When you agree to keep your property, residential or commercial, as mortgage with the bank or NBFC, then you can easily get sanction to a loan against property. But, many have the misconception that a mortgage loan has higher rate of interest, whereas, if you check a few things and take some actions, to make it really affordable and avail a lower rate of interest.



Credit or CIBIL Score
A credit score is the numerical representation of your financial transaction and debt settlement history. It ranges from 300 to 900 and lenders want a good credit score between 750 and 900 to sanction a loan amount. If you have paid all your dues on time, you will have a good credit score. A good CIBIL score results in a less mortgage loan interest rate.


Income Stability
A loan against property eligibility criteria include your employment or income status. The inflow of your income is crucial in case of loan approval. If you have a stable source of income, you will have the capability of repaying the loan installment on time. You will be able to gain the trust of the firm and also avail a lower interest rate, if you can establish a proper income source.

To know about the other ways, read: 5 Ways To Get Low Interest On House Mortgage Loans