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

Loan Against Property in Patiala

Famous for its traditional accessories like the ‘Patiala salwar’, ‘Patiala shahi turban’, and ‘jutti’, the fourth largest state of Punjab is a trade hub for cotton, weaving, and manufacturing industries. Besides housing several educational institutions, Patiala also boasts of historical structures such as Moti Bagh Palace, Sheesh Mahal, and Qila Mubarak, which fuel the city’s tourism industry, which in turn contributes to its economic growth. A direct outcome of such progressing environment is escalating survival costs that impel residents to opt for a loan against property in Patiala. 

Factors Contributing To Demand Of A Loan Against Property

The secured nature of mortgage loans puts borrowers at a lot more advantage compared to when availing unsecured loans. Such features that make a loan against residential property in Patiala a sought-after means of credit include:

  • Freedom Of Use: From repaying student debt to funding a lavish vacation, mortgage loan in Patiala can be used to address all sorts of financial needs.
  • Low Interest Rates: The high security offered by pledged property enables mortgage loan companies to offer loan against property agricultural land at much competitive interest rates.
  • Long Loan Tenure: The repayment tenure for such financial products generally last for 15-20 years, which naturally lightens the burden of hefty EMIs.
  • Substantial Loan Value: Financial institutions offer up to 60% of pledged property’s current market value as liquid funds, which can make up for an ample amount to finance any cause.

A loan against property in Patiala suits many funding needs but its stringent eligibility norms, documentation, and lengthy approval period might offset its advantages.

Eligibility Criteria For Mortgage Loan In Patiala

Before documentation, individuals willing to acquire a loan against residential property in Patiala must match the following eligibility parameters.

  • Age: 21 to 60 years, but may vary according to lending institutions.
  • Employment: Salaried or self-employed
  • CIBIL score: 650+
  • Residence: Resident of India.
  • Collateral ownership: Property must have applicant as its titleholder.

Although the eligibility criteria might not look so intimidating, what makes acquiring a loan against property, a troublesome procedure is the extensive list of documents individuals need to produce to get one approved.

Mandatory Documents

  • KYC: Includes identity proof such as voter ID, passport, Aadhaar card, driving license, or PAN card.
  • Address Proof: Anyone KYC document, lease agreement, and utility bills will do for proof of residence.
  • Transaction Details: For this, individuals need to submit their bank account statements, spanning the previous 6 months.
  • ITR Documents: Produced income tax return files must be duly audited by a CA.
  • Proof Of Property Ownership: This includes all documents concerning ownership of the property being collateralised.

Additionally, applicants need to submit employment and income proof specified for:

Salaried Individuals

  • Employee ID card
  • Salary slips of past 3 months

Self-employed Individuals

  • Business ownership documents
  • Audited Balance Sheet and Profit & Loss statement

Individuals lacking any one of the above will be deemed ineligible for a LAP, and even for the ones making it through this stringent verification process, loan approval will be remarkably slow due to such a complicated requirement for documents.

Alternatively, gold loan makes for a quick loan against property Patiala and can be an ideal solution during financial emergencies. Besides the primary benefit of hassle-free documentation, Rupeek offers an array of additional advantages that easily makes the gold-backed loan a more viable financial product.

Benefits Of Availing A Rupeek Gold Loan

Besides aiding people with low CIBIL score seeking a loan, Rupeek rewards its customers with the following advantageous offers.

  • Our loan against property services reduces borrowing costs effectively with the lowest interest rates starting from 0.79% per month. Borrowers can compare several interest schemes before choosing one perfect for their requirements.
  • Enjoy instant online gold loan at your doorstep. Our loan representative will meet you at your residence to guide you through speedy loan approval and disbursal procedure.
  • Your gold items are at safe hands with Rupeek’s high-security transportation and storage of collateral. While our security partner Brinks delivers secure transportation via GPS-traceable bag, our partner bank vaults ensure 24x7 high-grade surveillance. Rupeek also offers 100% insurance to compensate for any unforeseen event despite such tight security.
  • Avail up to 80% of your jewellery’s value with our highest per gram rate, and cross-check the same using our 100% transparent gold loan calculator.

Plus, once you are a part of Rupeek’s loyal customer base, you will be eligible for an exclusive gold credit line option for an instant loan against property in Patiala anytime anywhere.

Gold Loan Overdraft Facility

The most beneficial feature of Rupeek’s gold loan, Rupeek Quick, enables customers to avail funds at their convenience any time from a credit line sanctioned against additional gold. This facility is especially profitable for individuals looking for an easy solution at a lower cost since Rupeek charges no interest on the amount you have kept unused.

Our Service Locations in Patiala

Avail the best gold loan offers from Rupeek in the following areas in Patiala.

  • Rajpura
  • Nabha
  • Bhadson Road
  • Samana
  • Patran
  • Devigarh
  • Bhadson
  • Ghanaur
  • Amloh
  • Banur
  • Ghagga

All your searches for ‘loan against property provider near me’ come to an end with Rupeek gold loan. Visit our website to apply for mortgage loan or call on the number provided on your location page for more details about our product’s terms and policies.

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Frequently asked questions

  1. Can I avail a mortgage loan against commercial land?

Yes, with a loan against property, you have the freedom to pledge any type of property to avail funds, be it residential or commercial.

  1. How much time does it take for the approval of loan against property?

An elaborate documentation process makes mortgage loans take up a significant amount of time to get sanctioned. Although the delay in loan disbursal can vary from lender to lender, generally it can take from a few days up to 3-4 weeks to get a loan against property approved.

  1. What do I do in case I relocate during an ongoing loan?

In the event of borrowers shifting to a new address while servicing a loan, they need to inform us at the earliest to help us update the new information in our database.

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