{"id":4252,"date":"2018-09-12T10:27:32","date_gmt":"2018-09-12T04:57:32","guid":{"rendered":"https:\/\/golocalclassified.com\/article\/?p=4252"},"modified":"2018-09-12T10:27:32","modified_gmt":"2018-09-12T04:57:32","slug":"5-things-to-check-before-applying-loan-against-property","status":"publish","type":"post","link":"https:\/\/golocalclassified.com\/article\/5-things-to-check-before-applying-loan-against-property\/","title":{"rendered":"5 Things to Check before Applying Loan Against Property"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Do you need some large amount of money to meet some of your urgent financial needs? If yes, then a loan against property (LAP) could be one of the best alternatives to opt for compared to all other finance options. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Yes, compared to a personal loan that many people take to fund their needs which is available at a higher rate, the LAP comes at a lower rate to help pay lower EMIs. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If you have a self-owned home along with the loan against property eligibility, leading lenders can let you borrow up to Rs.1 crore and at a lower rate. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Since a loan against property is available against your home which is taken as collateral, you also get to enjoy a lower rate. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">However, before you get up and apply for the loan against property (LAP), you need to consider some things. Considering the same will help you with the loan application and overall approval without issues. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><b>Borrow an Amount only as per your Repayment Capacity<\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Availing a loan against property of higher value may mean paying the EMIs for many years, and it may not be good as you won\u2019t be able to fund other goals in life. Thus, apply only for an amount that you can quickly repay. Even though if you have the loan against property eligibility for 70% value of your property, avail only 30% of it if you don\u2019t have extra needs. The <\/span><a href=\"https:\/\/www.bajajfinserv.in\/loan-against-property-fees-and-interest-rates\"><span style=\"font-weight: 400;\">Interest Rates on Loan Against Property<\/span><\/a><span style=\"font-weight: 400;\"> is quite low, thus opting for it, gives the best benefits. Like this, you will be able to repay the loan quickly and won\u2019t have EMIs to burden you in the longer-run while looking to achieve other goals. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><b>Opt for a Shorter Tenor if you can <\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Opting for a shorter tenor will mean paying a higher amount as the EMI for some years. But it will also help you avoid keeping the loan burden for a longer period in case of an extended tenor. Also, choosing a longer tenor may help you may lower EMIs, but you will also need to pay the compounding interest rate. Thus, if your income can manage a shorter LAP tenor, don\u2019t miss to go for it. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><b>Don\u2019t Default on your EMI payments <\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Ensure to pay off your loan against property EMIs as defaulting or delaying your EMI payment can never be a good thing. Not only may the lender charge you a penalty, but indulging in the irregular payment, can also hamper your Credit Score. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><b>Ensure to Avail the Insurance Facility on the LAP <\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">While offering you a loan, lenders also offer to avail an insurance facility so that you get coverage against any possible loan defaulting. All higher loans such as the loan against property should have the protection of the insurance. Like this, lenders won\u2019t sell your home in case of loan defaulting, and the insurance will cover the payments. <\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><b>Read the Terms and Conditions of the Lenders <\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Most people don\u2019t read the fine prints of any loan as they are long and boring. However, it is good to read it at least once to be sure of the clauses for the late payments processing fee, prepayment and foreclosure and more linked to the loan. <\/span><\/p>\n<p style=\"text-align: justify;\"><b>The Bottom Line<\/b><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A loan against property India facility helps you avail of a higher amount in case of an emergency at a lower rate. Now you can easily apply for a loan against property as you are aware of what to consider when applying for it. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you need some large amount of money to meet some of your urgent financial needs? If yes, then a loan against property (LAP) could be one of the best alternatives to opt for compared to all other finance options. Yes, compared to a personal loan that many people take to fund their needs which [&hellip;]<\/p>\n","protected":false},"author":150,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[1857],"class_list":["post-4252","post","type-post","status-publish","format-standard","hentry","category-finance","tag-loan-against-property"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/posts\/4252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/users\/150"}],"replies":[{"embeddable":true,"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/comments?post=4252"}],"version-history":[{"count":0,"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/posts\/4252\/revisions"}],"wp:attachment":[{"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/media?parent=4252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/categories?post=4252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/golocalclassified.com\/article\/wp-json\/wp\/v2\/tags?post=4252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}