Bajaj Housing Finance Limited (BHFL) is a subsidiary of Bajaj Finance Limited (BFL), one of the most recognized non-banking finance companies (NBFCs) in India.
Bajaj Housing Finance offers the facility of the loan against property (LAP loan). It helps you to get a large amount over a flexible tenor. The loan against property interest rate is on the lower side, and that helps you repay the loan at lower EMIs.
If you have a property and need funds, you can easily keep it as collateral with Bajaj Housing Finance. This way, you can avail of the lower loan against property interest rate and pay reduced EMIs.
You can avail of the lower loan against property interest rate if you follow a few aspects. Read on!
Your CIBIL score
If you maintained your CIBIL score at 750 or more, then a lender will be convinced that you will make timely repayments. Hence, they can provide you with a lower loan against property interest rate.
Your profile
The loan against property interest rate is levied on different factors like your income and age. Generally, salaried applicants enjoy attractive loan against property interest rates. It is because their income is fixed, and they are considered to make timely repayments.
The loan tenor
Longer is your loan tenor, the lower will be your EMI amount, but the higher loan against property interest rate charges. On the other hand, choosing a shorter tenor may mean more EMI amount but a bigger loan against property interest rate charges. To know your exact loan EMI, you should use the loan against property EMI calculator. This way, you may know if you can afford an EMI amount or not.
The type of property
If your property is old and poorly maintained, not only will it fetch a lower loan amount, but a higher loan against property interest rate charges.
Therefore, you should consider these aspects well before applying for a loan against property. This way, you may avail of a lower loan against property interest rate charges.
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