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How To Choose an Ideal Tenure For Loan Against Property?
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.
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
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan Against Property disbursal is at the sole discretion of Poonawalla Fincorp.
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Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.
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