Financial Blog

How to apply for loan against property with bad credit

posted on 2019-08-17 09:38:31 by Admin

Sudden emergencies or cash crunch can be very disturbing for you. As you might get tensed that how will you arrange sudden amount of money? Loan against property is the best option for you. But wait? Thinking about your credit score or cibil score? It’s not up to mark? No worries don’t stress out, as we have options for you, as how you can have the access of loan against property with a not healthy credit score to meet your urgencies.

Loan Against Property, is a secured form of loan, and it involves a collateral, which means a security. In this loan, you have to mortgage your own residential property or commercial property to the specific bank in which you areapplying as a security towards the loan you have taken. This loan is assessedon the basis of your property value in the market.  And also, you have the benefit of getting a higher loan amount than any other regular loan. In order of having a bad cibil score, you might worry that how will you access this loan.

So, since this a secured loan, banks already has the leverage of your property with them so they take cibil in less consideration. Banks generally take major concern in cibil checking but we have the options of NBFCs also which can help you with this, but since the interest rates of a loan against property is less but considering a bad credit score, they’re might be chances that rates may get a bit higher.

In order to be safe from the high rate of interests, you need to improve credit score, and this can be done, if you pay your regular bills and emis, and try not to exceed within the 50% of your credit limit, also make sure you don’t make too many enquiries as too many enquiries lead shows your desperate need of loan.  Follow these regulations and easily you can avail the entitlement of loan against property, as it is the safest and best loan option which anyone can get.