Yes you can avail Loan Against Property for other loan provided you meet the eligibility requirement.
If you are falling short of eligibility, how do you increase it ?
- In case, if your spouse is working to increase the eligibility you can add the spouse as a co-applicant to increase the eligibility.
- In case if you have rented your other house, then you can show rental income and increase your eligibility.
- In case if you have a small loan where in you are paying high amount as EMI, then try to close it to increase the Eligibility.
- In case if your tenure of existing home loan is less than maximum tenure you are eligible, then increase the existing home loan tenure to get more loan.
- Last but not least, incase if you are paying higher interest rate then the market rate, first thing to do is to correct the EMI to existing rate and reduce the EMI. This would also increase your loan eligibility.
Your eligibility requirement would depend on following things
To get a loan will depends on following factors
- Your Salary or Your Business turnover + other incomes
- Your age
- Your Existing Loans
- Your Credit Score.
- Last but not the least the Property you are buying & Own contribution to pay 20% of the property
Your Salary : You should be earning enough to pay the EMI + at least 40% of earning for your living expenses.
Your Age : Based on your age, maximum Loan tenure will be decided. Before you retire i.e 58 years you should be clearing the loan.
Existing Loans : If you have any exiting Loans, you will be paying EMI so you overall eligibility would come down for the next loan.
Credit Score : Banks/NBFC would look at your credit report and based on how you have paid will decide to go if they want to give you loan
Property : When you are asking for Rs 80 lac loan, it would mean at least the property should be Rs 1 crore. Technically the price of the property should support it and you have to pay 20% from your self funding and 80% you can take loan. It should not be like for Rs 10 Lac property you are paying Rs 1 Crore.
All banks will not approve all the properties.
Plan your loan well, so that you will close faster and home will be fully yours.
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If you already have existing home loans then to plan it well and close faster, then manage the loan on Loanyantra for free