Loan Against Property in Chandigarh

Loan Against Property in Chandigarh

The capital of two Indian states, Chandigarh is famous for its marvellous structures like Open Hand Monument, Palace of Assembly, Gandhi Bhawan, and Rock Garden of Chandigarh. Besides housing the UNESCO World Heritage Capitol Complex, the “City of Beauty” is a hub for government administrative bases, trade, as well as IT companies.

MNCs, including Infosys, TechMahindra, Dell, Quark, and IBM aid in employment of a part of the population, while the other part comprises retired government officials. In such a scenario, a loan against property in Chandigarh works perfectly as a financial product capable of addressing both groups’ credit requirements.

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All You Need To Know About Loan Against Property Services In Chandigarh

The most prominent features of a LAP that compel individuals to opt for one are as follows:

  • Secured Loan: Banks and NBFCs let individuals pledge self-owned properties to avail credit against it. This makes a loan against residential property in Chandigarh a secured borrowing option and also facilitates individuals utilising the property at the same time.
  • Affordable Interest Rates: Mortgage loans come with competitive interest rates due to their lower risk-factor for lenders.
  • Adequate Loan Amount: Mortgage companies in Chandigarh offer loans worth up to 70% of collateralised property’s value, depending on its current market rate. Nowadays, many lending websites feature a loan against property calculator to help applicants have an idea about their loan amount.
  • Convenient Usability: One of the prominent reasons why mortgage loans are so approachable is their multi-faceted nature. Borrowers can employ acquired funds to finance all requirements from a big-ticket purchase to higher education.

Although the above features make loan against property Chandigarh appear quite a borrower-friendly funding option, individuals must keep in mind its other properties as well, which contribute to this financial product’s disadvantages.

  • Extended Loan Tenure

Although longer loan tenure ensures less hefty monthly EMIs, a financial product stretching till 15-20 years might not be a great option for individuals who are looking to save on interest.

  • Over-the-top Documentation

A secured loan involving a high-cost asset like a house or land requires a lot of paperwork confirming the pledged property actually belongs to the applicant and can be employed to redeem outstanding dues in case of a default. This involves documents to support an individual’s credibility, including KYC, address proof, income proof, bank account statements, tax invoice and all property-related documents proving ownership.

  • Slow Loan Approval

Due to a far-stretched documentation process, applicants may have to wait for days before getting qualified for a loan against property in Chandigarh. Additionally, financial institutions take up considerable time to evaluate pledged assets and finalise the viable loan amount, which can further delay loan disbursal.

These disadvantages can sometimes outweigh this financial product’s benefits for individuals unable to conform to given requirements. In such circumstances, the closest go-to option for some looking for a mortgage loan is gold loan.

Benefits of Skipping Mortgage Loan for Gold Loan

Following are some of the advantages of gold loan over loan against property Chandigarh.

  • Availing funds with gold as collateral comes with lot lesser risk as compared to credit availed against residential or commercial property.
  • This financial product requires minimal documentation, which is why individuals can avail gold loan without ITR and income proof in Vijayawada.
  • Brief documentation allows faster loan disbursal, making it an ideal mode of finance during emergencies.

An array of search results for “loan against property provider near me” might make it easier for you to avail instant mortgage loan Chandigarh, but it is advisable that you weigh the pros and cons of several lenders before choosing the best.

Rupeek Fintech is one such reliable gold loan provider which aims to make funds available to all loan seekers irrespective of their financial standing or employment. Read on to find more on the ways a Rupeek gold loan can favour you.

Rupeek – Your Ultimate Gold Loan Partner

Here is a list of some of the most beneficial policies adopted by this Fintech company.

  • Prompt Approval and Disbursal: With a simple online application process, Rupeek facilitates instant loan approval and disbursal. Get KYC verified and gold evaluated from the comfort of your residence with instant online gold loan at your doorstep. A Rupeek loan manager will guide you through the process and ensure successful loan transfer to your account post approval.
  • Compact Loan Tenure: Forget bearing the brunt of loan debts into your old age with Rupeek’s shorter repayment tenures extending to a maximum of 12 months.
  • Choice of Repayment Scheme: Rupeek allows borrowers to choose from a variety of loan schemes where individuals can choose from two repayment method – standard monthly EMIs, or any amount of payment anywhere within the tenure. The latter also facilitates single bullet payment within the first 6 months of tenure.
  • Balance Transfer Facility: Find Rupeek policies more beneficial than those of your current lender? Clear all outstanding dues and submit your pledge card to shift your unpaid loan to Rupeek using our loan transfer facility, and save up to Rs.12,377 per lakh on interest payment.
  • Gold Credit Line: Using Rupeek Quick, borrowers can avail a gold overdraft loan or an extended credit line by pledging some additional gold. Thereafter, borrowers can get instant access to required loan amount via their in-app wallet, and pay interest only on the withdrawn amount.

Although Rupeek extends its services to all major cities in India, many individuals might wonder which area-specific services to look for in the absence of a physical establishment. Well, worry not! You can avail our services from almost anywhere in Chandigarh.

Chandigarh Locality List for Rupeek Services

Following is a list of key localities in Chandigarh where Rupeek follows its 30-minutes loan disbursal policy.

  • Sector 26 Chandigarh
  • Sector 15 Chandigarh
  • Sector 20 Chandigarh
  • Sector 35 Chandigarh
  • Sector 21 Chandigarh
  • Sector 9 Chandigarh
  • Sector 19 Chandigarh
  • Sector 40 Chandigarh

Besides the above areas, Rupeek plans to make its gold loan services available to more locations in Chandigarh, including rural areas with the reach of technology. If you are someone looking for a similar financial solution, apply for loan against property on the Rupeek website today.

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Frequently asked questions

  1. What documents do I have to submit to avail a gold loan?

Applicants need to produce their KYC documents, including voter ID, Aadhar card, passport, PAN card, or driving license. They also need to submit any one of the above, and a utility bill and lease agreement as address proof.

  1. What is the required eligibility to qualify for a loan against property in Chandigarh?

Individuals seeking a loan against property have to be within 21 and 65 years of age, must have a stable source of income, hold a pledge-worthy property to their name, and be of Indian residence.

  1. Can I pledge gold coins to avail a mortgage loan?

No, unfortunately, our lending partners currently don’t accept gold bars or gold coins as collaterals. Applicants can avail finds only against gold jewelleries.

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