Loan Against Property Eligibility Criteria
Ideally,anindividualpreferslowinterest onloanagainstpropertysothathecan curtailhisEMIburden.Therefore,by closingexistingloandeals,aborrower canincreasehischancesofobtaininga loanatthelowestinterestrates.
1.ExistingLoan
Lendinginstitutionscheckanapplicant’scredit historyasvitaleligibilitycriteriaforaloan againstproperty.Therefore,anyduesordefaults inthepastcanaffectaborrower’screditscore negatively. 2.CreditScore
Lendersoftengrantasubstantialloanamountto thosewhocanshowsufficientincomesources. Addingaco-applicantduringaloanapplication canincreaseanindividual’sloanagainst propertyeligibilityasmoreincomeisavailable forloanrepayment. 3.Co-Applicant
Beforesanctioningasizableloanamount, financiallenderscheckaborrower’srepayment capacitybyevaluatinghisincomesources. Owingtothat,somelendersconsiderrental incomeaspartofanindividual’snetincome. 4.RentalIncome
AnLTVratioisthepercentageofaproperty’s marketvaluethatlenderssetasthemaximum loancapforpotentialapplicants.Aborrowers mustcheckpropertyloantovalueratiobefore purchasingit. 4.PropertyLoan-to-ValueRatio