Planning to apply for a loan against property to secure a huge sum which can be used for varied needs such as buying a car, buying a house or renovating it, etc.? A loan against property would be a good way to finance your such needs but only if you get approved for it quickly. Though instant approval and secured loan don’t go hand in hand, you can take the below shared measures to ensure the money is sanctioned as soon as possible.
Keep your Eligibility to Value Ratio Low
In simple and straight words, if you ask for a lower sum even if your overall loan against property eligibility is higher, the approval might happen quicker. For instance, if the property’s value is 1 crore and you only ask for 10 lakhs which is only 10% of the total eligibility, your chances of getting approved quickly increases.
Mortgage Properties Solely owned by you
Secondly, mortgage properties which are solely owned by you. If there’s a second owner of the property you mortgage, you’ll have to follow a legal process and obtain their NOC without which the lender won’t approve the loan.
Keep your Loan Tenor Short
Shorter tenor means lower risk for the lender, which directly benefits the borrower by ensuring faster approval. So, use the loan against property EMI calculator and find out how quickly you can afford to repay the debt. Though you should always ensure the EMI size doesn’t exceed your monthly capability.