Individuals residing in Cochin can easily avail loans against property in the city to meet their big-ticket funding needs. These loans come with zero restrictions to end-use, making them suitable for funding a wide range of expenditures. A loan against property in Cochin is also available at attractive rates of interest, making borrowing affordable for many.
You can further attempt to secure the best loan against property interest rate with the following few things in place:
Select a loan with a lower LTV: LTV represents the maximum financing available as a percentage of the property’s current market value. Choosing a lower LTV would reduce the overall risk associated with the loan, thus making it cheaper.
Apply for a loan amount lesser than your maximum eligibility: While you may be eligible for high-value funding, it is best to choose an amount under that limit as this improves your repayment capacity can thus chance of better rates.
Choose a co-borrower with a high credit score: Applying with a co-borrower who holds high creditworthiness allows you to negotiate better rates.
Extend a new property as mortgage: When owning multiple properties, you should extend the newest property in a prime location as a mortgage since it carries a high market value and reduced risk of high depreciation.
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