Loans Against Property in Pune – 4 Things to Consider Beforehand
Pune is the 2nd largest city in Maharashtra after Mumbai and 9th in India. The city has a fantastic cultural yet modern feel along with pleasant weather.
The city also has immense job opportunities due to IT and related industries. It also houses many deemed universities and 200+ reputed educational institutes. All these aspects make it one of the best places to live.
If you already have a property in Pune and need some money, you don’t need to sell off your property.
You can pledge it with a bank and other lenders to borrow a large amount to cover your needs. It is a secured loan facility which lets you enjoy a lower rate of interest.
To avail the Loan Against Property in Pune, you will need to keep your property as the collateral and borrow an amount against it. As per your loan against property eligibility and lender’s policies, you can get an amount and tenure to repay it.
However, before you apply for the loan against property in Pune, you should consider some elements. Going through the same will help you manage the loan during its tenure without facing issues. Read on!
Consider These Things before you Avail Loan Against Property
- Never Borrow more than you can Repay
When some people get the approval to borrow an amount higher than the desired amount, they take it considering they may need it.
However, when you avail more than need, its repayment or the EMI amount may affect your monthly budget.
Hence, to avoid the loan default and debt trap, you should ensure to avail an amount that is required and something that you can quickly repay.
- Try to Keep the Loan tenure short
Selecting a longer tenure may let you pay only smaller EMIs, but you will also need to bear the compounding interest rates.
Hence, you should choose to pay off your loan in smaller EMIs to keep off the loan obligation quickly. This way, you can use your property yet again for another loan.
- Ensure Timely Repayments
When you avail a loan against property in Pune and make timely repayments, you end up boosting your CIBIL Score and your repayment history.
These are the two most vital eligibility parameters for getting a future loan approval at a lower interest. Hence, make it a point to pay the loan EMIs on time, every time.
Additional Read: Exempt Taxes on Land with Loan Against Property in Pune
- Shop Around for Better Loan Rates
You should never stop at the first approval that you get for the loan against property in Pune. It is because you may get a better interest rate if you compare all the offers.
You can browse all loan offers at a third-party website and pick one that suits your needs and repayment capacity.
Considering these discussed elements before applying for the loan against property in Pune can help you manage it easily.
If you are ready to apply, you can do that online and get quick approval.
You can share your basic details such as your name and mobile number to check out your special pre-approved loan offers now!
Bajaj Finserv offers pre-approved offers on loan against property, home loans, personal loans, business loans and other financial products.
The job of such offers is to simplify your loan application/processing and make it less time-consuming.
Category: Loans
