Availing a loan against collateral, irrespective of the purpose requires careful planning keeping all the intricacies in mind. The process requires the borrower to keep a keen eye on the variables in order to minimize the risk associated with their loan application and obtain a loan against property on a comparatively low-interest rate.
Accordingly, in a bid and quest to achieve the desired Interest Rate on Loan Against Property, you need to follow the below-mentioned pointers.
>Longer Tenure for a Higher Amount
A higher amount and shorter repayment tenor run parallel to each other in case the borrower expects a lower interest rate. Having said that, you can avail a higher amount by applying for a loan against your property and that too at a lower interest rate by increasing the repayment tenor.
>Keep Credit Utilization Ratio to a Minimum
“Lesser you borrow, lesser will be the interest rate” a simple as that. Even the experts suggest keeping the credit utilization ratio to a minimum to become eligible for the best loan schemes available with the lender. Hence, borrow a lower figure to get boost your CIBIL score and get your hands on the most fitting schemes.
>Maintain a Stable Income
Okay! This is not rocket science to understand that a stable income means a lower risk for the lender; and when the risk is low on the lender's side, they get in position to offer a lower interest rate on their credit schemes. So, maintain a stable income over the years and benefit from it later on.
Read more over here: Factors for Low-Interest Rate on Mortgages: LAP Tenure
Accordingly, in a bid and quest to achieve the desired Interest Rate on Loan Against Property, you need to follow the below-mentioned pointers.
>Longer Tenure for a Higher Amount
A higher amount and shorter repayment tenor run parallel to each other in case the borrower expects a lower interest rate. Having said that, you can avail a higher amount by applying for a loan against your property and that too at a lower interest rate by increasing the repayment tenor.
>Keep Credit Utilization Ratio to a Minimum
“Lesser you borrow, lesser will be the interest rate” a simple as that. Even the experts suggest keeping the credit utilization ratio to a minimum to become eligible for the best loan schemes available with the lender. Hence, borrow a lower figure to get boost your CIBIL score and get your hands on the most fitting schemes.
>Maintain a Stable Income
Okay! This is not rocket science to understand that a stable income means a lower risk for the lender; and when the risk is low on the lender's side, they get in position to offer a lower interest rate on their credit schemes. So, maintain a stable income over the years and benefit from it later on.
Read more over here: Factors for Low-Interest Rate on Mortgages: LAP Tenure
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
No comments:
Post a Comment