You can take a loan against property by mortgaging your immovable property. It can be a house, a plot of land, or some other commercial property. Since you are offering collateral, these loans have a lower interest rate than personal or business loans. However, you have to keep certain things in mind before taking a loan against p[roperty. Let us take a look.
- Check The Eligibility Criteria
Do not forget to check the loan against property eligibility before you apply for one. You will have to own some immovable property. Along with that, you also need to have a stable;e income source.
- Check The Value Of Your Property
Before granting your loan, the lender will consider the current market value of your property. That will determine the amount of loan you can take. Usually, NBFCs offer around 60% of the property value.
- Do Not Miss Out On Other Benefits Offered By Your Lender
Various financial institutions offer a host of value-added services to their customers. For instance, they might assist you with buying the property. Moreover, they can guide you with insurance. So, ask your lender about these additional services to enhance your borrowing experience.
Lastly, always check your EMI amount with a property loan calculator. That will help you to plan your future expenses.
Final Word
Fullerton India gives you loans against property at competitive rates. Moreover, you will get flexible repayment options. So, why wait? Start planning about your new house now.
Must Read: 6 Things to Check Before Taking a Loan Against Property
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