What is Loan Against Property Tenor?
When you borrow a Loan Against Property, the tenor you choose should be able to accommodate your ongoing financial obligations as well as your future goals while ensuring that you repay the loan amount complete with the accumulated interest.
The best repayment tenor is not a standard number but a number unique to your financial and repayment capacity. It is necessary to select a tenor that is practical and cost-effective, as your repayment schedule should be sustainable over the next several years.
Read Also: Documents Required for Loan Against Property
This page illustrates easy ways to arrive at the best Loan Against Tenor based on your profile.
What are the Factors to Consider for a Loan Against Property Tenor?
Loan Amount
Your loan amount directly affects your loan repayment process, and that’s why a smaller property loan amount will take less time to repay than a sizeable amount. So, before you decide to apply for a Loan Against Property, make sure that the loan amount you borrow fits into your repayment budget and can be paid off without inconveniencing your other financial plans within your preferred tenor.
Maximum Age
Another aspect to consider when you are in the process of selecting the right tenor is your age. Lenders often consider 70 to 75 to be the maximum age (at the time of loan maturity) for professional and salaried applicants, so if you borrow a loan close to that age, you’re unlikely to benefit from a lengthy tenor. Use this information to tailor your loan amount accordingly and borrow only so much that you can repay comfortably within the given tenor.
However, older applicants can consider borrowing with a younger co-applicant for a chance to get more flexible repayment terms.
Monthly Income
Applicants should ensure a thorough assessment of their financial and income profile before making a loan application. Having clarity of your income in-flow and expense out-flow allows you to evaluate how much you can spend in terms of EMIs and for how long. This helps in determining a suitable tenor as per your convenience.
Additional Read: 3 Different Loan Against Property Types You Should Know About
Future Prospects
While the Loan Against Property will help you address your current financial needs, you should also plan for your future financial goals and aspirations. To do this, you should chalk out a plan for savings and expenditure that spans over decades. By knowing how you would like to allocate your repayment capacity, you can aptly gauge how much to spend toward paying off your Loan Against Property.
Accurate Calculations
You will need more than just your insights and personal analyses to accurately decide the best Loan Against Property tenor. An EMI calculator can help you decide the exact period it will take to pay the loan and what your best Loan Against Property terms may look like.
The EMI Calculator for loan against property not only helps you figure out the tenor, but also tells you the amount you will repay in installments.
Additional Read: Procedures for a Loan Against Property
Final Thoughts
Once you consider all these factors, you can tailor your repayment period basis your eligibility and requirements. Planning with foresight helps you maintain repayment discipline and ensure that your credit profile doesn’t take a hit.
*Terms and conditions apply
Read Also: Difference Between Home Loan and Loan Against Property
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Content with tag .
Trending Articles
loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding the Fees & Charges on Your Loan Against Property2023-02-14 | 6 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding the Fees and Charges on Your Loan Against Property2023-02-16 | 8 min
loan+against+property Loan Against Property
[N][T][T][N][T]
5 Benefits of Using Area Conversion Calculator2023-02-14 | 6 min
loan+against+property Loan Against Property
[N][T][T][N][T]
5 Important Reasons to Opt for a Loan Against Property to Start Your Own Business2023-02-10 | 2 min
loan+against+property Loan Against Property
[N][T][T][N][T]
What Is the Difference Between Gold Loan and Loan Against Property?2023-03-02 | 6 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Things to Do If Your Loan Against Property Application Gets Rejected2023-02-14 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Personal Loan vs Loan Against Property: Which is Better?2023-10-23 | 2 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Step-by-Step Process How to Apply for a Loan Against Property2023-09-29 | 4 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Pay-off Your Debt with Bajaj Housing Finance Loan Against Property2023-02-24 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
3 Different Loan Against Property Types You Should Know About2023-08-24 | 5 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Loan Against Property for Doctors: Interest Rates and Charges2023-11-24 | 6 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Everything You Wanted to Know About Loan Against Property2023-12-16 | 5 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Why Loan Against Property Can be a Good Credit Option for a Startup Business?2023-12-22 | 5 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Short Tenure vs. Long Loan Against Property Tenure - Which Is Better?2023-02-23 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
What Are the Eligibility Criteria for Obtaining a Loan Against Property?2023-03-28 | 4 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Why Professional Loans Against Property Are Financially Beneficial?2023-03-03 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
6 Reasons Why Collateral Matters When Applying for a Loan Against Property2023-02-27 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Common Mistakes You Must Avoid Making When Applying for a Loan Against Property2023-02-09 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Top Benefits of Loan Against Property Over Collateral-free Loans2023-02-23 | 3 min
loan+against+property Loan Against Property
[N][T][T][N][T]
A Guide to Loan Against Property for Doctors2022-06-27 | 5 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Top Benefits of a Loan Against Property Over Collateral-Free Loans2023-03-02 | 6 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face