Whether you are an entrepreneur, a doctor or a professional working in an MNC, knowing how to manage your finances and leverage your assets is very important. In fact, financial institutions are now realising that more and more women are managing their finances themselves, and are thus offer women pocket-friendly terms such as lower interest rates on loans. For example, when you are looking to access substantial finances, you can opt for a Loan Against Property for women offered by lenders such as Bajaj Finserv.
With the help of this loan, you can cater to your financial needs without relying on anyone else. Bajaj Finserv has simple loan against property eligibility criteria in place. When you conform to them, you can get a sanction of up to Rs.1 crore as a salaried individual and up to Rs.3.5 crore when you are self-employed. The various benefits that you can avail with a loan against property in India are an easy and fast online application, flexible repayment tenor, easy balance transfer facility and the Flexi feature that allows you to borrow as you go and manage your cash flow more conveniently.
Have a look at the 4 things you should keep in mind to improve your loan against property eligibility and get an affordable deal.
- Ensure that you Fulfil the Lender’s Requirements
Every lender has fixed eligibility criteria for this loan. When you qualify for these terms, you can get a quick loan against property approval.These conditions generally revolve around parameters like your age, salary, city of residence, and value of the property pledged.
When you adhere to the eligibility criteria then you are most likely to get a one-shot approval on your application. As a women applicant, as per the basic norms, most lenders will require you to be an Indian resident aged between 33 and 58 years. Also, you will have to show a steady monthly income in the form of a salary or a business income.
- Make sure you have a Good Credit Score
Before applying for the loan ensure that you have a good credit score. This is important because lenders evaluate your creditworthiness basis your score. So, having an impeccable credit history that does not show any delays or defaults when it comes to credit repayment will point to your financial strength and responsibility.
Moreover, a good score always shows that you are not credit hungry and have the skills to manage your finances well.In case you have a low credit score, then improve it before applying for this loan. To improve your credit score, pay your debts on time, clear out your credit card dues in full, and do not apply for too many loans.A good credit score will help you secure a higher loan amount and a lower interest rate, which will make repayment more affordable.
- Plan your Repayment in Advance
While planning your expenses in advance may be your second nature, do evaluate your repayment plan before applying for this loan. This will help you clear your debt with ease and get back your pledged property without any missteps. So, work out a budget, tabulate your existing expenditure as per your income to know the money you can spare as EMIs and towards savings or investments. Remember to include the loan against property EMIs to your existing expenditure by using the EMI calculator as this will help you gauge your future expenses with ease.
- Know about the Type of Property you want to Pledge
Before mortgaging your property, make sure that the property is either residential or commercial. This is because you can pledge only one of these properties to avail a loan. Also, ensure that the property is free from any legal issues. Thereafter you will have to keep all the required property documents ready. This is necessary as you will have to submit the full set of documents related to your property like title deeds and registration certificates.
In every new phase of life, be it personal or professional, you may require a substantial amount of money to achieve various goals. From the several options available, you can avail a secured property loan for women to cater to your financial needs quickly and efficiently. However, before applying ensure that you have the entire loan against property documents required ready and check your pre-approved offer. This will expedite your process of borrowing and make it hassle-free!