Skip to main content

FEW FACTORS THAT AFFECT YOUR ELIGIBILITY OF LOAN AGAINST PROPERTY



Lending and borrowing are very common these days and have become inseparable parts of our lives. At some occasions whenever your life milestones are apart, it is the funds which become the important need of the time. However, we save enough money to use during the needs but sometimes we fall in a shortage of money and to fulfill the requirement, we need to borrow. There are several ways to borrow money and among all these sources "Loan Against Property" from ShubhBank is the best option because of the lower interest rate on LAP as compare to other secured loans. To avail so, you should own a property but it’s not only criteria to fulfill as there are few factors that affect your eligibility of loan against property that need to be fulfilled.

Credit Score: It is the most important criteria to check for the eligibility of loan. A CIBIL score refers to a numeric expression to check the past loan repayment history and any outstanding bill payments of loan seeker. The creditworthiness of client depends on the previous records of existing loans.

Property Papers: Whenever you "Apply For Loan Against Property" at ShubhBank, your property should be free from any legal issues. It is the prior thing in the checklist of any lender. If your property is under any kind of legal issue then there are greater chances of rejection of your loan application. You have to submit the full set of documents including title deeds, building plans, and other relevant documents.

Tenure: It is the time period in which you have to repay the principal amount along with interest rate on it. If you want to have short loan tenure, your monthly installments will be higher and vice versa. In case your income is less and you want short tenure for loan, you application is likely to be rejected.

Professional History: The job stability is another factor to be checked by lender when you avail Loan against Property. However, changing a job is a step forward on ladder to get better opportunity but it can be taken as negative remark for the lender. To fulfill the eligibility, one must need to be employed for minimum of 2 years in same company.

Property Insurance: Along with other criteria, insurance of the property is also need to be considered by lender. If you have insurance on property, it may act as safeguard on your financial interest and lender fell safe from facing an NPA.

The loan against property is an easier and pocket friendly way to secure the funds. Whenever you avail such loan, always remember if unfortunately you end up in not paying the loan installments, lender is authorized to sell your pledged property to recover the loan money. So, always be disciplined in your loan repayments. If you opt a Loan against property from ShubhBank, pay it off on time to enjoy the best benefit of owning a property.

Comments

Popular posts from this blog

A COMPREHENSIVE GUIDE TO APPLYING FOR A USED CAR LOAN ONLINE

In today's fast-paced world, possessing a car isn't simply an extravagance but a need. For many, a used car is a magnificent choice to satisfy their transportation needs without breaking the bank. Notwithstanding, financing a used car purchase could appear to be daunting. Fortunately, to apply for a used car loan online has become a convenient and accessible choice. Here is a comprehensive guide to navigating the process without a hitch. Understanding Used Car Loans Before jumping into the application process, it's crucial to grasp the fundamentals of used car loans. These loans are specifically designed for purchasing pre-owned vehicles. Lenders offer varying terms and interest rates based on factors like credit history, upfront installment, and the vehicle's age and condition. Preparing for the Application 1. Know Your Budget: Decide your budget by assessing your financial situation. Consider factors like a month-to-month income, existing expenses, and potential init...

DRIVING TOWARDS APPROVAL: UNRAVELING THE CRITERIA FOR USED CAR LOAN ELIGIBILITY

In today's speedy world, possessing a car is, as of now, not simply an extravagance but a need for some. Nonetheless, buying a pristine car may not generally be squeezed into everybody's financial plan. This is where the choice of purchasing a used car becomes engaging. Used cars offer a more affordable other option, permitting people to claim a vehicle without burning through every last dollar. To work with the purchase of these pre-owned vehicles, financial organizations give used car loans. However, what are the " Used Car Loan Eligibility Criteria " for acquiring such loans? We should dive into the subtleties. Understanding Used Car Loan Eligibility Used car loan eligibility alludes to the arrangement of conditions that people should meet to fit the bill for a loan to purchase a recycled vehicle. Lenders lay out these criteria to survey the borrower's financial capacity and limit the gamble related to loaning. Essential Criteria for Used Car Loan Eligibility ...

UNLOCKING THE BEST DEALS BY EXPLORING THE LANDSCAPE OF CHEAPEST LOANS IN INDIA

In the vibrant landscape of India's financial sector, finding the cheapest loans is akin to finding an unlikely treasure. With various lenders, products, and interest rates in play, navigating the realm of loans can be both daunting and rewarding. In this aid, we dig into the intricacies of getting the " Cheapest Loans In India " exploring key aspects and choices available to borrowers. Understanding the Dynamics of Cheapest Loans in India In the journey for affordable financing, it's essential to fathom the factors that impact loan costs. Interest rates, loan tenure, processing fees, and eligibility criteria all shape the affordability of the remainder of a loan. Borrowers should assess these components prudently to unearth the most financially savvy borrowing choices tailored to their requirements. Exploring Loan Choices ● Personal Loans: A versatile financial instrument, personal loans offer adaptability and comfort for various costs, ranging from medical emerg...