Key Points to Remember While Taking a Mortgage Loan
A loan against property is a credit scheme which allows people to mortgage their property and avail a loan against it. The borrowed capital comes with end-usage flexibility which entitles the borrower with the freedom to use the money for heterogeneous reasons. So, if you have been trying to arrange financial support for yourself, loan against property is the credit scheme you should consider.
Additional Read: Important Questions to Ask Before Taking a Loan Against Property
Now, if you have decided to go with the suggestion, you must remember a few important things related to the loan processing in order to ensure maximum chances of approval.
Your debt-burden ratio should be in a good state: When you take multiple loans, your debt-burden ratio goes up. Debt-burden ratio is a measure of the total amount being paid as EMI by an individual to their monthly income. For instance, if you earn 40k a month and you pay approximately 18k as EMI every month against your loans, your debt-burden ratio is above 50%, which is not quite good. You must drag it down before applying for a fresh loan.
Check your CIBIL score and credit eligibility before applying: Your loan would be approved based on your credit eligibility, and that is for sure. So, why not check it in advance to ensure maximum chances of approval? You can also check the minimum cibil score for mortgage loan. If you agree, get on the internet and find out your CIBIL score and your credit eligibility.
Make sure you have all the documents: Last but not least, make sure you have all the documents when you apply for a loan.