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:

Right Guide to the Loan Against Property Interest Rate

Best Ways to Pay Back your Debt in No Time