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Top 5 Factors Affecting Your Loan Against Property Eligibility Criteria

Borrowers opt for a loan against property to avail high-value amounts for their personal expenses or consolidate debts. Lending institutions disburse this loan to individuals who meet the loan against property eligibility criteria.

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Top 5 Factors Affecting Your Loan Against Property Eligibility Criteria

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  1. Top 5 Factors Affecting Your Loan Against Property Eligibility Criteria

  2. 1.Existing Loan Ideally, an individual prefers low interest on loan against property so that he can curtail his EMI burden. Therefore, by closing existing loan deals, a borrower can increase his chances of obtaining a loan at the lowest interest rates.

  3. 2.Credit Score Lending institutions check an applicant’s credit history as vital eligibility criteria for a loan against property. Therefore, any dues or defaults in the past can affect a borrower’s credit score negatively.

  4. 3.Co-Applicant Lenders often grant a substantial loan amount to those who can show sufficient income sources. Adding a co-applicant during a loan application can increase an individual’s loan against property eligibility as more income is available for loan repayment.

  5. 4.Rental Income Before sanctioning a sizable loan amount, financial lenders check a borrower’s repayment capacity by evaluating his income sources. Owing to that, some lenders consider rental income as part of an individual’s net income.

  6. 4.Property Loan-to-Value Ratio An LTV ratio is the percentage of a property’s market value that lenders set as the maximum loan cap for potential applicants. A borrowers must check property loan to value ratio before purchasing it.

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