Find Right Loan Against PropertyTeam LoanDeals Admin
Key Loan Against Property Features to look for
While buying a loan against property, customers normally lookout for a low interest rate, NIL fees, and easy repayment terms. However, that’s not enough, say our experts at LOANDEALS!
Choosing a wrong Loan Against Property could become a nightmare if you get trapped with the wrong lender. There are several banks offering some good deals like low rate of interest in addition to features like zero part payment facility and great customer service, presenting customers with a lot of choices, which are both good and bad.
Good – obviously because you have more options to choose from. Bad, because too much choice seems to be one of the reasons which confuse customers between choosing best Loan Against Property.
How can you go decide the right Loan Against Property product?
An average self employed applying for loan against property ,for the first time ,is bound to be confused with marketing gimmicks .There are many loan against property products with good features available in mortgage market. The solution, therefore, lies in educating yourself about the mortgage market and seeking help from experts like us to ensure you have the best product.
Our Internal survey suggest that too many information points available make the entire process a complicated exercise . It often makes customer end up choosing the wrong product after months of going through the entire process.
Financial Experts offer their customers convenience, choice, and savings by finding suitable loan against property products tailored to their meet their current financial situation. Besides, Financial Experts dealing with such products do all the legwork on their clients’ behalf, from submission of the application form , income tax papers ,monthly bank statements along with property documents to ensuring the funds are disbursed on time.
Another vital function undertaken by Experts Advisers from agency like Loan-deals is of educating their clients. Experts understand and analyse the financial condition of each of their customers before advising them on the level of mortgage repayments like a 15 year term or short term they can afford based on their income, day-to-day expenditure, and debt level. So, even if you are confused about the features you require in your loan against property, if you tell what you want from it, an expert adviser would be able to suggest the right mortgage loan product for you.
As a starting point, please see few things to look for in a loan against property:
A Low Interest Rate
Thanks to the high competition among banks in the India , lenders are trying harder than ever before to attract new customers by offering lower rate loans by mortgage of residential and commercial properties. While the average mortgage rate is around 10.5 per cent annually, all our deals are pre-negotiated, which means they could be as much as 0.5 per cent lower than lender advertised deals elsewhere. You can compare Loan against property Interest Rates to find the best possible rate for your requirements.
You can also you our proprietary home loan emi-calculator to decide on best loan term to suit your requirement .
As we always advice, the cheapest may not always be a good product. While comparing mortgage rates for loan balance transfer , do take into account the fees charged by the lender to estimate the true cost of the loan to you.
Flexible loan Repayments
Everyone wants to be debt free at the earliest, and the ability to make extra repayments whenever you like, without any penalty, will help you pay down your mortgage faster, saving you time and interest on your loan against property.
Flexible Overdraft Account
An flexi Mortgage overdraft works like a regular bank account linked to your loan. However, instead of earning interest, the money you have in the account is adjusted against your outstanding loan balance so that you only pay interest on the remaining amount. For example, if you have Rs. 1 lacs to the bank and have Rs Ten Thousand in your bank account, you just need to pay interest on the remaining Rs. Ninety Thousand only
Having an overdraft account could be an effective way to save interest on your loan when you have money to spare out your day to day business. However, some banks charge a higher interest rate for this facility, and, if you think you don’t need an overdraft account, you might be better off without one if it leads to a lower interest rate or lesser fees on your mortgage loan.
Besides ,an overdraft product, one of the most sought after product,is a mortgage flexi saver account offered by leading Financial institution Bajaj Finserv is worth it. It offers higher loan against property eligibility as well savings by offering flexi saver account which works exactly like a overdraft account. It allows you to pay as you use type of facility thereby leading to higher savings for employed individuals availing this facility.
There are several other mortgage features you can ask for in your loan against property that can potentially save you a lot of money. For example, you could think about splitting your loan into part Term Loan and part overdraft, ask for a zero renewal fees , or Auto Top up facility. Of course, what works for one borrower may not work for another – therefore, you must consider the features you need or do not need depending upon your purpose of loan.
Good Customer Service
Your Loan Against Property is a long-term commitment, and good customer service can make a whole lot of difference to your mortgage experience. Indeed, having a customer-friendly lender can make your loan journey much more easy. Therefore, in addition to a low rate loan and other features you need in your loan against property, do check out customer feedback to judge a lender’s customer service before signing on the dotted line.
Feeling happy reading ? or Have some queries, you can always Contact us . We will have them answered by our Loan against Property Experts with over twenty five years of experience . We would advice customer in a transparent manner, absolutely free of cost and with neutral perspective which is best suited to your requirement. Our network of over forty plus banks and financial institutions will help you make a informed decision and make your loan buying journey a peaceful event by offering you the best available .