“PROPERTIES ARE SELLING AT 50% DISCOUNT”!
Perhaps this is one of the dreams that any modern individual dreams in India. Property prices are jumping up high in the sky with each year, and so is the standard of living.
Hence in such times, expenses become more than income. In such scenarios people would either opt for the best credit card or personal loan available in the market to deal with their short term problems.
But what if these problems are long term?
To deal with long term cash issues, there is one solution which can help you be safe for many years. That solution is a “Loan against Property”.
What is a loan against property?
A Loan Against property also known as mortgage loan is in simple words a loan which the Bank/NBFC provides to a customer against a property which is under his/her name.
How is the loan amount decided?
The lender will check your registration and ownership papers. They will send a team of valuators who will evaluate the current market price of your property. Then on the market price, you can get up to 65-70% as the loan amount.
How can I get the maximum loan amount at lowest interest rates?
There are 3 ways you get the best deal on mortgage loans at lowest interest rates;
- Always maintain a good credit score:
Like we have always highlighted, it is very important that you maintain a good credit score. How can you do that? It’s very simple. All you need to do is pay your bills, credit card dues and loan EMI’s on time every month without defaulting!
- Stable Income and Savings:
As long as you have a debt on you (loan) it is very important that you maintain stable income. Without income flowing in every month, it will get difficult for you to repay the EMI and clear your debts. Failure to do so will result in you losing your property.
- Control your expenses with a budget:
Perhaps the most important advice we can give you is to manage what you have. Control all unnecessary expenses as these hurt a lot in the long run! That will help you increase your savings.
So this is how you can ensure to have huge savings and also get the best mortgage loan deal at the lowest interest rates in India.