Availing a loan against property or property loan is an effective option for borrowers facing financial emergencies. However, since such credit options come with high value, customers must look for the most competitive property loan interest rate for affordable borrowing.
Top 3 ways to avail lower property loan interest rate
Here are the ways to avail the best interest rate when applying for a property loan in India:
Compare lenders
Before selecting a property loan, it is always wise to compare lenders and choose the one offering the most reasonable interest rate. This way, one can avoid financial burdens in the long run.
Choose a shorter tenor
Choosing a shorter tenor will allow borrowers to secure lower interest rates on loan against property. This is because lenders can assess variations in the applicant’s credit profile and interest rate over the shorter tenor. However, property loan EMI will increase when choosing a short loan tenor.
Mortgage well-constructed property
The mortgaged property’s condition plays a significant role in availing competitive interest rates. For example, residential properties in prime locations with high-end amenities will ensure higher loan value and affordable interest rates.
Borrowers can use a property loan eligibility calculator beforehand to determine the eligible loan amount based on their income and employment stability. Also, borrowers can enjoy property loan tax benefits and ensure substantial savings on tax payments.
Borrowers can follow the above-mentioned ways to avail the best property loan interest rate and ensure hassle-free repayment.
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