Things to Know about Loan Against Property

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Loan Against Property The Best Finance Option
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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.

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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

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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.

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Factors that Affect the Property Loan Interest
Rate

• Applicants 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.

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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

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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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