Loan Against Property in Lucknow

Loan Against Property in Lucknow

Lucknow, Uttar Pradesh’s capital, is a significant tourist destination in Northern India. It houses the famed Bhool Bhulaiya in Bara Imambara alongside other notable sites like The Residency, Rumi Darwaza, and the Dilkhusha Kothi.

The city is also vital to UP’s economy alongside Noida and Ghaziabad. Property values in Lucknow have risen in recent years due to the city’s continual development. Residents here can take advantage of this by opting for a loan against property in Lucknow to meet their many expenses. 

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Benefits Of A Loan Against Property

Mentioned below are some of the benefits of availing an easy loan against property in Lucknow.

  • The availability of higher loan amount and the no-end usage flexibility makes a loan against property takeover suitable for meeting a range of obligations.
  • Repayment periods for a LAP can go as long as 20 years.
  • Section 37 (1) and 24(b) of the Income Tax Act, 1961 offers tax benefits to individuals using a loan against property for business or buying a new house.
  • A farmer can avail a loan against property agricultural land to deal with any financial crunch.
  • It is perfect for senior citizens who require substantial fund for medical emergencies or retirement expenses. They can easily avail a loan against property senior citizen to deal with after-retirement costs.

These features fit perfectly for people not requiring quick loan against property Lucknow. However, there are limitations to this financing option that individuals should consider when searching for ‘loan against property providers near me’.

Issues With Instant Mortgage Loan Lucknow

  • The long-term financial commitment can pose a hindrance to future plans
  • An applicant has to maintain a CIBIL score above 650 and a reliant credit history
  • Lengthy documentation and processing time
  • Some NBFC’s may disburse lower amount against an old property
  • The interest payable can be sizeable if the borrower has opted for a prolonged repayment period.

These issues can become a burden for individuals requiring immediate funds for medical bills, marriage, or purchasing assets. Thus, it may be wise to consider alternatives, like a gold loan, during such situations.

Perks Of A Gold Loan Over A Loan Against Property In Lucknow

This financing option comes with multiple benefits like –

  • Eligibility – An applicant must meet several parameters to be eligible for a LAP, like FOIR between 40% - 50%, CIBIL score above 650, stable income source, etc. Gold loan lenders do not observe such stringency.
  • Documentation- Here, documentation is straightforward and limited. Individuals can easily avail a gold loan without showing income stability or salary slips. Whereas availing a loan against property without income proof is nigh impossible.
  • Quick Disbursal- A gold loan takes minimum time for sanctioning. After the gold is valued and documents are evaluated, the fund is transferred to a borrower’s account almost instantly.
  • Short Tenure- The gold loan can be availed for a short tenure, which is helpful in terms of repayment and savings on interest payment.

These are only the essential perks a gold loan offers. To ensure optimum usage of your gold ornaments, you can opt for Rupeek.

Advantages Offered By Rupeek’s Gold Loan

Get a loan at your doorstep with Rupeek against nominal documentation and a straightforward, time-efficient procedure. Some of our other borrower-friendly offerings are –

  • Overdraft Benefit

You can get access to an instant credit line against gold if you are an existing Rupeek customer. Avail funds round the clock with our overdraft facility, Rupeek Quick, and enjoy low interest charges as it’s calculated only what you spend from that limit.

  • Reasonable Interest

Depending on the scheme you choose, the interest charged on your loan can be as low as 0.49% p.m. Besides, you get to decide whether to repay monthly or settle the amount at your pace during the tenure.

  • Straightforward Balance Transfer

Transfer your gold loan to Rupeek quickly by providing your current pledge card and a few essential documents. Our loan transfer is not only simple but also allows you to save up to Rs. 12377/lakh on repayment.

  • Out-and-Out Gold Security

Your pledged valuable’s security is on us. Enjoy gold insurance free-of-charge for the entire repayment period. Furthermore, we keep the items under 24x7 surveillance, locked in a superior-grade vault.

These features have made us renowned as the most trusted loan lenders in Lucknow.

Availability Of Rupeek’s Services In Lucknow

Customers can get doorstep services in Lucknow from in and around the following locations –

  • Gomti Nagar
  • Charbagh
  • Mubarakpur
  • Lucknow Chowk
  • Raibareli Rd
  • Alambagh
  • Jankipuram
  • Cimap
  • Indira Nagar
  • Mohanlalganj
  • Qaisar Bagh

Although a loan against property is an excellent source of financing, the lengthy approval and disbursal make it unsuitable at times of crisis.

Rupeek’s gold loan services are more readily accessible and offer near-similar benefits. Why not go for that option instead? The fund against your gold collateral will be sanctioned to your account within 30 minutes.

So, choose wisely and avail the right form of the secured loan!

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Frequently asked questions

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

You can apply for a gold loan by visiting our official site. Please provide your mobile number and select the apply option to make an application with us. Our loan manager will contact you soon regarding the loan disbursal process.

  1. Can I avail funds from Rupeek at the age of 54 years?

Any individual with of least 18 years of age can avail a gold loan from Rupeek without hassle. Just keep your KYC documents ready for verification.

  1. What are documents required to avail a loan against property for self-employed?

Self-employed individuals have to submit general documents like proof of property ownership, age proof, identity proof, and additional papers like audited Balance Sheet, bank statements, etc.

  1. How to repay a gold loan with Rupeek?

You can use the dedicated online payment portal for this purpose. Once you log in to the account, you can view the account summary and then pay as per your convenience.

  1. Which type of property is accepted for LAP?

Both residential and commercial properties are accepted. However, there should be no litigation on the property; it should have clearly defined ownership terms, and must not have any mortgage on it.

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