Avail Loan Against Property At Low Interest Rate Now! - Loan Trivia


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Tuesday 1 February 2022

Avail Loan Against Property At Low Interest Rate Now!

loan against property interest rate

 A loan against property is a secured loan that can help you manage lower interest charges and pay reduced EMIs. 

But, if you can follow a few tips, you can get it at even a better rate. 

Do you want to know more? 

Read on!

  1. Maintain a CIBIL score of 750 or more

Once you apply for loan against property, your lender will check out your credit score. A higher CIBIL score means that your creditworthiness is higher. Due to this, a lender may reward you with a faster loan against property approval and at a lower rate. A credit score of 750 or more is what lenders consider best.  

  1. Compare all available loan offers online 

While applying for a loan against property, you may come across so many loan deals, making you confused about which one to opt for. But, you can easily avoid all confusion and select the best deal with a lower interest rate. It is by comparing all available offers on a third party platform and pick an offer that best suits you. 

  1. Opt for a smaller tenor

While a loan against property comes with a longer tenor helping you pay lower EMIs, it means spending more on interest costs. But if you can go for a small tenor, your EMI amount may increase, but your interest savings may increase. 

  1. Make prepayments 

If you are unable to go for a smaller tenor, then you can still save on loan against property interest rate charges. Yes, it is possible when you make prepayments from time to time during the tenor. This way, your borrowable amount will reduce and so will be the overall interest charges. 

A loan against property is a viable solution to get a large amount of money to cover different needs without restrictions. And opting for it at a lower rate goes a long way in helping you save big on repayments.

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