Tips to Reduce the Interest Rate of a Loan Against Property - Loan Trivia


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Wednesday 29 August 2018

Tips to Reduce the Interest Rate of a Loan Against Property

Are you in a financial crunch? Are you planning to apply for a loan to address your financial issues? You can try to apply for a secured loan by keeping a property as a mortgage. Be it any property, a residential or a commercial, you can keep the property as collateral or mortgage with the lender and get a loan approval. Such type of loan is known as a loan against property. You can apply for a loan against the property at floating interest rates or fixed interest rates. There will be different criteria and procedure for any kind of LAP. Here’s a full description about Floating Interest Rates Vs Fixed Interest Rate, which will let you know the best-suited option.

Owning a property is considered to be the best investment option as you can sell it anytime, rent it out or you can take a loan against property. Such a loan can be used in any way like in a medical emergency, for a marriage in the family, or higher education fee payment. You can easily take a loan and repay it on a monthly EMI basis.

These requirements can be addressed with the help of any unsecured loan too, but a loan against property has a much lower rate of interest, so, it’s EMI won’t be a burden on the applicant.

To further reduce the rate of interest of a loan against property, you can:

  • Increase the repayment capability
  • Choose loan type as per your convenience
  • Select a longer loan tenor 
  • Have a good CIBIL score 

To learn these factors in details, read: 

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