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Loan Against Property in Kakinada
loan-against-property-in-Kakinada

Loan Against Property in Kakinada

The 7th largest city in Andhra Pradesh (2011 census), Kakinada serves as East Godavari’s district headquarters. The city is famous for places like Cinema Road, Kakinada Beach, Hope Island, and Sri Bhavannarayana Temple. The scenic beauty and pleasant climate have earned it the badge of Pensioner’s Paradise.

People seeking financial assistance for parents’ post-retirement expenses, businesses, children’s education or any large-scale costs can choose a loan against property in Kakinada. Several financial institutions in the city offer a loan against houses, plots, and office or commercial spaces to both salaried and self-employed individuals.

Loan Against Property Eligibility

The eligibility criteria required to apply for an instant mortgage loan in Kakinada depend upon lenders. However, below is discussed a list of general conditions that most financial institutions require,

  • Age of the applicant must be 21.
  • Applicant must have a credit score of 650+.
  • Applicant must be employed by the current organisation or must be involved in the current business for a particular number of years.
  • Applicant must have a good credit history.

Loan Against Property Documents

While availing loan against land in Kakinada, a salaried and self-employed individual must provide the following documents.

Easy Loan against Property in Kakinada Documentation

For Salaried Individuals

For Self-employed Individuals

1.

Signed Loan against Property application form with photograph(s)

1.

Signed Loan against Property application form with photograph(s)

2.

Identity proof, address proof, age proof

2.

Identity proof, address proof, age proof

3.

Salary slip of the previous 3 months

3.

Financial documents including balance sheets, profit and loss account statements

4.

Bank statements

4.

Bank statements

5.

Latest Form 16, Income Tax Returns (ITR) details

5.

Income Tax Returns (ITR) of the previous 3 years

6.

The title deed of the property

6.

The title deed of the property

7.

Total work experience proof

7.

Business existence proof

During a financial crunch, individuals can utilise the dormant potential of their residential or commercial property. However, the lengthy processing time involving verification of property and ownership details, background checking of individuals, including credit score or credit history, makes LAP less consumer-friendly during urgent financial need.

In such cases, individuals of Kakinada can opt for a gold loan instead of searching for ‘loan against property lenders near me’ due to its faster processing time and hassle-free documentation.

Gold Loan Vs Loan Against Property In East Godavari

Though both gold loan and loan against property are secured in nature, the cons of LAP can easily be countered by the pros of gold loans.

Individuals looking for a loan against commercial property in Kakinada can consider gold loan as a substitute for several of its beneficial features including:

  • The processing time of gold loans is much lesser than LAP.
  • The eligibility criteria for availing gold loans are much relaxed than that of a loan against property in East Godavari.
  • The repayment tenure of gold loans is much lower (12 months) when compared to LAP (up to 20 years). It saves borrowers from paying EMIs for a long period and also hefty interest charges.

Individuals willing to avail a gold loan in Kakinada can meet their personal as well as business expenses hassle-freely by selecting Rupeek as their financial partner.

Benefits Of Availing A Gold Loan From Rupeek

At Rupeek, individuals are assured of getting 100% transparent processing and consumer-friendly repayment schemes. Our customers can expect the following benefits and features,

  • With Rupeek, individuals can overcome urgent cash requirement as we offer quick disbursal up to 1.5 crores within 45-60 minutes.
  • Whereas in LAP, individuals get a loan amount up to 70% of property value, clients of Rupeek can get LTV up to 80%. Individuals can assess the loan amount in advance by using the gold loan calculator.
  • Regarding repayment, borrowers enjoy further flexibility as they can select between monthly payments or payments as per their comfortability within the tenure.

Apart from these benefits, individuals of Kakinada can get the additional facility of gold overdraft with us.

Understanding The Meaning Of Gold Overdraft Facility

Also known as ‘Rupeek Quick’, the gold overdraft facility enables borrowers to obtain a credit line. Individuals can transfer loan amount from this credit limit to their account 247 as per their requirement. On top of that, they can save a considerable amount by availing this facility as they need to pay interest only on the expended amount not on the whole credit limit during repayment.

Besides, individuals preferring to complete the gold loan process, maintaining utmost privacy and avoid the hassle of going to banks, can enjoy doorstep instant gold loan services at 0.79% per month from Rupeek.

Service Locations Of Rupeek In Kakinada

People in Kakinada can avail our doorstep services in the following locations –

  • Vakalapudi
  • Gandhi Nagar
  • Indrapalem
  • Thimmapuram
  • Sarpavaram junction
  • Bhanugudi junction
  • Madhavapatnam
  • Ramanayyapeta
  • Rameswaram
  • Sri Nagar
  • Valasapakala

Click apply now and meet your personal and business obligations with the best gold loan services from Rupeek.

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Frequently asked questions

  1. What safety measures does Rupeek follow while offering gold loan?

While transporting the gold jewellery of client’s from their home to nearby Rupeek’s partner banks, these items are sealed in a GPS installed bag, supported by an international security system. Next, these valuables are stored in bank vaults under high security. Also, the articles of jewellery are insured against theft or accidents for the full tenure.

  1. How can I apply for a loan with Rupeek?

First, request a gold loan with Rupeek by providing your phone number or giving us a call. Next, complete the KYC document verification and gold appraisal process at home. Lastly, get the loan amount transferred to the account.

  1. Is age an eligibility factor for a loan against property?

Yes, lending institutions determine an applicant’s eligibility based on their age. Young applicants have a higher chance of LAP approval compared to people nearing their retirement.

  1. What is the gold loan repayment procedure?

With gold loan payment portal or app, individuals can easily proceed to repay the loan amount. Log in with the OTP sent to the registered number and view the profile. After that, follow the next steps to complete the repayment. 

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