Availing for a loan against property is the best option if you are in search of funds with a low rate of interest. As property loan keeps your property as security, you can even get a large amount of up to Rs.1 crore (Rs.3.5 crores for self-employed) with a longer repayment tenure. But the interest rate is not merely dependent on the collateral alone. Here are other factors that decide the interest rate offered to you.
> Good CIBIL Score
A credit score of less than 750 might increase the loan against property interest rates offered to you. Improve your credit score to prove your creditworthiness to the lender.
> Clean repayment history
You get a lower interest rate if you have managed to pay off your credit card outstanding or current loan EMIs on time. Therefore, never default or delay debt payments.
> Consistent Income and Employment history
Your income, employer, and job stability help in fetching a lower property loan interest rate. Make sure you don’t switch your job often.
Choose a lender which provides several offers along with quick processing and disbursing. NBFCs like Bajaj Finserv provides pre-approved offers and a hassle-free application where your loan amount can get disbursed even in 3 days.
Additional Reads:
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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