Overcoming Low CIBIL Scores: Tips for Loan Against Property Approval

Nargis29 Nov, 2024Finance

Securing a loan against property (LAP) with a low CIBIL score in 2024 can be challenging but not impossible. Lenders primarily focus on the property’s value, the borrower’s income, and repayment capacity when considering such loans. To increase your chances of approval, it’s advisable to offer a high-value, well-located property as collateral. Additionally, you can improve your eligibility by providing a co-applicant with a better credit score, showcasing stable income proof, or reducing the loan amount relative to the property’s value. Exploring lenders who specialize in high-risk borrowers can also be beneficial.