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How To Get The Lowest Interest Rate On Loan Against Property?
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Loan against property in India is an uncommon loan. There are housing finance companies that offer it. There are people who avail it. But, in most cases, it is the last resort for borrowers. Therefore, very few borrowers take the necessary effort to ensure that they have received the lowest interest rates possible on loan against property . But, there is a way. You can ensure that you have received best deal possible.
But, in reality, borrowers may not have necessary time or patience because this type of loan is used to fund wedding ceremonies or hospitalizations. If you plan to use funds for more planned activities such as expanding business, foreign education international travel, etc. then you can find some extra time to ensure that you have the lowest interest rates for your loan against property, you can consider following strategies.
Present your personal finances well:
This step will be important for a loan against property. In any case, you will need to be seen as a responsible lender, who can afford to take and repay this loan comfortably. You must demonstrate your repayment ability through your personal, professional and financial documents. The easiest way to do it for a layman is to hire a personal finance expert. This third party expert will assist you repair credit damages, gather right documents and put your best foot forward.
Ensure the property evaluation is accurate:
Under normal circumstances, any lender will offer you about 80 to 90% of property’s value as a loan against property. Therefore, you must ensure that your property is evaluated to offer the highest value possible. In most cases, evaluation of property is a subjective. Therefore, you will need a right lender and assistance dependable third party property evaluations to accurate valuation of your property.
Negotiate interest rates on loan against property well:
First two strategies play a vital role in receiving the best possible loan offer. If you are deemed as a worthy candidate for LAP and you have an appropriate property as an asset, any housing finance company will offer you loan offer with lowest interest rates possible. You can accept loan offer if it fits your requirements. Alternatively, you can negotiate with loan officer for lower interest rates too. Either way, a credit-worthy borrower and a valuable asset will keep lender interested and willing to provide most flexible offer possible. A third party personal finance consultant will aid negotiations well too.
Make most of your assets with loan against property.
Author Bio :
Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the different types of home loan products such as Housing loan, Home improvement / renovation loan, loan against property, land / plot loan & processes that cover loan against property in India & obtaining finance from loan provider.
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