Loan Against Property helps to liquify fixed assets such as property to avail cash. The asset which otherwise will not yield any income unless otherwise sold off or on rent.
> Income Source
Source of income affects your loan amount. As lenders have to be careful that you can pay off the loan on time and do not get into defaults. The Loan Against Property Interest Rates are quite low in comparison to other loans. Thus, applicants are required to maintain a consistent source such as job or business to be able to pay off the loan consistently.
> Property Value
The property that is pledged as loan must be free from any litigation. There must be no loan existing on the property as well. In case of co-applicants both owners are considered applicants for the loan. Lenders offer up to 70-80% of the property value as loan to help you cover planned and unplanned expenses.
> Your Employer
Working with a reputable employer helps you secure the loan easily. As the brand name is trusted in the market applicants can approach preferable lenders like NBFCs or financial institutions to secure the loan.
Benefits of Loan Against Property
> Ease of Repayment
NBFCs offer the Flexi hybrid feature on the loan which lets you withdraw as per your requirement. It charges interest on these daily withdrawals and helps to lower your repayments by up to 45%.
> Online Management
You can easily apply for the loan online by filling up an online application form. The loan can be tracked from anywhere anytime too. So, you take informed decisions during the loan cycle.
Also Read more about it over here: 5 Factors that Impact your Loan Against Property Interest Rate
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.
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