Right Guide to the Loan Against Property Interest Rate

Financial troubles can strike anyone without informing in advance. If you are not financially prepared, you may face multiple issues. However, if you don’t a backup, you can always look up to loans to fight against the cash crunch. 
While some loans like personal loans could be good to go for, some may not offer a large amount of money. In the same context, the loan against property (LAP) can be of great help when you require a large loan amount. 
The best part about the property loanis that your property is treated as collateral, and that means you avail a lower loan against property interest rate.      
Yes, in India, the loan against property interest rate is one of the most affordable secured loans. As a result, you get to repay the loan in smaller EMIs and over a longer tenor. 
What is a Loan Against Property?
The loan against property is an exceptional financial product. It lets you access money in crores when you keep your residential or commercial property as collateral. If you have the required loan against property eligibility, you can get money in up to 3 days. The amount of money for a salaried individual could be up to Rs.1 crore and for self-employed individuals; it could be up to Rs.3.5 crore.  
How to Avail a Lower Loan Against Property Interest Rates?
Did you know when your property is kept as the collateral with a lender to provide you with the money, the loan against property interest rate may not be lower? It is because the final mortgage interest ratesoffered by a lender depends on many factors. Have a look:
1)   You should have a Robust CIBIL Score
Any lender would first pull out your CIBIL Score to understand if you have the required creditworthiness or not. If your Credit Score is not 750+ or more, your loan application may get rejected. Even if it’s approved, you will need to manage a higher than normal interest rate despite keeping your property as collateral. 
2)   You should have a Clean Repayment History 
If you have managed to pay off your existing and current loan EMIs and credit card outstanding on time, it is the time to reap the rewards. When your lender sees that you have decently managed to repay all debts, it rewards you with a lower interest rate. Hence, ensure never to default or make delayed payments for all ongoing debts. 

3)   You should have a Consistent Income and Employment History 
How much you are earning and for which company you are working with also helps to get a lower loan against property interest rate. You should aim to have a stable employment history and should not be job-switcher. Lenders want to ensure that you are earning enough o repay the loan on time. 
The loan against property is a great option to fund many personal and professional needs at a lower rate. You are now aware of some factors that could increase your chances of seizing a lower loan against property interest rate. If you are short of anything, it is the time to fix it and then apply for the LAP online. 
Bajaj Fiserv offers affordable pre-approved offers on loan against property, home loans, personal loans and others. It is to make your entire loan application and processing hassle-free and fast. You can share your basic details like name, and mobile number to check out your pre-approved loan offers today.
Right Guide to the Loan Against Property Interest Rate Right Guide to the Loan Against Property Interest Rate Reviewed by Durgesh Thakur on March 15, 2019 Rating: 5

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