Loan Against Property in Hyderabad

Loan Against Property in Hyderabad

Also known as the “City of Pearls”, Hyderabad is famous for being a trade centre for pearls and diamonds. Besides, it houses renowned industrial bodies such as Hindustan Aeronautics Limited (HAL), State Bank of Hyderabad, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Limited (BHEL). Rapid advancement in information technology has enabled the city of Charminar to grow its service sector manifold, leading to higher employment opportunities and, thus, a greater influx of population.

With trade, real estate, transport, and communication contributing to the country’s fifth-largest urban economy, besides its predominant service sector, the brimming population of the city often end up in need of loan against property in Hyderabad to support their expenses.

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Why do People Need Loan against Property in Hyderabad?

Emergency financial requirements demand prompt funding, for which individuals often seek secured loans such as a loan against property. These means of credit are a more viable option due to their easy availability and zero restriction on end-use, due to which they can be used to finance all sorts of requirements such as:

  • Medical emergencies
  • Home remodelling
  • Wedding expenses
  • Lavish vacation
  • Debt consolidation
  • Advanced education

Another important feature of these financial products is they come with comparatively low cost of borrowing, given their secured nature. Although this makes it a popular borrowing option, loan against property services in Hyderabad demand a hard and fast documentation and verification process to judge the credibility of such collateralised property.

Who Can Qualify For A Loan Against Property?

A person needs to meet the following eligibility parameters set by the lending institution to be eligible for a loan against property in Hyderabad.

  • Applicant must meet the minimum age limit varying among different lending institutions.
  • He/she must be a self-employed or salaried individual with necessary work experience.
  • Individuals must be a resident of India.
  • He/she must possess a 650+ CIBIL score. Some NBFCs set the limit to 700.

The eligibility criteria for such loans might seem easy to match for a potential borrower. Still, it is accompanied by a stringent list of documents, which must be kept ready before applying for credit.

Any individual, irrespective of his/her type of employment, must produce the following documents to qualify for a mortgage loan.

  • KYC Documents: It can be any one of Aadhar card, PAN card, Voter’s ID, driving license, or passport.
  • Address Proof: Availing a loan against open plot in Hyderabad requires submitting any one of KYC documents, and utility bills and lease agreement as address proof.
  • Property Ownership Proof: Applicants must submit any or all documents which confirm the applicant to be a titleholder of such pledged property, residential or commercial.
  • Bank Account Details: Individuals need to produce their bank account statements for the previous 6 months.
  • Income Tax Returns: A person also needs to submit their ITR.

Plus, applicants also need to produce income proof, which can be salary slips of such previous 3 months for salaried individuals, and audited profit and loss statements for business owners. In addition to such elaborate documentation, mortgage loans also come with several other disadvantages that might not make it such an ideal choice of funding for several individuals.

What Are The Downsides Of Mortgage Loan In Hyderabad?

The most prominent con of opting for a loan against land Hyderabad is that the property to be mortgaged must legally have the borrower’s name as its owner, for him/her to acquire credit against it. Even if an applicant manages to make through all these rigid requirements, the risk of losing collateral because of a default is remarkably high. This can deter many individuals from approaching mortgage companies in Hyderabad and can pose a serious threat during a financial crisis.

Gold loans come as an excellent solution in such circumstances. Although a type of mortgage loan, it comes with policies strikingly different from those of traditions loans of the same family. They come with relaxed eligibility criteria. Moreover, losing one gold item poses a lot less risk compared to a house or land.

One such NBFC catering to individuals looking for a loan without ITR and income proof in Hyderabad is Rupeek Fintech. With its diverse range of interest schemes, this RBI-certified organisation aims to make funds available to any individual searching ‘loan against property provider near me’ online, with a hoard of additional benefits.

How Is A Gold Loan From Rupeek A More Feasible Alternative?

Rupeek offers the following striking advantages as opposed to other financial institutions offering loan against property in Hyderabad.

  • Uncompromised Collateral Security: Leave behind all worries of gold security with Rupeek’s hard-and-fast safety protocols. Pledged gold items are transported to a secured bank vault in a GPS-secured bag so that you can track it in real-time. Additionally, gold ornaments are also fully insured against any sort of damage or theft.
  • Lowest Interest Rates: Rupeek offers gold loan at interest rates as low as 0.49% per month. Applicants can also get an estimate of loan amount available against their gold using our online gold loan calculator.
  • Convenience In Repayment: Borrowing funds is made even easier with flexible repayment schemes from Rupeek. Borrowers can choose from options of traditional EMIs or any amount of payment at any time during the loan tenure.
  • Gold Loan Overdraft Facility: Rupeek offers an additional benefit of an extended credit line to its customers, Rupeek Quick. With this facility, borrowers can pledge additional gold to avail an instant mortgage loan Hyderabad anytime thereafter with the advantage of interest payable only on the borrowed amount.
  • Prompt Disbursal: With Rupeek, potential borrowers can enjoy doorstep loan service with a successful application. Upon receiving a gold loan request, our company representative will meet you at your residence for the KYC verification and gold appraisal process, letting you avail instant online gold loan at your doorstep with immediate fund transfer upon approval.

Although Rupeek extends its quick online loan services throughout the country, applicants who are looking for a loan against property in Hyderabad from select locations to enjoy the added benefit of 30-minute loan disbursal.

Localities Rupeek Serves In Hyderabad

Here is a list of the most prominent areas Rupeek has its gold loan services available in Hyderabad.

  • Secunderabad
  • Kukatpally
  • Banjara Hills
  • Begum Bazar
  • Jubilee Hills
  • Vikarabad
  • Begumpet
  • Falaknuma
  • Golconda
  • Himayathnagar
  • Khairatabad
  • Miyapur
  • Bowenpally
  • Chandanagar
  • Ghatkesar
  • Balnagar
  • Sanjeev Reddy Nagar
  • Amberpet
  • Erragadda
  • Himayat Sagar
  • Shamirpet
  • Somajiguda
  • Yousufguda
  • Musheerabad
  • Sainikpuri
  • Tarnaka
  • Alwal
  • Bahadurpura
  • Film Nagar
  • Gandhinagar

Do not let maintaining a standard lifestyle in a cosmopolitan centre like Hyderabad strain your savings. Get a gold loan from Rupeek and avail our striking benefits today!

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Frequently asked questions

  1. Can I transfer an existing mortgage loan to Rupeek?

Yes, you can transfer an existing gold loan to Rupeek. You can transfer the outstanding amount to Rupeek by submitting your existing loan pledge card and other documents after clearing all outstanding dues, and, thereafter, save up to Rs. 12,377 per lakh on interest payment.

  1. How are interest rates for gold loans calculated?

Gold loan interest rates may differ among varying lending institutions, and so can the way they are calculated. To understand how lenders calculate interest according to schemes, contact the concerned lender.

  1. What is the minimum CIBIL score required to avail a gold loan from Rupeek?

There is no requirement for CIBIL score to avail our gold loan. Rupeek does not perform any credit score- or financial history-check before sanctioning a gold loan.

  1. What is the procedure of getting a referral bonus?

Rupeek rewards you by discounting 1 month’s interest, up to Rs. 2000, every time you refer a friend or relative to Rupeek to meet their online loan requirements. Simply download the Rupeek app, and visit the “Refer and Earn” page. Here, collect your referral code and share it with your friends. Both you and your friends can enjoy the referral bonus offer after receiving their first loan of minimum Rs. 50000 using this code.

  1. Can I submit an open plot as collateral for a loan?

Specific lending institutions do sanction loans against open plots. You need to contact your preferred lending institution to confirm this.

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