Cochin, a beautiful city in Kerala, India, is a fast developing metropolis that comes with all modern features as well as amenities. It is also a commercial as well as IT hub of Kerala. Apart from that, Cochin is a major tourist spot. All these make it ideal for people from different parts of the country to settle in Cochin and buy a property there. You can do so by going for a mortgage loan or a loan against property in Cochin. Here, your property will be taken as a collateral and you will be sanctioned a loan amount of 70-80% of the property value. Since, you are providing collateral; it comes with a lower interest when compared to personal loans or home loans. When you get this loan, you can buy a house in Cochin or renovate a house in Cochin or pay for your relocation costs or you can set up a new home in Cochin.
But you have to look for the following factors while going for loan against property in Cochin.
Rate of Interest: Many banks and NBFCs offer mortgage loans or loan against property. But the interest rates vary from one institution to the other. So, you should do a comparison to decide on the lender who offers best rate of interest but at the same time an economical and effective loan.
Repayment: You should go through the features of the loan against property and also should know about the repayment terms. You should go for the loans that come with flexible EMI tenor. If the repayment terms are not flexible, then look for another lender and go for the one that suits you best.
Loan Principal: For a salaried individual, a property loan maximum to Rs 1 crore will be sanctioned based on your property value. But you should be careful enough to borrow only the amount that you need. If you borrow more, then you have to pay a greater EMI. It is a good idea to make a budget and stick to it while taking the loan.
Fees and Charges: You should also be aware of the fees as well as charges that are associated with the loan against property. You should be careful enough to know about these charges so that you are not overcharged. You should also be careful about hidden charges as well as fees. You should be clear on the charges involved before you submit your loan application.
Now, you know about the loan against property select the one that suits you wisely.
Reference Read: Make Cochin Your Home By Applying For A Mortgage Loan
