Loan against property is a financing option to liquify your fixed assets such as property to avail funds against it. Being secured in nature it can be availed at affordable rate of interest from leading lending institutions. However, there are certain criteria which must be fulfilled to ensure that the loan you apply for offers a manageable property loan interest rate.
Lending Institution
Ensure the opt for major/ leading lenders such as NBFCs. This is because these are experienced lending institutions who understand your need for funds and thus offer high value loan up to Rs. 3.5 crores at affordable rate of interest. Though, it must be noted that the loan terms depend on your individual profile and criteria of the lender.
Your Profile
As mentioned above your profile plays a crucial role in deciding the loan terms. Factors which are taken into consideration are -
Age - the applicant must be between 3 to 58 years of age to increase their chances of qualifying for the loan
Income - the applicant must be a salaried individual with private company or public sector.
Credit History - the applicant must have a good credit score of 750+ or more
Collateral - the property pledged as collateral must be free from any litigation and must have no existing loan on it. This will help to acquire up to 60-70% of the property value as loan which is the maximum amount provided by lenders.
Loan Tenure
Decide whether you want the loan for short-term, mid-term or long-term duration. Usually, a tenure of the loan can affect the interest rate thus it is wise to plan as per your need and ease of repayment.
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