Loan Against Property in Bangalore

Loan Against Property in Bangalore

Bangalore, the capital of Karnataka, is famously known as the Garden City of India due to its widespread lush green parks across the city. Lalbagh Botanical Garden, Cubbon Park, Bannerghatta Biological Park, Bangalore Palace, and Tipu Sultan’s Palace are a few noteworthy tourist spots of this city. 

Bengaluru is also called “the Silicon Valley of India” as it houses approximately 67000 registered IT companies in and around the city, as per a report. Quite evidently, the booming employment opportunities attract young talents from all over the country to come to this city every year. With the rising population, cost of living, education, and healthcare has also risen considerably over the years in Bangalore. 

Thus, borrowers can opt for a loan against property in Bangalore that offers an extensive range of benefits. But first, they need to know what this loan is all about. 

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What Is A Loan Against Property?

It is an asset-based financing product that people can avail by pledging their self-owned residential or commercial property. People can use this fund to address any short-term or long-term financial necessity. Moreover, the loan against property interest rates in Bangalore is typically lower than that of unsecured borrowing options available, for instance, personal loans. The lenders determine the loan amount after taking into account the current market value of the pledged property and other factors like the applicant’s income, credit score, etc. 

Due to its ready availability, people can find the right lender online in a simple way. All they can do is voice search for “best loan against property agents in Bangalore near me”. 

However, irrespective of the lender, prospective borrowers need to meet specific loan against property in Bangalore eligibility criteria to access this fund.

What Are The Requirements for Loan Against Property Eligibility?

Although a loan against property in Bangalore is availed against collateral, the amount is determined based on several parameters. Moreover, it fares differently for both salaried and self-employed individuals. 

For Salaried Individuals

  • Applicant’s age should be between 18 to 60 years. 
  • Must be employed in the private or public sector, or MNC. 
  • Should be a resident of India. 

Document Checklist 

  • KYC 
  • ID Proof
  • Address proof 
  • Salary slips of last 3 months
  • Bank account details of the last 6 months
  • Employee ID card
  • IT documents 

For Self-employed Individuals 

  • Age should be between 24 to 70 years.
  • Must be a resident of India 
  • A business running in profit for 3 years 

Documents Checklist

  • KYC documents 
  • Address proof
  • ID proof
  • Business ownership documents 
  • Certificate of registration 
  • Bank account details of the last 6 months
  • Audited Balance Sheet and Income Statement of the company 
  • IT return documents 

Besides these, both salaried and self-employed individuals need to present property ownership documents. The verification process in this regard can be time-consuming. People need to go through more or less this entire process to be eligible for a private loan against property in Bangalore.

However, to avoid these hassles, people can alternatively settle for a gold loan that generally comes with lenient eligibility criteria, flexible repayment options and instant approval and disbursal. 

However, before applying for a gold loan, people also need to weigh the advantages of this financing option in details. In this matter, they can specifically consider taking a gold loan from Rupeek. 

Why Rupeek Gold Loan Is A Better Alternative To LAP?

Even though the gold loan is also a kind of secured loan, it differs from a conventional loan against property to some degrees. It includes. 

  • Minimal Documentation

In order to be eligible for Rupeek gold loan, you have to submit only a few documents like Aadhaar card, PAN card, or any other ID proof alongside utility bills/rental agreement. Moreover, our loan manager completes the entire documentation process at your home. 

  • Instant Loan Disbursal

We provide doorstep services to our borrowers. On getting a Rupeek gold loan request, our loan manager will visit your residence within 30 mins and initiate the loan processing formalities. Once the gold appreciation is done, the loan disbursal takes place immediately. Roughly the entire process takes 45mins-60 mins to complete. 

Thus with Rupeek, you can avail instant online gold loan at your doorstep

Besides, we also offer a range of benefits that makes our services one of the more preferred alternatives to a loan against property

Take a look –

  • High LTV 

We extend an LTV of up to 80% that allows borrowers to acquire a substantial amount against their gold deposits. By taking a loan up to Rs. 1.5 crores, one can see to any financial plans easily. 

Moreover, since the loan amount is determined based on current market gold rate, people get the highest per gram value while availing a Rupeek gold loan. Nevertheless, people can check beforehand how much gold they have to pledge to get their desired fund, using an online gold loan calculator

  • Flexible Repayment Schemes

We offer multiple repayment schemes. Based on the repayment capacity of borrowers, we allow them to choose the one most feasible for them. Moreover, our interest rate starts at 0.49% per month that let borrowers continue their other financial liabilities with ease. 

Furthermore, on regular repayment, we also offer rebates – higher the frequency of repayment, more the rebate. One would be hard-pressed to find this feature with any loan against property in Bangalore.

  • Robust Gold Security 

Another vital aspect of availing a gold loan is ensuring the security of the pledged gold. We take this matter with the utmost importance. Therefore, our loan manager, after collecting the gold from a borrower, places them in a GPS-traceable carry bag and deposits in the nearest bank’s vault. 

To full-proof this process, we also have some eminent banking partners like ICICI Bank and Federal Bank. We follow the same procedure while returning the gold to borrowers after the tenure ends. Additionally, we also offer complimentary insurance of the pledged gold throughout the tenure. 

Alongside these, we also offer gold loan overdraft facility to ensure top-notch flexibility and availability of funds.

How Does Gold Loan Overdraft Facility Work?

Another reason people choose Rupeek over other lenders is our offering of a gold loan overdraft facility or credit line, known as Rupeek Quick. It lets existing Rupeek gold loan borrowers to avail funds on top of their active loan. All they have to do is repledge some additional gold and get a credit line instantly. 

We disburse the amount directly to borrower’s wallet so that they can use the credit as when they require. Alternatively, they also can transfer the funds to their bank account for further convenience. This facility is also instrumental in reducing the interest payment as the interest is levied only on the amount utilised or withdrawn. 

Individuals can access our services in Bangalore without wait owing to our presence in and around the significant locations here.

Rupeek Bangalore Location List

If you are in or around any of the following locations in Bangalore, you can rest assured as we will reach you within just 30 minutes.

  1. Electronics city
  2. Sampangi Rama Nagar
  3. HSR layout
  4. Koramangala
  5. HAL old airport road
  6. Yelahanka
  7. Bommanahalli
  8. Banashankari
  9. Whitefield
  10. Bannerghatta
  11. Hoskote
  12. JP Nagar
  13. Banaswadi
  14. Bellandur
  15. Nelamangala

Thus, a Rupeek gold loan proves to be not only a substitute for a loan against property in Bangalore but also surpasses it at several points. Moreover, individuals who are paying higher interest on their existing gold loan can transfer the loan to Rupeek for competitive interest rate and better terms of service. For instance, by availing our loan transfer facility, borrowers can save up to Rs.12,377/lakh on interest payable. 

Hence, Request for a Rupeek gold loan today and utilise the funds without any restriction! 

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Frequently asked questions

  1. What things to consider before I avail a gold loan?

Factors you ought to keep in mind while opting for a gold loan includes Loan-to-value ratio, current gold market rate, and gold security. Along with that, you also need to consider repayment structure, interest rate and additional charges that lenders may levy occasionally. 

  1. Can I avail a loan against property for my Europe trip?

Yes, you can use a loan against property for a Europe trip. You can also consider a gold loan for that matter as it does not entail any end-use restriction.

  1. Is there a minimum loan limit for a Rupeek gold loan?

Yes, the minimum loan amount for Rupeek is Rs. 15000, and the maximum amount ranges up to Rs. 1.5crore. 

  1. How can I part release my gold pledged for a loan?

Yes, you can part release your gold jewellery by part paying the loan amount. However, in that case, the particular gold article that will be released must weigh approximately 10 grams or more. 

  1. How can I get a referral bonus from Rupeek gold-backed loan against property?

First, you need to download Rupeek App and navigate to ‘Refer and Earn’ page. You will get your unique referral code; share that with your friends and relatives. Whenever your friends/relatives use your referral code to avail their first Rupeek gold loan of Rs. 50,000 or above, both of you will earn bonus offers. 

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