Things to Remember Before Taking Loan Against Property - Loan Trivia


Full-Width Version (true/false)

Friday 20 August 2021

Things to Remember Before Taking Loan Against Property

loan against property interest rate calculator

A loan against property is a multipurpose credit, and you can utilize the funds for any long-term high-value credit requirement. For instance, you can finance any big-ticket expenses with an easy repayment option. 

However, to leverage the optimum benefits of this fund, you should be aware of the following aspects. 

  1. Assess the property value

The property value is one of the first things you need to consider while applying for loan against property. Usually, the value depends on various factors like property age, location, commercial or residential and likes. 

Hence, if you know the exact value of your property, you can estimate the eligible loan amount against it. For instance, a new property situated in a good locality is likely to ensure a faster loan approval. 

  1. Know the eligibility criteria

The loan against property eligibility parameters varies from lender to lender. Hence, individuals need to know the lender-specific criteria before applying. Furthermore, it also alters with employment type. However, lenders sanction a loan against property application if one enjoys a steady monthly income, Indian citizenship, and is aged between 25 and 70 years for self-employed or 28 to 58 years for salaried. 

Alongside, borrowers also need to submit all loan against property documents required. 

  1. Compare lenders and interest rates

You can access an online loan against property interest rate calculator and compare different lenders. It helps secure the best deals on this credit. Moreover, with the calculator you can decide when you can part-prepay and reduce the interest burden. 

  1. Know the exact requirement

Conventionally, lenders offer a high-value loan against property. Hence, it is essential to know the exact requirement before applying. It helps in smooth repayment. For more convenience, you can use a loan against property EMI calculator to estimate monthly instalments. 

Also, remember that reputed lenders do not sanction a loan against property without income proof.  It helps them ascertain the timely loan repayment without any fail. 

Once you know the things mentioned above, you can ensure a pleasant borrowing experience and make the most of your property equity.

No comments:

Post a Comment