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5 Hacks To Getting Loan Against Property Approved
Total Articles: 4
Taking a loan in place of a property is probably one of the easiest ways to avail a loan. Here, since you are providing security to the lender, the loan gets approved quite easily. But, sometimes, the approval can get delayed or rejected as well because of various reasons.
So, if you are all set to get a LAP, you must do some preparation beforehand so as to avoid rejection. Here is how you can ensure the approval of your loan.
1. Property Without Dispute:
One of the easiest ways to get a fast approval is to put forth the property without any disputes. Make sure that there are no obstructions related to the property. If there would be any, the loan is rejected instantly. Moreover, if there are more than one owners of the property, make sure everyone agrees to the loan.
2. Proper Documentation:
The documents required by financial institutes providing Loan against Property are usually same. However, there is a probability of some variations from lender to lender. In such a scenario, make sure that you have researched thoroughly about the documents required by a particular lender that you have selected for a loan. This will increase the chances of getting the loan approved instantly.
3. Credit Score:
Another aspect that can be a hindrance in your loan approval is your credit score. If you are applying for the loan without having any idea about your credit score, your chance of rejection increases. The first thing that you must do is get your credit report before applying for the loan. Just by paying bills on time doesn’t make a good score for you; on the contrary, several factors can bring your score down. Hence, ensure that you have an adequate score before you apply for a loan.
There are various factors considered by the lender before sanctioning the loan. The common factors are income, savings, debts, repayment track, etc. In case you are a salaried employee, make sure the same company has employed you for more than two years. Moreover, if you have any existing loan, make sure you aren’t paying more than 20% of your salary in EMIs.
Lenders do pay attention to your repayment capabilities. In this regard, your income, including all the expenses is taken into consideration. Thus, you must ensure that you are asking for an amount that you need and not more than that. Or else, lenders will take no time in rejecting your application.
So, these are the factors that you must consider before applying for a loan against your property. Follow these points, and you are sure to get an instant approval for your loan.
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