Must Know Factors That Affect Loan Against Property Eligibility
Do you know that you can easily avail of a considerable loan amount if you have a property in a leading city in India?
Yes, it is possible to apply for loan against property (LAP loan) and get a considerable amount at a lower rate.
Yes, the interest rate is lower on it, and that’s why a loan against property is better than a personal loan. It lets you get a large amount and even save huge on repayments.
But to apply for a LAP loan, you need to ensure meeting the loan against property eligibility conditions. It is why you need to know key factors that may hamper your loan against property eligibility.
Read on!
- The loan amount
While applying for a loan against property, you should know the exact amount that your income can support you. If you apply for an amount more than you are actually eligible for, your loan application may be rejected. You can know your precise loan amount by using the loan against property eligibility calculator. The tool is available for free and accessible 24x7 on your preferred lender’s site.
2. Your CIBIL score
Even though a loan against property is secured, that does not underestimate the importance of a healthy CIBIL score. The higher it is, the more it vouches for your creditworthiness. Hence, you should ensure to maintain a credit score of 750 and more and get a significant loan amount approval at a lower rate.
3. The value of your property
The value of your property to be mortgaged also matters much and affects your loan against property eligibility. If it is more, the loan amount will also be higher. Therefore, you should go ahead and get your property valued first and then only apply.
Taking care of these discussed aspects will help you to improve your loan against property eligibility drastically.
