Loan Against Property in Chennai

Loan Against Property in Chennai

Located on the Coromandel Coast of Bay of Bengal, and often termed as ‘Gateway to South India’, Chennai is the capital of Tamil Nadu. The city is blessed with the perfect amalgamation of both historical aspects and contemporary elements. From the gorgeous Kapaleeshwarar Temple to Mahabalipuram and Velankanni Shrine, the remnants of Dravidian civilisation are still apparent all across the city.

Apart from the exquisite buildings, Chennai is also home to major industries like automobiles, leather, fertiliser, cotton textiles, etc. that have contributed enormously to its economy. However, industrial growth also gives rise to inflation and other different aspects. Hence, managing personal expenses becomes challenging at times. As a solution, individuals can opt for a loan against property in Chennai, which proves to be more convenient than other unsecured loans.

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Characteristics Of A Loan Against Property In Chennai

Loan against property is a type of secured loan that provides you with a substantial credit amount against an immovable asset like a house or a commercial property. Financial institutions and NBFCs have numerous offers associated with the loan against property, which can keep your financial trouble at bay.

Here are some useful features a Mortgage Loan in Chennai comes with:

  • The secured nature of this loan allows borrowers to avail a large sum against the collateral. Also, the loan amount gets sanctioned based on the market value of your property.
  • Mortgage loans do not come with any end-use restriction. Hence, you can use the fund for any kind of financial requirements.
  • Also, the repayment process for a loan against property is quite smooth. Lending institutions allow borrowers to choose a loan tenure as per their repayment ability.
  • Both residential and commercial properties are allowed as collateral.

With so many advantages and hassle-free process, one can easily consider loan against property services as an appropriate choice to obtain credit amount. However, this set of features also comes with certain shortcomings such as specific document requirements and lengthy processing time.

Loan Against Property – Documents Required

Following are the list of documents you will require to apply for mortgage loans:

  • Property Papers – Proof of property ownership besides copies of municipal tax receipts.
  • Address Proof: Individuals can provide documents like electricity bills or the rent agreement as address proof.
  • Identity Proof: It may include Aadhaar card, PAN Card, driving license, Voter’s ID card, and passport.
  • Proof of Income: Individuals can submit their bank account statements or salary slips of last 3 months along with ITR.

Apart from these mandatory documents, applicants may also need to provide additional copies for verification if the lender asks.

Here are the eligibility criteria you should be aware of before going through the loan against property transfer procedure.

  • Each lending institution set certain income criteria that you need to meet in order to be eligible for this loan.
  • Your application will not be accepted if your credit score is below 650.
  • You should be an Indian resident and at least 23 - 25 years old to be accepted by the mortgage loan companies.

Due to its stringent eligibility criteria and lengthy documentation procedure, relying on loan against property in Chennai during emergencies may not be an ideal option. Individuals can rather consider availing a gold loan as an alternative.

Gold Loan – A Smart Alternative To LAP

While obtaining a large amount, you can always rely on gold, since it is a non-consumable asset and possesses higher value than others. With several customer-friendly features, a gold loan comes as a smart choice for those who are looking for an instant solution to their financial problems.

Especially for salaried individuals, the following features can be quite beneficial:

  • It allows borrowers to get a loan without ITR and income proof in Chennai.
  • The loan tenure for a loan against property is often dragged-out, and it becomes difficult for the borrowers to bear the monthly instalments after for so long. On the other hand, a gold loan provides an opportunity to quickly repay the dues and get rid of the financial burden.
  • In order to avoid strict loan against property eligibility norms, a gold loan comes as a better option that requires only a couple of basic documents.

This secured alternative allows borrowers to gather a substantial amount by submitting gold items, which are already available in their house. Therefore, during financial emergencies, one can simply make use of their unutilised asset and manage their expenses better. Therefore, instead of looking for a home mortgage loan Chennai, you may consider a gold loan using Rupeek’s services to maximise these benefits.

What Rupeek Promises?

A key advantage of both a gold loan and loan against property scheme in Chennai is its restriction-free usage feature. It allows borrowers to make use of the loan amount to fulfil any kind of financial requirement. However, availing a gold loan using Rupeek’s services can provide you with some additional benefits.

  • Highest LTV

With LTV up to 80%, Rupeek makes sure that borrowers can obtain a substantial amount in exchange for the gold jewels they are submitting as collateral. The gold loan calculator is also available in order to provide them with an idea of the total credit amount they will be receiving against the gold.

  • Lowest Interest Rate

An immoderate interest rate often creates a hurdle, and most of the borrowers often find themselves struggling to maintain it. However, interest payment becomes manageable with Rupeek’s lowest rates, which starts from 0.49% per month.

  • Quick Disbursal

Due to the simple nature of the loan, from applying for the gold loan to finally getting the loan sanctioned, everything gets completed within 45-60 minutes. Therefore, during emergency situations, Rupeek’s quick disbursal feature comes as a big help to avoid financial trouble and get a loan up to Rs. 1.5 crores.

  • Doorstep Services

The instant doorstep gold loan service feature from Rupeek saves the borrowers from the lengthy manual procedure. Upon receiving the application, our loan manager visits the borrower’s residence with a gold appraisal kit to evaluate the gold and sanction the loan amount accordingly. Thus, avoiding the tedious process of loan against property Chennai becomes easier with Rupeek.

  • Gold Overdraft Facility

Another significant reason to opt for Rupeek’s services is our gold overdraft facility called Rupeek Quick. This facility allows our existing customers to get a credit line against gold and withdraw funds from it whenever required. Additionally, the interest rate gets imposed on the amount you are using only, not the total sanctioned loan.

Along with these, Rupeek also provides two major advantages like lenient eligibility criteria and nominal document requirements, which are some shortcomings you will find in mortgage loans. Hence, individuals looking for mortgage companies in Chennai can rather choose a better alternative like gold loans to avoid these issues and handle their finance better.

Our Services At Chennai

You can avail Rupeek’s services from the following places in Chennai:

  • Triplicane
  • Kodambakkam
  • Tiruvottiyur
  • Nungabakkam
  • Koyambedu
  • Tiruvanmiyur
  • Porur
  • Valasaravakkam
  • Velacheri
  • Anna Nagar
  • Maduravoyal
  • Mylapore
  • Vadapalani
  • Perambur

With a bunch of compelling benefits, Rupeek has extended its helping hand to salaried and self-employed individuals struggling with financial hurdles. Also, the less time-consuming documentation procedure and simple eligibility criteria make a gold loan an ideal alternative for a loan against property in Chennai.

So instead of searching ‘gold loan provider near me’, go to Rupeek app now to get yourself the best deal!

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Frequently asked questions

  1. What are the required documents to avail a gold loan with Rupeek?

In order to avail a gold loan with Rupeek, individuals are only required to submit KYC documents for verification. These documents include Aadhaar card, driver’s license, Voter’s ID, PAN card, or passport. Also, a utility bill or lease agreement should be there along with other documents.

  1. Can I pledge any kind of gold item?

<pOur lending partners are accepting all kinds of gold jewellery that are of 18 carats and above, except gold coins or bars. >

  1. How to apply for a loan against property in Chennai?

You can visit your preferred lender’s nearest branch, fill out the application form, and submit the necessary documents to apply. You can also apply online by filling out the online application form.

  1. Do lenders accept a let-out property in Chennai as collateral?

Yes, certain lenders accept a house/building that you have rented out as collateral for a loan against property.

  1. How can I repledge my existing loan?

The compelling features of Rupeek have made it easier to repledge an existing loan to extend the tenure. In order to continue an existing loan and repledge the gold items, you may contact our customer support team, who will properly assist you.

  1. Are the pledged gold items secure with Rupeek?

Having partnered with renowned banks, Rupeek always ensures the utmost safety. Therefore, we make sure to carry your gold jewels in a GPS-enabled bag while transporting it from your home. We follow a transparent and secure system that includes keeping the gold in bank lockers under round-the-clock surveillance.

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