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Seeking a Loan Against Property Here’s How You Can Secure One

You should know about the things that need to be kept in mind before you apply for a loan against property. Read this blog to guide yourself.

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Seeking a Loan Against Property Here’s How You Can Secure One

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  1. Seeking a Loan Against Property Here’s How You Can Secure One

  2. Introduction • Loan Against Property Is A Secured Loan That Can Take Care Of Big Expenses • Usually, Lenders Fund Up To 70 To 80% Of The Market Value Of A Residential Property • LAP Is Usually Spread Over A Span Of 10 To 15 Years

  3. Loan Tenure • Remember That The Interest Amount Will Depend On The Loan Tenure • The Longer The Tenure, The Lower Will Be The Interest Charged

  4. Type of property • The Type Of Property Makes A Huge Difference When It Comes To LAP • A Residential Property Will Fetch A Higher Loan Amount Than A Commercial One • Any Pending Litigation Or Ambiguity In The Title Of The Property Impact The Value Of The Property

  5. Consider Disbursal Time • Disbursal Time Is Typically Affected When All The Legal Paperwork Has Been Completed • Don’t Choose A Lender Simply Because They Disburse The Loan Amount Super Fast • Go Online To Check Reviews And Do Some Research On The History Of The Lender

  6. Interest Amount • Compare Interest Rates Through Online Marketplaces • Keep Your Income Proofs And Income Tax Returns In Place For A Better Rate • Check If You Are A Special Applicant. You Might Be Qualified For Subsidized Rate

  7. Insurance • Make Sure That Your Property Is Insured Beforehand • It Is One Of The Criteria For Getting A Loan Approval

  8. Check for flexi loans • Go For A Lender Who Offers Ample Room For Flexibility • Don’t Choose Lenders With Rigid Policies

  9. Conclusion • Always Choose A Loan Amount That You Can Easily Repay • Try To Avoid A Very Long Tenure • Compare Multiple Lenders And Their Offerings Carefully

  10. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: Corporate.Care@HeroFinCorp.com Website: https://www.herofincorp.com/ Know more- Seeking a Loan Against Property Here’s How You Can Secure One

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