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As far as secured financing is concerned, borrowers are left with a host of funding avenues to explore. These loan options vary based on the funding requirement you have and are often dedicatedly available for the purpose you need to meet. While it keeps the loan availability diverse, not all financing needs can be identified under segregated groups that these loans are available. Further, one may need to meet more than one funding requirement of high value at a given time. Bringing the borrower’s confusion to a halt, loan options like finance against property make funding possible for meeting such varied expenditures.
These are high-value loans available in a lump sum to the borrowers and make funding diverse expenditures at a go possible as they come with no restrictions to end-use. Nevertheless, it would do good for an aspiring borrower to know the various aspects related to the advance and prepare for it beforehand so that loan accessibility is simplified on his/her end. Here’s a list of some important steps you must take when availing of a loan against property for easy accessibility to the advance.
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Before availing of any high-value loan, it is pertinent to define the purpose for which you are availing of the advance. It helps keep clarity regarding what use you would be assigned for the loan amount availed and also help with disciplined advance management. As finance against property brings high-value funding, it is all the more essential to define these purposes so that you do not overspend.
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Once you have prioritised the expenses for that need to be addressed with the loan, check how much you need to borrow to meet the financing gap. The loan amount should also be decided based on your financial standing and the overall affordability of your advance. For instance, you can check whether you will be able to pay the loan EMIs in time based on the tenure selected or not.
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As finance against property is a collateral-based advance provided against a residential or commercial property mortgage, lending institutions utilise the LTV-based financing structure to determine how much they can lend at max.
LTV or the Loan to Value Ratio is a percentage threshold that limits loan accessibility up to a certain percentage of the property’s current market value. Choosing a lender offering a high LTV on the property would maximise loan availability for you, thus enabling easy fulfilment of your financing need. With some of the best lending institutions in the market, you can secure an LTV as high as 90% of the property’s value.
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When availing a property loan, self-help financial tools like loan against property calculator can turn out to be significantly helpful. The tool allows you to compute the EMIs payable based on the loan amount you are seeking to avail, the repayment tenure, and the interest rate applicable. Some calculators from reputed lenders also compute results like total loan liability payable by the tenure’s end and the total interest payable for the selected tenure. This gives a better peek into your financial liabilities in case you borrow the advance for the long term, thus enabling easy management.
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The interest rate levied on your loan remains the prime mark of affordability, which makes it essential to consider and compare available financial institutions for the lowest rates. You may thus also undertake in-depth research regarding the available interest rate ranges in the market to better find out the lender offering the lowest levy along with other fees and charges on the finance against property.
Once you have seen yourself through these pertinent steps, you can proceed to apply for your finance against property with your selected lending institutions. When applying, use your eligibility parameters like income and occupational stability to negotiate for the best rates and terms on your property loan, which shall, going further, ease repayment of the advance and ensure timely release of your property from the mortgage and ownership rights restoration.
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