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Top Mistakes to Avoid While Taking a Loan Against Property

It is prudent to exercise caution before pledging your asset for any kind of loan. So, here are the top mistakes to avoid while taking a loan against property.

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Top Mistakes to Avoid While Taking a Loan Against Property

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  1. Top Mistakes to Avoid While Taking a Loan Against Property

  2. A Property Often Signifies High Value Of Investment, So, A Borrower Should Be Wary Of These Common Mistakes Before Taking A Loan Against Property.

  3. Not Comparing Interest Rates Research, Compare And Decide. Since Loan Against Property Is A Secured Loan, The Interest Rates And Other Charges Are Low. Choose A Lender Who Can Offer Conducive Interest Rates And The Loan Terms.

  4. Not Paying Enough Attention To The Loan Documents And Payment Terms While You Are Always Advised To Read The Documents Carefully Before Signing The Dotted Line, Few Do Their Due Diligence. Look Out For The Following Details – • Hidden Fees • Terms For Prepayment Of Loan • Any Clause That Allows Lender To Change The Conditions Of The Loan • Clauses After Defaulting On A Loan

  5. Not Making A Repayment Plan Chalk Out A Part Of Your Savings To Ensure Timely Repayment Of The Dues. Keep Aside Some Funds For Down Payment. Do Not Opt For A Higher Amount Of Loan If You Are Not In A Position To Pay It Back.

  6. Not Preparing For The Prerequisites For Loan Approval Having A Property Does Not Automatically Make You Eligible For A Loan. The Following Pointers Will Help In Ensuring Loan Against Property Eligibility – • Keep The Documents Related To Your Property Ready • Ensure That Your Credit History Is Good • Pay Off The Pending Bills And Credit Card Outstanding Amount, If Any

  7. Keep A Sound Prepayment Plan Ready • Make Room For Buffer Time By Taking Into Account The Disbursal Time • Not Taking Into Consideration Other Liabilities

  8. No Taking Into Consideration Other Liabilities Apart From EMI, A Financial Institution May Have Hidden Fees Such As Processing Charges, Legal, Conversion, And Other Fees. So, Consider The Liabilities Before Applying For A Loan Against Property.

  9. Nowadays, The Loan Approval Procedure Has Become Quick And Less Cumbersome. You Can Easily Get Approved For A Loan Against Property If You Avoid These Mistakes.

  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- Top Mistakes to Avoid While Taking a Loan Against Property

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