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

Loan Against Property in Mumbai

The capital city of Maharashtra, Mumbai, or Bombay, is one of the major metropolitan cities of India and houses three UNESCO Heritage Sites, including Chhatrapati Shivaji Maharaj terminus and the Elephant Caves. Besides being home to Bollywood, Mumbai is also the commercial capital of India, holding the largest population of the elite class in the country.

Living in a city making for most of the country’s economy requires high-maintenance, due to which more people look for a loan against property in Mumbai as a feasible funding option.

Understanding Loan Against Property (LAP)

A loan against property is a secured financial product sanctioned against self-owned commercial or residential property, depending on the current market rate of the mortgaged property. These financial products have gained increasing popularity compared to unsecured loan options, specifically given their higher loan value and low loan against property interest rates in Mumbai. There is also a hoard of additional benefits that lures individuals into opting for this form of funding.

Key Characteristics Of A Loan Against Property

Following is a list of some of the most prominent features of a mortgage loan.

  • Substantial Loan Value: Although the loan amount differs among lending institutions, mortgage loans generally make up for up to 40% - 75% of the property’s current market rate, on average. Potential borrowers can also know their land valuation with a loan against property calculator available on most lending websites.
  • Zero End-use Restriction: Borrowers can utilise acquired funds to address all sorts of medical emergency requirements, debt consolidation, to lavish foreign trips.
  • Longer Tenure: Relatively longer repayment tenure with these financial products takes the burden of hefty EMIs off borrowers and makes way for more affordable repayment.
  • Competitive Interest Rates: The secured nature of such forms of credit reduces the risk factor for banks and NBFCs, which is why loan against property interest rates in Mumbai are relatively lower compared to unsecured loans, which remarkably reduces the cost of borrowing.

In spite of such borrower-friendly policies of loan against property Mumbai, a massive downside of this financial product is the elaborate documentation process that it entails. Plus, mortgage companies in Mumbai consider several other factors besides property value, such as the applicant’s employment and income details, before sanctioning a loan.

Eligibility Criteria For Loan Against Property In Mumbai

Since lending institutions are so stringent about the paperwork of a loan against property, it can be beneficial for individuals to be aware of eligibility parameters and keep all loan against property documents handy before applying for one. Again, these requirements can vary for different types of employment.

Refer to the given table to note in detail the different requirements for qualification of a salaried and a self-employed individual.

Parameters

Salaried individual

Self-employed individual

Eligibility 

- Age

It varies for different lending institutions; most financiers prefer applicants aged above 25 years.

In most cases, a self-employed individual must be at least 23 years to be eligible for a LAP.

- Work Experience

Not less than 3 years

Minimum 5 years in profit

- Residential status

Must be a resident of India

Should be a resident of India

Documentation 

· KYC

· Address proof 

· Employee certificate or ID card

· Salary slips of the previous 3 months

· ITR documents

· Bank account statements of the past 6 months

· Property ownership proof

· KYC

· Address proof

· Business ownership proof 

· Bank account statements of the previous 6 months

· ITR documents

· Audited Profit and Loss statements and Balance Sheet 

· Property ownership proof

In addition to such a lengthy documentation process, availing a loan against commercial property in Mumbai is preceded by time-consuming verification of the mortgaged property’s legal aspects and valuation. What’s more, individuals shall note that they might lose their property in case of a default.

Thus, a gold loan comes as an excellent alternative for individuals looking for a secured loan to help them avoid the hassles of mortgage loans.

Benefits Of A Gold Loan Over A LAP In Mumbai

With gold as collateral, these loans come with a lot more flexible eligibility criteria and minimal documentation. Plus, you are availing some use of gold pieces of jewellery otherwise lying idle in the locker.

Individuals need to check the different policies of the numerous search results for “loan against property provider near me” before choosing the one offering maximum benefits. Rupeek Fintech is one such financier that individuals can consider when availing a loan against gold in Mumbai. Read on to know more about the striking features of a gold loan offered by us.

Rupeek Gold Loan – An Excellent Alternative To A Loan Against Property

Rupeek aims to offer more feasible borrowing options available to all with its numerous loan schemes online. Although another type of loan against property in Mumbai, Rupeek gold loans come with several benefits compared to traditional mortgage loans in Mumbai.

  • Doorstep Loan

Rupeek lets you avail instant online gold loan at your doorstep upon successful application. Complete the verification process and get gold appraised by our loan representative from the comfort of your home and enjoy instant disbursal upon approval.

  • Minimal Documentation

The most notable difference between a gold-backed loan and a conventional loan against property in Mumbai is the documentation process. Applicants only need to submit their KYC documents, which include Aadhar card, passport, voter ID, driving license, and PAN card, and documents for address proof like utility bills or lease agreement.

  • Flexible Repayment

Borrowers have the option to repay in traditional monthly EMIs, or they can also choose to repay any amount at any time during the tenure, including the facility of single bullet payment.

  • Lowest Rates Of Interest

Borrowing funds is made even more affordable with Rupeek’s loan against property lowest interest rate, starting from 0.79% per month.

  • Sizeable LTV

Rupeek offers the highest per gram rate, providing funds worth up to 80% of pledged gold items’ value. Borrowers can avail loan amount as large as Rs. 1.5 crores, depending on the current market value of gold. You can get an estimate of your available loan amount using our 100% transparent online gold loan calculator.

In addition to the above benefits, Rupeek also offers a unique feature of extended credit line exclusive to its customers.

Gold Loan Overdraft Facility

Rupeek Quick is a gold overdraft loan facility that allows pre-existing borrowers to pledge some additional gold and avail a quick loan against property Mumbai any time after that. This facility is especially beneficial for individuals looking for a short-term emergency loan at a low cost. They only need to pay interest on the borrowed amount and not the entire sum.

Applicants can avail some of our unique benefits, like 30-minute loan disbursal from select locations in Mumbai.

Rupeek’s Operational Areas in Mumbai

Following is a list of some of the critical localities Rupeek serves in Mumbai.

  • Nariman Point
  • Shivaji Park
  • Santacruz
  • Trombay
  • Dharavi
  • Mumbai Central
  • Andheri
  • Bandra
  • Nagpada
  • Borivali
  • Malad
  • Chembur
  • Lala Lajpat Rai Marg
  • Dadar
  • Malabar Hill
  • Churchgate

Besides the above areas, you can avail our services from anywhere in India. Visit our website to apply for funds instantly!

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Frequently asked questions

  1. Are my gold pieces of jewellery safe with Rupeek?

Rupeek provides its customer with robust collateral security by practising transportation in a GPS-secured bag. Thereafter the gold items are stored in secure vaults of partner banks within a 5-km radius of your residence. Plus, your gold ornaments are also 100% insured against any unforeseen event like theft or damage.

  1. What do I need to keep in mind when applying for mortgage loans in Mumbai?

Before applying for a loan against property, applicants must consider several factors such as interest rate, eligibility criteria, documents required, and loan amount offered. Plus, they must also learn in detail about the lender repayment schemes and any additional charges, if present.

  1. Can I re-pledge gold ornaments with Rupeek?

Yes, you can re-pledge your gold items with Rupeek to extend the repayment period. Kindly contact our customer service team to that end. 

  1. How can I part release my gold from Rupeek?

Yes, you can part release your gold jewellery by part paying the loan amount. However, in that case, the particular gold article that will be released must weigh approximately 10 grams or more. 

  1. How can I repay a Rupeek gold loan?

Simply visit our gold loan repayment portal or app and log in with your registered mobile number and OTP. Here you can check and complete all gold loan repayments.

  1. What do I do in case I find a discrepancy with my returned gold?

In case you find any disparity with returned gold items, kindly contact our customer helpdesk for prompt assistance.

  1. What is the procedure for making a part repayment?

Sign in with your registered mobile number and OTP on the Repay your Loan page, and under the payment option, choose “Part-payment”. Thereafter repay any amount between monthly interest and your full-closure amount.

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