8 Factors That Can Influence Your Loan Again Property!

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8 Factors that Can Influence Your Loan against
Property!
A loan against property is neither a personal
loan nor a business loan. Banks, NBFCs, and many
other financial institutions offer it, keeping
your own house or any other commercial property
as a mortgage. This mortgage loan against
property offers you 60 of the total market value
of your asset.
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Every individual has to arrange money for their
personal and professional needs. When the
situation turns out terrible and you find no
other option, a loan against property would be
the better solution. However, it is not that easy
to get a loan against property. Certain factors
are affecting your eligibility criteria in
availing of the loan. You need to mind all of
them and ensure your application does not get
rejected. Now, have a look at various factors
influencing your loan against property.

• 1. Applicant age This acts as one of the most
  important factors in interpreting your repayment
  capacity. If you are a senior citizen or retired,
  it is better to bring a co-applicant for applying
  on board so that your application might not get
  rejected.

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• 2. Employment status The lender would indeed
  check your employment status as you need to have
  a source of income so that they can trust you on
  lending a loan. If you don't have a regular
  source of income, there are high chances of your
  application getting rejected.
• 3. Property documents The primary thing a Bank
  does before lending a lap (loan against property)
  is to check all your documents and verify any
  legal issues related to your asset. The papers
  should have all necessary permissions from
  governance bodies.

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• 4. Property Age and Insurance If yours is an
  ancient property, there could be structural
  collapse. The lenders will ask for property age
  details and investigate in detail. You can
  increase your probability of being eligible by
  having insurance for your asset. This is a
  crucial factor in providing a loan against
  property in Delhi.
• 5. Credit history Your application will be
  approved only when you have a healthy and higher
  credit score. They will consider all your past
  repayment scores and reject if they find any
  defaults or delays in payments.

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• 6. Loan Tenure It is good to apply for a longer
  tenure in the case of a mortgage loan against the
  property to increase your chances of successful
  repayments.
• 7. Good profile The lender sometimes may check
  your previous history of rejected applications
  and investigate more profound into the reasons
  for the same.
• 8. Income Tax returns (ITR) ITR gives a clear
  picture of your income status. You need to have a
  consistent ITR filing for 3-4 years, increasing
  your chances of eligibility.

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Conclusion

• Most people opt for a loan against property in
  tough situations. So, you must maintain a very
  high profile and mind every factor. Even a small
  issue can affect your application as they check
  deeply while lending a loan against property in
  Delhi. Have a clear objective view of your
  profile and proceed further.

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