Loan Against Property in Coimbatore

Loan Against Property in Coimbatore

Also known as Kovai, Coimbatore is the second-largest city in Tamil Nadu with a massive manufacturing sector and notable yet low-key tourist locations all around. From the Ukkadam-Valankulam Lake’s picturesque view to architectural sites like Perur Pateeswarar Temple, Marudhamalai Temple, and Kasthuri Sreenivasan Art Gallery and the Textile Museum, Coimbatore has quite a lot to offer. 

The city is also home to an extensive textile industry that has ushered in significant economic development and awarded Coimbatore with the tag of ‘Manchester of South India’. Despite being an established industrial hub of the southern region, the overflowing population and inflation often prompt natives to avail a loan against property in Coimbatore to manage their expenses. 

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What Is The Purpose Of A Loan Against Property?

While keeping up with the contemporary lifestyle, individuals often find themselves struggling with regular expenditures. Luckily for people, owning any commercial or residential property, a loan against property comes as the easiest solution to deal with a financial crunch. 

One can easily pledge real estate as collateral to avail substantial funds from a lending institution. Following are some features borrowers get to utilise while opting for a loan against property services:

  • One of the key advantages of mortgage loans is its zero end-use restriction feature. With this option, individuals have the independence to utilise the fund to fulfil any kind of financial requirement. This all-purpose loan works as an ideal solution to all your financial problems from home renovation to medical emergencies.
  • Due to its secured nature, mortgage loan interest rates stay pretty moderate compared to other traditional loans. 
  • Be it a loan against open plot in Coimbatore or residential property; there are no restrictions on pledging collateral. Individuals can make use of any kind of property they have to get funding.

These useful features of loan against property Coimbatore make it a borrower-friendly option. Regardless of these benefits, a major drawback of mortgage loans is its intricate documentation procedure that often takes up several days to complete. 

What Kind Of Documents Are Required To Apply For Mortgage Loan?

Before applying for a loan against property scheme in Coimbatore, applicants must keep all the necessary documents available to avoid further delays.

Here is a list of all the documents required for getting a loan against property agricultural land:

  • Property documents: Applicants must have all the documents of the property they are pledging as collateral.
  • Address Proof: Government-issued documents like Aadhaar card, Voter’s ID card, etc. should be provided as address proof. 
  • Identity Proof: An Aadhaar card or PAN card has to be submitted as proof of identity 
  • Income Proof: The process also requires applicants to submit their income reports (latest salary slips), and copies of income tax returns. Borrowers cannot obtain the loan without ITR and income proof in Coimbatore
  • Bank Statements: Bank account statements for the last three months should also be submitted along with other substantial documents. 

The document requirements also depend on the mortgage companies in Coimbatore; therefore, individuals need to keep additional documents handy to avoid loan disbursal delays. Apart from the time-consuming documentation process, the stringent eligibility criteria also make a loan against property in Coimbatore inaccessible for certain people.

Therefore, as an alternative, individuals can go for a gold loan to obtain funds instantly, without facing these struggles. 

Why Is Gold Loan A Smarter Alternative?

Apart from being a secure option, a gold loan ensures fast disbursal, allowing borrowers to get rid of their financial crunch immediately. Because gold possesses a high value, you can easily obtain a large amount by pledging gold jewels as collateral. 

Some other benefits that suggest why a gold loan is a better alternative for home mortgage loan Coimbatore:

  • You just need a couple of basic documents to avail a gold loan.
  • Unlike a loan against property in Coimbatore, the loan tenure does not get dragged-out in case of gold loans. Consequently, borrowers can get done with their financial burden more quickly. 
  • The eligibility criteria for a gold loan are quite lenient as compared to other traditional loans. Therefore, one can easily rely on this during financial emergencies. 
  • Since it involves pledging collateral, the overall cost automatically gets reduced, and you get to obtain a large amount against it.

Finding a trustworthy lender is quite difficult with several schemes and offers that are getting introduced these days. If your goal is to find a reliable and beneficial solution to your liquidity crisis, Rupeek is a one-stop solution for you. With Rupeek’s impeccable facilities, these benefits can be further maximised. 

What Rupeek Offers?

Following are some exceptional benefits you will receive using Rupeek’s services:

  • Highest LTV

With Rupeek’s facility, you can expect the highest per gram rate, since we provide up to 80% value of your pledged gold. To help the borrowers out during their financial crunch, we provide up to Rs.1.5 crore as a loan amount. You can also use our gold loan calculator in order to check the exact value you will be receiving while pledging the gold items. 

  • Lowest Interest Rate

With the lowest interest rate that starts from 0.49% per month, Rupeek makes sure that the customer can lead a stress-free life and manage their finance better.

  • Doorstep Services

With our instant doorstep gold loan service, obtaining substantial funds to maintain regular expenses has become more hassle-free. You can just apply for the loan online using our app, and the loan manager arrives at your doorstep with a gold appraisal kit. From the evaluation of gold items to loan disbursal, you can complete the entire process sitting from the comfort of your home. 

  • Quick Disbursal

One of the key benefits you will be getting with Rupeek is the instant disbursal process. The entire process gets completed within 45-60 minutes, including KYC verification, from applying to loan sanctioning. This way, borrowers get to collect the fund instantly and make use of it during emergencies. 

  • Flexible Repayment

Our compelling schemes and flexible repayment options are available to help the borrowers smoothly maintain their expenses. Both part release of the loan and single bullet payment options are available apart from the traditional monthly EMI system for borrowers to conveniently repay the loan amount. 

  • Overdraft Facility

Our gold overdraft facility known as Rupeek Quick allows our existing customers to withdraw funds whenever required. This facility ensures that the interest rate does not get imposed on the total sanctioned amount, but only on the amount borrowers are utilising.

Locations In Coimbatore Where Rupeek Operates

Here is a list of places in Coimbatore you can avail Rupeek’s doorstep services from:

  • Marudamalai Road
  • Thondamuthur
  • Gopalapuram
  • Coimbatore Tidel Park
  • Periyanaickenpalayam
  • Singanallur
  • Saravanampatti
  • Kovaipudur
  • Peelamedu
  • Vadavalli
  • Malumichampatti

Amidst the economic downturn, borrowers can still manage their regular expenses with Rupeek’s unique facilities. The hassle-free procedures and compelling benefits are some reasons to opt for a gold loan instead of easy loan against property in Coimbatore

So, open the Rupeek app now to find the best deal, waiting for you!

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Frequently asked questions

  1. Can I get a gold loan with a poor CIBIL score?

Yes, since CIBIL score is not vital in case of a gold loan. The eligibility criteria for a gold loan are extremely lenient and only involves KYC verification. Therefore, you can still obtain a loan with your poor CIBIL score. 

  1. Can businesses get a loan against property?

Yes, businesses can obtain a loan against property by collateralising their owned commercial space. A businessperson can also submit their residential property as collateral as well.

  1. How can I pay less interest on a loan against property in Coimbatore?

The interest you pay depends on three factors – loan amount, tenure, and interest rate. Although you cannot do much about the interest rate, you can opt for a lower loan amount or a shorter repayment tenure if you want to keep the interest payable to a minimum. 

  1. What is the procedure of applying for a gold loan with Rupeek?

You need to keep the basic documents handy while applying for a gold loan with Rupeek. You can simply download our app or visit our online portal to apply. You can also give us a call for the same reason; after that, our loan manager visits your residence to complete the rest of the process. Post KYC verification, your loan amount gets disbursed instantly. 

  1. Is it possible to obtain Rs.1 crore with the gold loan from Rupeek?

Yes, Rupeek provides up to Rs.1.5 crore to the borrowers against collateral. 

  1. Can I opt for partial payment?

Yes, you can choose the part release of the loan option to partially repay your loan. In that case, the amount can range anything between the monthly interest and any amount less than the total due amount.

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