This calculator is easy to use and gives an accurate interest rate that reduces a borrower’s financial burden by reducing the EMI amount. However, borrowers can follow other tips to avail a loan against property at a competitive interest rate.
Some of the tips are as follows:
1. Type of interest rate: Individuals can choose a fixed or floating rate of interest depending on the market trend. In case of a downward trend, they can choose a floating rate. Alternatively, a fixed interest rate is ideal if the market rates are expected to rise in the future. However, if an individual wish to foreclose his loan, he must go for floating interest rates as there are no foreclosure charges on a LAP as per the RBI guidelines.
2. Accounting all the income sources: A big-ticket loan like a loan against property requires a borrower to present sufficient income proofs that can give clarity on his repayment capacity. Therefore, lenders offer loans at a lower interest rate if applicants possess additional sources of income.
3. Maintaining a high credit score: A high credit score endorses a borrower as a reliable applicant who can repay the loan amount without defaulting. Therefore, financial lenders grant them the best deals, including lower interest rates. Another way to reduce the risk of defaults is to calculate the EMI amount beforehand using a loan against property EMI calculator.
In addition, one can submit their employment proof to negotiate with lenders in offering them an affordable interest rate. However, using a loan against property interest rate calculator to choose an appropriate interest rate is convenient as it provides accurate value that makes the application process seamless.
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