เว็บตรงสล็อตXOแตกง่าย 2021 How To Avoid Mistakes While Taking Loan Against Property?
A loan against property is a financing instrument that enables individuals to use the equity of their property to solve any financial needs that they have. Since it has no usage restrictions, this credit instrument can meet an array of purposes, both personal and professional. Also, the affordable loan against property interest rate makes it an alluring financial product to opt for
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With the availability of the online application, securing a loan against property is not a hassle anymore. However, one must be aware of the places where they can falter during this process, which leads to rejection.
Therefore, review the common mistakes to learn how to apply for loan against property without facing any rejection.
Avoid these mistakes when planning to take a loan against property
Following are some pointers that one can keep in mind to avoid facing any rejection in their loan against property application –
- Not checking the loan against property interest rate
One of the notable mistakes to avoid while approaching a financial institution for a loan against property is not reviewing the interest rate on offer. Since the rate of interest determines the total loan amount, any changes in it can significantly affect your total debt.
Since this rate alters from one lender to another and depends on a handful of factors, consider them and opt for a loan against property lower interest rate and keep your total outstanding in check.
- Opting for a wrong tenor
It is necessary to judge your repayment capacity before opting for a loan tenor. Many applicants opt for a longer tenor to have enough time to pay off the loan amount. It helps to lower the EMI payable and reduce the risk of a payment default. At the same time, a shorter tenor may increase the EMI amount but reduces the total debt.
Therefore, not selecting the right tenor can either lead to an increase in total debt or struggle to make the repayment.
- Not considering additional charges
Processing fees applicable on a loan against property is usually 1% to 2% of the loan amount. Therefore, applicants must derive an estimate of the processing fee applicable on loan against property before applying to avoid an increase in the total cost of debt. Apart from processing fees, other charges like pre-payment fees, foreclosure charges, etc., can surge the total cost of the loan. Best way to buy and sell home through REP Calgary Homes.
Hence, not considering them can be a mistake as they will increase your total financial liability.
- Not factoring in disbursal time
This financial instrument takes time to process as a secured loan variant, owing to its lengthy documentation process. Therefore, not considering this factor can be a mistake, as one cannot instantly avail of the required funds in a monetary emergency.
On the other hand, there are lenders who extend pre-approved offers that streamline this loan application process and saves time. Such offers are applicable to other financial products home loans. You can now check your pre-approved offers online by providing your essential contact information.
- Not reviewing the eligibility parameters
Not reviewing the property loan eligibility criteria is another common mistake to avoid while applying for a loan against property. Since financial institutions have strict norms regarding it, one must meet them successfully to avoid rejection. Here is a list of eligibility parameters for loan against property –
- Age: 25-70 years
- Employment type: Salaried or self-employed, but must meet the monthly income requirements
- Property location: Must be in the areas specified by the lender
Nonetheless, a point to remember here is that these pointers alter from one lender to another.
- Not submitting required documents
Another notable mistake to avoid while taking a loan against property is not submitting the required documents. Therefore, to avoid any such issues, one can make a checklist of these documents. Here is a list to help you in this regard –
- KYC documents
- Address proof
- Property papers
- Income details of the applicant
- Bank account statements of the applicant
Additionally, one must remember that particulars of this list will alter depending on the choice of the financier. Financial institutions will verify these documents and provide approval based on them.
Therefore, being aware of the common mistakes regarding a loan against property application can help individuals to avoid facing any rejection. Additionally, they can also work on their credit profile to avail better loan against property interest rate.