Festive season is a great time to suffice your needs at a lower rate. During this period, financial institutions come up with many lucrative offers, which may convince you to buy something or take a loan to fulfil your long awaited needs and demands. For example, if you are planning to take a loan against property, you must careful about certain factors. Those are:
Borrowing Amount
Do not borrow too much just because you are getting it easily or in a cost-effective manner. This is the most common mistake that a lot of people make while taking a loan against property in India. You should not acquire more than what you need, even if the offers are great during the festive season, If you commit this mistake, you will increase the pressure of repaying the debt.
Additional Read: Loan Against Property - Things You Need to Know About While Applying
Long Tenor
If you opt for an extended loan against property tenor, you will have to pay more interest on the borrowed amount. So, the attractive festive offers will be of waste. Try to opt for a short tenor loan.
Regular EMIs
The most important part of a loan against property, is your EMI. You need to pay this every month to repay the loan and if you miss out on repayment you will have a bad credit rating.
To know about the other factors, read: Tips Borrower Should Aware Of In Festive Season Before Taking Loan
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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