Applying for a loan against property means that you can enjoy a large amount of approval at a lower rate. It is because it is a secured debt.
However, if you want to get even a more affordable interest rate on loan against property, you can implement a few tips.
Read on!
Maintain a CIBIL score
Even though a loan against property is secured finance, you need to maintain a robust CIBIL score to get the approval at even a lower rate. Lenders consider a credit score of 750 or more the best one to enjoy a lower interest rate on loan against property. You can do that by paying your EMIs and other debts on time.
Go for a smaller tenor
A longer tenor may help you to pay reduced EMIs, but that also means managing a large interest rate amount. On the other hand, a smaller tenor may increase your EMI amount but save big on the interest rate on loan against property. Thus, you should choose a tenor matching best to your repayment capacity with enough savings.
Shop around for the best deal with lowest possible interest rate
Another easy way to enjoy an affordable interest rate on loan against property is to shop around. Once you compare all available loan against property deals online on a third party website, you can easily pick the best deal matching your needs and budget.
Based on your eligibility and lender’s policies, you may get an amount of up to Rs.5 crores from top-ranked lenders in India.
However, if you want to reduce or pay a lower interest rate on loan against property, you can follow one of the discussed tips.
You can also get in touch with a known financial expert to help you out if you want to know about the practicality of each of the tips.
