A Loan Against Property can act as a financial cushion to support
your diverse monetary requirements. Amid uncertain circumstances, a Loan Against Property can be used
to avail of lump sum funds in a short period of time. There are no
restrictions on end use, you are free to use the loan for medical
emergencies, funding overseas education, hosting a wedding and many
more.
Lenders offer loans against various forms of properties
including residential, commercial, warehouses and industrial
properties. However, since the loan amount can be greater, it is
imperative to choose your lender carefully. More importantly, choosing
the right tenure for the loan will help you manage your finances
effectively, without putting any strain on your budget.
Ideal
financial planning is imperative while acquiring any type of loan.
Failure in timely payment of EMIs can drop your credit score and hinder
your chances of getting a loan in future. To avoid this, you can
carefully assess the tenure and EMI amount. You can also consult your
lender for the same as younger applicants may have the ability to
choose a longer tenure.
There are certain factors that you need
to keep in mind while choosing the right tenure for Loan Against
Property. In this blog, we’ll discuss a few points that will help you
choose the ideal tenure for Loan Against Property.
1. Income
If you are a salaried
employee, you must be receiving a monthly income. This amount will
be the basis of your EMIs. The amount will determine how quickly you
can make the EMI payments every month. Take this into consideration
while applying for a loan. You can also use an online EMI calculator
to determine how much you will be able to take out for EMIs.
2. Loan Amount
The higher the loan
amount, the higher will be the EMIs you need to pay every month.
This will also take a longer period for repayment, thereby extending
your loan tenure. A long tenure typically eases the EMI amount;
however, a longer tenure will slightly increase the interest rate.
This means your Loan Against Property will get a little expensive.
3. Age of the Applicant
A longer
tenure for Loan Against Property can be granted to younger
applicants who are in their mid-30s and 40s. This is because such
applicants have a long way to go before they retire. However, if you
are closer to retirement in your career, the tenure will be reduced accordingly.
4. Monthly EMIs and Interest Rate
If you wish to reduce your EMI amount, you will have to stretch
your tenure. Similarly, if you want to reduce the interest rate, you
will have to opt for a shorter tenure for Loan Against Property.
This needs to be planned accordingly as you don’t want to make
managing your EMIs difficult.
Top loan companies in India offer flexibility in choosing the tenure for Loan Against Property. Poonawalla Fincorp offers a blend of attractive interest rates and the best tenure for Loan Against Property. You can use our free EMI calculator online to determine the best EMI amount for you.
Why choose Poonawalla Fincorp’s Loan Against Property?
We understand the importance of your valuable assets, and with
our Loan Against Property solution, we are here to help you leverage
your assets in a smart way. Our Loan Against Property solution is
designed to avail you of funds for personal or business purposes.
There is no restriction on how you can use the funds.
Getting
high-value funds during a time crunch can be a hassle. With
Poonawalla Fincorp’s Loan Against Property solution, you can
directly apply on our website online. Just click on Apply Now.
To deliver a seamless
experience, we customize our offerings based on your requirement
with the best Loan Against
Property features. Our loan application is simple and quick,
without hefty paperwork and documentation.
Also Read:- Top 10 Benefits of Loan Against Property in India
Benefits of Poonawalla Fincorp’s Loan Against Property
- Higher loan-to-value (LTV) for higher funding, ranging up to Rs.5 Crore
- Wide range of properties as collateral
- Flexible tenure up to 15 years
- Minimal documentation
- Doorstep service
- No hidden charges
- Quick approval and loan disbursal
- Competitive interest rates
