A property loan is one of the most effective financing options to meet varied personal and professional requirements. So, if an individual is planning to avail a property loan, here are some of the factors that one should keep in mind.
Top 10 things to know before availing a property loan
Following are some of the factors to consider before planning to avail a property loan:
Applicable interest rate
Knowing the interest rate is crucial before availing a LAP to ensure easy repayments. Therefore, it is wise to invest time in researching different lenders and their offerings to get the best rate of interest against the borrowing.
Repayment tenor
Borrowers must carefully select the loan against property repayment tenor as it will have a significant role in deciding the EMI figure. Choosing an extended tenor will make the property loan EMIs affordable, while a shorter tenor will result in higher EMIs. So, it is wise to choose the tenor by assessing one’s financial capacity.
Eligibility criteria
The property loan eligibility criteria will differ from one lender to another. However, understanding the property loan eligibility criteria will reduce the chances of loan rejection and ensure hassle-free application.
Apart from these factors, some additional factors to consider when availing a loan against property include:
Comparing lenders
Estimation of the loan amount
Benefits offered by lenders
Check CIBIL score
Processing fees
Documentation requirements
Property valuation
Before applying for the loan, one must use the property loan eligibility calculator to determine the eligible amount he/she can avail based on his/her income. Hence, if one is planning to avail a property loan, make sure to consider the above-mentioned factors to ensure hassle-free and affordable borrowing.
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