Loan Against Property Eligibility Calculator: How Does it Workby Alisha Antil Financial Blogger
Are you anyone having properties in major cities in India, and looking to fund big-ticket needs? You can easily look up to the loan against property (LAP).
Compared to personal loans, the loan against property interest rate is lower. Hence, you can repay in lower EMIs and manage your monthly budget. It is because the collateral for LAP is your property against which you can borrow in crores.
However, when it comes to the application of the loan against property, not many people are unsure of its eligibility. Hence, today’s lenders have come up with a unique tool in the form of a loan against property eligibility calculator to help them. Let this post help you know about it along with some tips to boost the eligibility.
What is the Loan Against Property Eligibility Calculator?
The loan against property eligibility calculator is an incredible online tool. It can help you ascertain your loan against property eligibility by putting in some details.
You need to select your desired loan amount and the tenor that you wish to repay the loan. Then, you need to enter your monthly income, the aggregate value of your property and the applicable rate of interest of the lender.
The loan against property eligibility calculator will showcase a final amount that you can borrow. It will also showcase how much EMI amount along with total interest will be payable if you apply for the loan.
The biggest benefit of using the loan against property eligibility calculator is that it is free of cost. It is also available 24/7 for the use on a lender’s website.
Tips to boost your Loan Against Property Eligibility
If you are short of the loan against property eligibility, you can still boost it by following some easy tips such as:
By Enhancing your CIBIL Score
The first thing that a lender will assess before approving your LAP application is your CIBIL Score. The Credit Score is a 3-digit number that gives information about your handling of previous and existing debts. If you have managed them all easily, your CIBIL Score will read 750+ or more. Thus, if you have a poor Credit Score, you can improve it easily. All that you have to do is pay your entire existing loan EMIs and credit card bills by the due date.
By Applying for longer tenor
The concept is simple – the higher is your loan tenor, the higher will be your loan eligibility. If you are looking to apply for a higher amount of loan, you may get the eligibility for it if you opt for a longer tenor. Thus, to boost your loan against property eligibility, you should opt for a longer tenor.
By having a Sound Income Source
Lenders want to be sure that you can repay the loan amount easily and without facing financial roadblocks. Hence, they want that you are working for a reputed company and earning a decent income. Once you can prove that, you can get the required loan against property eligibility.
You are clear on how the property calculator can help you measure your eligibility and how some tips can boost it to get loan approval.
Bajaj Finserv offers pre-approved offers on loan against property, business loan, home loan, and personal loan and others. It is to ease off your loan related procedures and to make it hassle-free. You can unlock your pre-approved loan offers by providing your basic details like mobile number, and your name.
Created on Mar 8th 2019 05:33. Viewed 585 times.