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How to Determine the Ideal Loan Repayment Period of Your LAP

Are you thinking about taking a loan against property? If yes, then read this blog to determine the ideal loan repayment period which you should opt for while repaying the LAP.

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How to Determine the Ideal Loan Repayment Period of Your LAP

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  1. How to Determine the Ideal Loan Repayment Period of Your LAP

  2. Introduction • A Loan Against Property Or LAP Can Be The Best Way To Fund The Expansion Of Your Business, A Lavish Wedding, Your Dream Vacation, And So On • Since It Is Secured In Nature, The Interest Rate On Loan Against Property Is Usually Affordable • However, You Need To Decide On The Right Tenure Before You Submit Your Application

  3. Age of the Applicant • Your Age Determines The Loan Repayment Period To A Large Extent • If You Are Young Or Have Just Started Earning, You Can Take A Large Amount Of Loan And Opt For A Long Tenure • But If You Are About To Retire, A Short Tenure Is Better, As You Might Not Have A Steady Source Of Income For Long

  4. Interest Rate & EMI • The Interest Rate On Loan Against Property And The Tenure Are Related • The Longer The Tenure, The Lower Will Be The Interest Rate And The EMIs • In Case Of Shorter Tenures, The Interest Rate And EMIs Will Be High • Hence, If Possible, You Should Try And Go For A Short Tenure

  5. The Amount of Loan • If Your Loan Amount Is A Large One, It Makes Sense To Choose A Long Tenure, So That Your EMIs Are Easier To Handle • However, A Long Tenure Makes The Total Interest Cost High • So, Use A Loan Repayment Calculator To Try Out Various Loan Amounts, Interest Rates And Tenures To Arrive At The EMI That Is Comfortable For You

  6. Other Existing Loans • Financial Institutions Check Many Parameters To Gauge Your Credit-worthiness Or Credibility As A Borrower • One Of These Involves Any Existing Loans That You Might Have • This Is Because The Lender Will Consider You Low-risk And Someone Who Will Not Struggle To Pay The EMIs

  7. The Value Of The Property • When Financial Institutions Assess The Value Of The Property Based On Its Location, Age, Condition, Size And Many Other Parameters • The Higher The Market Value, The Larger The Loan Amount That You Are Likely To Get • Make Sure You Have All Property Related Documents In Place To Negotiate Good Terms With The Lender

  8. Conclusion • The Loan Repayment Period In Case Of LAP Can Be Well-determined Once You Keep The Above Factors In Mind • Compare Lenders, Research About The Loan Terms They Are Offering And Assess Your Needs Correctly Before Taking A Call • A Long Tenure Will Make Monthly Repayments More Affordable, But A Shorter Tenure Will Reduce Your Total Interest

  9. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: Corporate.Care@HeroFinCorp.com Website: https://www.herofincorp.com/ Know more- How to Determine the Ideal Loan Repayment Period of Your LAP

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