By availing a loan against property, an individual has various possibilities to meet their financial goals. Individuals can avail these secured loans in a hassle-free manner. However, before applying for a loan, you may have doubts regarding your eligibility. You can check whether you are eligible to apply for this loan through a loan against property eligibility calculator.
Scroll below the section to find out more details about this calculator.
What is a loan against property eligibility calculator?
It is a free online calculator which provides instant results of various values like property value, monthly income, loan against property interest rates, existing EMIs, etc. The tool provides these results by considering various factors like an applicant’s age, assets, liabilities, repayment capacity, etc. Other additional factors like an employee’s income, savings, etc. also affect their eligibility to apply for a loan.
What are the steps to use a loan against property eligibility calculator?
An individual needs to perform the following steps to use the loan against property eligibility calculator:
Step 1: Visit the official website of the lending institution.
Step 2: Look for the ‘Loan against property’ section and then click on ‘Eligibility Calculator’.
Step 3: Enter all the details like occupation, monthly income, residence details, the loan amount needed, etc.
Step 4: Provide the PAN card number and contact information.
Step 5: Click on the ‘Check eligibility for a loan against property’ button.
Step 6: Once the OTP is received on the mobile phone, enter it and click ‘Verify’.
Step 7: Complete the additional property details.
After completing these steps, the loan against property eligibility calculator will display the eligible loan offers.
What are the main features of a loan against property eligibility calculator?
A loan against property eligibility calculator offers several advantages due to its features:
- This calculator yields more reliable results compared to manual calculations in less time and reduces time to apply for a property loan at the earliest.
- Manually working through complex formulas for calculations consumes significantly more time than simply entering values into an online calculator, which provides instant results.
- There is always a risk of human error while performing manual calculations, whereas relying on this tool to perform the calculations minimises the chances of mistakes.
- This online LAP eligibility calculator can be accessed from the comfort of one’s home or any preferred location, at any time that suits the user’s convenience.
How can one maximise their eligibility to apply for a loan against property?
An individual can maximise their eligibility to apply for a loan against property in the following ways:
- Consider paying off all the pending loans to maximise your loan eligibility.
- Many lending institutions accept a CIBIL score of 750 and above in order to provide a property loan with attractive interest rates.
- Adding a co-applicant who has a high CIBIL score will also benefit an applicant in their overall mortgage loan eligibility.
- If one wants to apply for a second loan, taking it from an existing lender will be advantageous as the lender already has an idea of the individual’s repayment habits.
What is a loan against property balance transfer facility?
A loan against property balance transfer facility allows an individual to transfer their outstanding loan balance from one lender to another at a lower interest rate. This is done by borrowers to reduce their EMIs.
There are different financial institutions that provide pre-approved loan offers to existing borrowers, depending on their credibility. These offers speed up the application process and are usually applicable on loans against property, home loans, etc. Interested individuals can enter their name and other details on the lender’s website to check their pre-approved offers.
Thus, when one wants to avail funds via LAP for their business or child’s education or something else, they will want to check their eligibility beforehand. Therefore, using a loan against property eligibility calculator can ease an individual’s loan application process by helping one plan their finances.
Additionally, one can also use the LAP EMI calculator to get a better understanding of their repayment obligations. It is a good idea that individuals check these values before applying for a loan.