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March 2020
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Any individual who is a property owner in a key metro city can apply for the loan against property (LAP) and can fund several needs such as:
Compared to personal loans that you want to get to cover several requirements, you can take pleasure in a reduced loan against a property interest rate. Due to this, you can pay reduced EMIS and save a lot of money. When considering loan against property tenure, most of the applicants are confused regarding their CIBIL Score. In case of a small loan against property tenure, you will require paying up a huge amount as the EMI. Thus, paying up a huge amount may affect your monthly budget and other objectives in life. On the other hand, choosing a longer tenor can ensure you to pay smaller EMIs. Thus, both the tenors can affect the CIBIL score. Reference Read: Can a Small Tenor for a Loan Against Property boost CIBIL Score
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Without a doubt, the real estate market is a place of excellent investment, thanks to the ever-growing demand for new houses and luxurious residential areas. It is due to this reason that most of the people always look forward to buying a new home despite having one. However, the choice of the house dramatically influences the price and hence, most of the times, you may find yourself in a complicated predicament. It is under such peer pressure that home loan against your first property seems to be suitable enough. You can take out a loan against property either from banks or any other non-bank financial organizations. However, taking a loan from any organization has the same benefits, and hence, people mostly think about the choice later on. Here are some of the best benefits you will get if you take out a loan against property for your second home.
To take a loan against the property, you do need to satisfy specific eligibility criteria like: 1. You must either work under an organization or must be self-employed. 2. The age range is from 33 years to 58 years in case you work on a salary job. 3. You should be a legal resident of the country and own a property on the Indian lands. Read Reference: Go For Second Home Loan With Loan Against Property
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