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Loan Against Property in Ahmedabad
loan-against-property-in-Ahmedabad

Loan Against Property in Ahmedabad

The former capital of Gujarat, Ahmedabad is notable for comprising the country’s first UNESCO World Heritage city of Old Ahmedabad besides historical sites such as the Hutheesing Temple and Sabarmati Ashram. The largest city in the state, Ahmedabad holds the second position as a cotton producer nationally and constitutes a significant trade hub in India.

One of the decade’s fastest-growing cities, according to Forbes, being a part of Ahmedabad’s urban agglomeration can at times weigh heavy on one’s financial reservoirs. A loan against property in Ahmedabad comes as a feasible funding solution in such circumstances.

Prominent Features Of A Loan Against Property

Here are some of the critical characteristics of an instant mortgage loan Ahmedabad, which makes it a much sought-after credit form.

  • Secured Nature

The secured nature of mortgage loans allows individuals to be at an advantage compared to collateral-free loans. With a loan against property in Ahmedabad, borrowers can also enjoy the liberty of choosing the type of property they want to pledge, such as residential or commercial.

  • Multiple Usage

Loan against property agents Ahmedabad do not place any constraint on the end-use of such funds, which leaves borrowers at an advantage with regards to utilising such funds. Therefore, you can practically use a loan against property agricultural land to finance any requirement from supporting a start-up to paying for a long vacation.

  • Affordable Rates Of Interest

Interest rates on loan against property in Ahmedabad are comparatively lower because the perceived risk of default is considerably lower. Such competitive interest rates bring down the cost of borrowing remarkably, aiding in affordable funding.

  • Extended Loan Tenure

The repayment tenure for a loan against residential property in Ahmedabad generally ranges from 15 to 20 years. Such long repayment tenures allow people to cut down on monthly payments. However, lengthy periods result in higher interest payable and vice versa, and people may want to keep this in mind while searching ‘LAP providers near me’.

Thus, a loan against property is an ideal financing solution for large-scale expenses, like that of a wedding or travel. However, the stringent eligibility parameters and a long list of documents often make this loan inaccessible to individuals.

Eligibility Criteria For Loan Against Property In Ahmedabad

Applicants need to match the following requirements to successfully avail a loan against property scheme in Ahmedabad.

  • The applicant must meet the age bracket of 21 to 60 years on an average, or whatever age requirement is prescribed by the concerned lender.
  • Individuals must hold the collateralised property to their name.
  • Only residents of India can apply for a loan against property in Ahmedabad.
  • An applicant must have a stable source of income.

Documents Required To Avail Mortgage Loan In Ahmedabad

Following are the mandatory documents to qualify for a loan against property in Ahmedabad, irrespective of an applicant’s employment.

  • Identity And Age Proof: Any one of voter ID, Aadhar card, driving license, PAN card, or passport will suffice for this purpose.
  • Residence Proof: Applicants must submit recent utility bills or rent agreement as proof of address.
  • Bank Account Details: Applicants need to submit their bank account statements of the previous 6 months.
  • Copy of Property Ownership Documents: Availing a loan against property requires submitting copies of all papers pertaining to property ownership.
  • Income Tax Returns: Potentials borrowers must produce duly audited ITR files.

Loan against property eligibility criteria also requires submitting source and history of income, which have been listed separately for:

  • Salaried Individuals: Salary slips of previous 3 months and employee ID card
  • Self-employed Individuals: Business ownership documents and company Balance Sheet

Failing to satisfy even one of these criteria will result in ineligibility and restrict the flow of liquid fund, which can have a detrimental effect on individuals in dire need of money. Even after qualifying for a loan against property senior citizen, the time taken for property evaluation, coupled with a complicated documentation procedure naturally delays loan approval significantly.

But worry not. You no more need to postpone your activities for lack of funds. Gold-backed loans can be a great solution for anyone looking to avoid the complicated verification process of mortgage loans. A gold loan’s primary advantage over the latter is it is a loan without ITR and income proof in Ahmedabad and poses a much lesser threat of forfeiture in the event of default.

Comparison Between Loan Against Property And Gold Loan

Refer to the following table for a quick understanding of how a gold loan differs from a loan against property.

Parameters

Gold Loan

Loan against Property

Applicant’s Eligibility

Must be 18+ years old and possess adequate gold.

Must be aged between 21-60 years, self-employed or salaried, and have clearly titled ownership of the mortgaged property.

Documentation

Much relaxed and involves submitting only KYC documents.

Complicated and may vary from lender to lender.

Processing Time

Takes 1-2 hours

May take at least 4 days

Repayment Tenure

Relatively shorter, a maximum of 12 months.

Lasts for 15-20 years

If you have weighed the pros and cons of both and decided on availing a gold loan, let us save your time to search “loan against property provider near me” with best gold loan offers from Rupeek. We aim to provide loan against property for unemployed or any willing loan seeker with an extensive range of loan schemes to choose from.

Benefits Of Availing Gold Loan From Rupeek

Following is a list of some of the most prominent features of a Rupeek gold loan.

  • Highest Per Gram Rate

Avail substantial loan amount as high as Rs. 1.5 crores, up to a maximum of 80% of your gold pieces of jewellery, depending on trending market value of gold. Check available credit amount against your gold with our 100% transparent gold loan calculator.

  • Relaxed Documentation

Enjoy a quick gold loan with a hassle-free documentation process. To qualify for a gold loan with Rupeek, applicants only need to submit KYC documents including PAN card, Aadhaar card, Voter’s ID, passport, and driving license. They also need to submit recent utility bills and rent agreement as address proof.

  • Lowest Interest Rates

Borrowers can enjoy gold loan interest rates starting at 0.79% per month, to make borrowing affordable for individuals with varying financial backgrounds.

  • Flexible Repayment Options

Borrowers have the liberty to choose from various repayment options as per their conveniences, such as monthly EMIs or any payment at any time during the tenure, including one-time bullet payment.

  • High Gold Security

Your gold items are at safe hands with Rupeek’s robust collateral protection. Our security partner Brinks ensures safe transportation of assets via GPS-secured bags. Next, these are stored in secure vaults of partner banks within a 5-km radius of your residence. Additionally, Rupeek also fully insures your gold ornaments against any unprecedented incident such as theft or damage.

  • Gold Overdraft Loan Facility

Existing Rupeek customers also get access to Rupeek Quick, an exclusive gold overdraft facility. Availing this extended credit line does not require submitting additional documents since it is sanctioned on top of an existing loan. Also, you only pay interest on withdrawn loan amount at a time, which can be especially beneficial for individuals looking for an instant mortgage loan Ahmedabad at low cost.

Additionally, Rupeek also offers instant online gold loan at your doorstep throughout Ahmedabad with guaranteed 30-minute loan disbursal in select areas.

Avail Rupeek Gold Loan Services In Ahmedabad

Refer to the following list to find the localities where Rupeek offers its quickest loan against property transfer in Ahmedabad.

  • Navrangpura
  • Chandkheda
  • Asarwa
  • Manek Chowk
  • Maninagar
  • Khadia
  • Sabarmati
  • Vastrapur
  • Lal Darwaja
  • Naroda
  • Bapunagar
  • Bopal
  • CTM Char Rasta
  • Satellite Road

Don’t let the pressures of living in a fast-developing metropolis strain your finances. Visit the Rupeek website to apply for a mortgage loan today and avail maximum savings on interest payment.

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Frequently asked questions

  1. Can I repay and terminate a gold loan before the end of its tenure without extra charges?

Yes, Rupeek allows you to avail and complete a loan repayment even within days. There isn’t any mandatory lock-in period, so borrowers don’t need to bear prepayment penalties for early repayment.

  1. Can I pledge gold coins to avail a loan against property from Rupeek?

No, you can only avail loan against gold jewellery as our lending partners currently aren’t accepting other gold items like gold coins or bars.

  1. What do I do in case my address gets changed during an ongoing gold loan?

In the event of your relocation during repayment of a loan, kindly contact our customer helpdesk to help us update your current address details into our database.

  1. Can I get a loan against unfurnished commercial property in Ahmedabad?

Yes, you can. Most lending institutions accept both commercial and residential properties as collateral, irrespective of whether they’re furnished or not.

  1. How do I apply for a gold loan with Rupeek?

Download the Rupeek app or visit our website to place a loan request.

Upon successful application, complete the verification process and get gold appraised by our loan manager from your residence.

Get funds transferred to your account instantly post-approval.

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