Main Factors That Are Affecting Property Loan Interest Rates

1. Loan Against Property The Best Finance Option

2. What is Property Loan? In life a person has so much ambition to fulfill, but one thing constantly stops you from going further in your life in the support of money. To avail funding that a traditional personal loan cannot offer, a property loan is the ideal alternative. It is a secured loan that can be used without any restriction. Loan against property offer high-value loan amounts without any end-user restrictions. Few financial products can offer such high amounts at the loan against property interest rates, which are typically lower than interest rates of most other unsecured or secured loans.

4. Advantages of Property Loan: Property loan gives you the advantages of: - High-value loans made affordable -Disbursal in 4-days -Flexible tenure -Easy balance transfer facility -Flexi dropline feature

5. LAP or Mortgage Loan Rates Comparison 2020 Credit score : Typically, meeting just the bare minimum of 650 to qualify for the loan will not get a favourable property loan interest rate. You may need a higher score of 750+ to negotiate with the lender to truly bag a good deal. Loan tenure : Choosing a longer tenure for LAP Loan translates to smaller EMIs, which lowers the risk of defaults. Although you should remember that a long tenure attracts more interest overall.

7. Factors that Affect the Property Loan Interest Rate Applicant’s financial profile - The loan against property eligibility criteria constitute the first checkpoint you need to go through, and this usually comprises the first stage of assessment. Credit score - Your credit score is one of the most important factors by which lenders judge your creditworthiness. Property value and condition - The property is a key component of the loan against property eligibility terms. Loan tenure - A loan against land is a long-term commitment. As such, your interest outgo is higher, but the EMIs are comfortable and easier on the pocket.

8. What is Mortgage Loan? A mortgage is a loan from a bank or lender to help you finance the purchase of a home. When you take out a mortgage, you make a promise to the lender that it will act as a security or we can say collateral. A mortgage requires you to pledge your home as the lender's security for the repayment of your loan and also if we check then it is likely the largest and longest loan you'll see as the tenure is flexible. Mortgage loans are of 3 types: • Home loans • Commercial property loans • Loan against properties

10. Points to Check Before Availing a Mortgage Credit A. Requirements for resident salaried applicants • They should be between the age of 33 and 58 years. • Must be employed at an MNC or a company in the public or private sector. B. Requirements for self-employed applicants • ● They should carry regular sources of income. • ● Applicants should be between the age of 25 and 70 years.

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