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Factors That Affect Loan Against Property Eligibility
Whether you have personal or business needs, Muthoot loan against property is the best option to manage your finances without touching your savings. It is a secured loan facility offered against the value of your property. It comes at affordable interest rates and flexible loan tenure.
To acquire a loan, you must meet the loan against property eligibility requirements. Here are the factors affecting your loan eligibility:
Your credit history is one of the crucial components of your credit score. Your CIBIL score indicates whether or not you can repay the loan against the property amount on time. The higher your credit score, the greater your chances of getting a loan against property.
To get a loan against property from Muthoot FinCorp, you must maintain a minimum CIBIL score of 750. If your credit score is beyond 750, you can also negotiate to get a lower interest rate.
Before applying for a loan against property, you must check your lender’s documentation requirements and make sure that you have the requisite documents ready. The loan against property documents required to submit along with your loan application are:
Keep these documents ready while applying for a loan against property.
The tenure of loan against property is a crucial part of a LAP loan. A longer loan tenure lowers your EMI. In case you have a low income, you can opt for a longer loan tenure. The Muthoot loan against property offers loan tenure that ranges between 3 years to 20 years, allowing you to choose a tenure based on your comfort.
The borrower’s age also impacts the loan against property eligibility. Your lender will consider your age to determine your repayment ability. You must pay the loan amount on or before the age of 65 years. If you apply for a loan against a property at the age of retirement, the risk of defaulting increases and the lender m nightot approve your loan application.
Another factor that affects your loan against property eligibility is your source of income. Your lender considers your income before offering you a loan against property. Therefore, You will have to convince your lender that you have the repayment capacity to manage your loan payment without any delays or defaults.
The higher your income, the greater are your chances of loan approval. With a regular flow of income, you can also get a lower interest rate. If you have a good source of income, you can apply for a Muthoot loan against property that is convenient and hassle-free to get.
When you apply for a loan against a property, your lender will check your record of precious loan applications. It is a common way to determine whether or not you can repay the loan amount without fail. If you have been previously rejected for a loan, it will reflect on your credit profile and may cause your credit score to decline.
So, when you apply for a loan against property, make sure to have a solid reason for rejection and convince your lender that you’re a creditworthy borrower.
When you take a loan against property, you welcome a financial burden on your family members after your unfortunate demise. Having a mortgage cover enables you to financially protect your family as it covers the loan repayment in your absence. So, it is imperative to avail of a loan against property insurance to protect your financial interest.
Having an insurance plan also increases your loan against property eligibility, allowing you to secure your preferred loan amount at a lower interest rate. You can also opt for a Muthoot loan against property that comes with a host of features and benefits.
Your repayment history has a direct impact on your loan against property eligibility. If your lender finds out that you had failed to make repayments on your previous loans, you may not get a loan against the property, as it indicates that you may not be able to repay the loan amount if provided. You can also use a loan against a property calculator to determine your eligibility.
A loan against property is the best option to meet your financial requirements without redeeming your savings. However, you must ensure to meet your lender’s loan against property eligibility criteria and prepare the requisite documents.
To avail of a hassle-free application process, you can apply for the Muthoot loan against property that comes with affordable interest rates and flexible repayment tenures.
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