Leading NBFCs offer instant loan approval and quick disbursement in case of loan against property. In order for you to enjoy these benefits you must take care of few things while applying for the loan to help your profile get noticed and processed faster.
Documentation
Maintain proper paperwork of bank transactions in the form of statements and source of income. Owing to growing demands of a mortgage loan lenders have relaxed the eligibility criteria for the loan and thus require only basic documentation for it. To speed up the approval process maintaining and submitting accurate paperwork will help your profile get noticed. Also the Interest Rates on Loan Against Property is quite lower, so it acts as the best option for applying.
Minimize FOIR
FOIR is Fixed Obligation to Income Ratio and is a ratio of fixed monthly obligation and the total income of an applicant. Lenders take this into consideration and it must be kept under 50% to secure the loan. It means that all credit card dues are paid off on time and there are no outstanding loans to help your application gets processed faster.
Income Stability
Maintain a consistent income source such as a job. Avoid changing employers often as this may affect your loan application negatively. Besides, working for a reputable employer will also increase your chances of getting the loan.
Collateral
Ensure that the collateral or property against which you apply for the loan is free from any litigation and does not have any loan running on it. Get the property evaluated by a certified chartered accountant and keep the documents ready so you can obtain up to 60-70% of the property value as loan (a percentage usually provided by the lending institutions).
Documentation
Maintain proper paperwork of bank transactions in the form of statements and source of income. Owing to growing demands of a mortgage loan lenders have relaxed the eligibility criteria for the loan and thus require only basic documentation for it. To speed up the approval process maintaining and submitting accurate paperwork will help your profile get noticed. Also the Interest Rates on Loan Against Property is quite lower, so it acts as the best option for applying.
Minimize FOIR
FOIR is Fixed Obligation to Income Ratio and is a ratio of fixed monthly obligation and the total income of an applicant. Lenders take this into consideration and it must be kept under 50% to secure the loan. It means that all credit card dues are paid off on time and there are no outstanding loans to help your application gets processed faster.
Income Stability
Maintain a consistent income source such as a job. Avoid changing employers often as this may affect your loan application negatively. Besides, working for a reputable employer will also increase your chances of getting the loan.
Collateral
Ensure that the collateral or property against which you apply for the loan is free from any litigation and does not have any loan running on it. Get the property evaluated by a certified chartered accountant and keep the documents ready so you can obtain up to 60-70% of the property value as loan (a percentage usually provided by the lending institutions).
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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