against property. You need to submit detailed and updated property documents to acquire such credits. Additionally, you need to keep a few factors in mind before sending an application. 

Things to consider before submitting LAP application

The following are some things you need to know:

  • Age of property: Besides a borrower’s eligibility, financiers also consider the age of his/her property. A newer property leads to prompt approval. 
  • Customised offers: You should look out for pre-approved offers provided by reputed financiers on several products, including loan against property, home loans, etc. To make financing hassle-free check your pre-approved offer by submitting your name and contact number. 

Also Read: How Is Loan Against Property Interest Rate Decided Based on Your Profile

Now that you know how to convert from square meter to square feet, you should learn how to apply for a loan against property. Ask your chosen housing finance company for directions regarding such an application. Moreover, do not forget to compare the various loan against property offerings from different financial institutions. 

Additional Read: Let’s use the Online Calculator to Check Home Loan Affordability

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