Loan Against Property in Surat

Loan Against Property in Surat

Known as ‘The Silk City of India’, Surat is a large economic and commercial centre in Gujarat. With a wide range of spectacular locations and serene weather, the city attracts a lot of tourists. From remarkable ancient sites like Bharuch, Udvada, Valsad to scenic spots like Daman & Diu and Silvassa, Surat has a lot to offer.

The city is also making a mark for being one of the fastest-growing cities with a GDP growth prediction of around 9.2% from 2019 to 2035. Amid both economic and industrial growth, natives often find themselves struggling with cost-pull inflation. As a solution, individuals can avail a loan against property in Surat. This facility offers many benefits like low cost of borrowing and flexible eligibility because of its secured nature.

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Brief Overview Of The Loan Against Property

Being a secured loan, a loan against property allows borrowers to avail a substantial credit amount by submitting a residential or commercial property as collateral. And, the total amount gets sanctioned based on the value of the immovable asset one is pledging.

Following are some features of a loan against property Surat:

  • No End-use Limitation: A home mortgage loan Surat is an all-purpose loan due to its no end-use restriction feature. The acquired credit amount can be used to meet personal expenses like home renovation, medical emergencies, or even for business expansion.
  • Sizeable Loan: Borrowers can get a high-value loan against property to get rid of their financial hassles. The loan amount depends on the present value of real estate. It is advisable to check the parameters when searching for ‘loan against property providers near me’.
  • Moderate Interest Rates: Being a secured option, mortgage loan interest rates are predominantly lower than other traditional loans.

With so many compelling features, a mortgage loan seems like a borrower-friendly option, especially for salaried individuals during their financial crisis. However, the lengthy documentation procedure is a primary shortcoming that borrowers struggle with.

Documents Required For Loan Against Property In Surat

Borrowers need to keep the following documents prepared before applying for a loan against open plot in Surat:

  • OVDs for KYC: An applicant must submit PAN card, Voter’s ID card, Aadhaar card, driving license, or passport when applying for a loan against property.
  • Income Proof: He/she should also furnish income proof, like recent salary slips, bank account statements, ITR, etc.
  • Property Documents: Applicants also need to provide the property documents that will be mortgaged.

These requirements depend on the lending institution you are choosing. Therefore, apart from these mandatory documents, individuals may need to offer additional documents as well.

The time-consuming documentation procedure suggests that opting for a loan against commercial property in Surat is not an ideal choice during emergencies. Plus, the property appraisal process is quite extended.

Thus, one may choose a gold loan as an alternative to fulfil the same requirements with better advantages.

Gold Loan As A Suitable Alternative For LAP In Surat

During a financial crunch, gold assets are always reliable since you can quickly get a large amount by pledging them as collateral.

Here are some key benefits that explain what makes gold loan a better alternative:

  • With nominal document requirements, availing gold loans becomes automatically more comfortable.
  • One can avail a gold loan, albeit a low CIBIL score and irrespective of their age.
  • The loan against property tenure often gets dragged-out and makes it difficult for borrowers to maintain it. On the other hand, gold loans come with a shorter term to help them get rid of the financial burden quicker.
  • One can easily get a large amount with a gold loan since the cost gets reduced by submitting gold items as collateral.

People often struggle while looking for a trustworthy lending institution. Rupeek comes forth as an ideal option to that end. These convenient features of a gold loan can be maximised with Rupeek’s attractive offerings.

Perks Of Opting For Rupeek

Following are some compelling benefits you will receive with Rupeek’s financial services:

  • Substantial Per Gram Rate

The per gram determines the loan one can get against their pledged valuables. Customers can get the highest per gram rate with us. It aids applicants to get the most value against their gold. Also, our gold loan calculator is available to help them understand the total value of their pledged gold and the exact amount they will be receiving afterwards.

  • Quick Disbursal

Due to our simple documentation procedure that merely involves KYC verification and takes up around 45-60 minutes, borrowers can instantly get the fund in their account. Therefore, during emergencies, it may be ideal to rely on Rupeek’s service.

  • Flexible Repayment

We have a bunch of attractive schemes to help the customers repay their loan amount without any hassle. From EMIs to payment of instalments any time within the tenure, borrowers get the chance to choose a convenient option as per their preference. Besides, our monthly rates of interest start from just 0.49% per month, making interest payment even more straightforward.

  • Doorstep Services

Rupeek’s instant doorstep gold loan service feature helps borrowers to avail a loan and complete the procedure by sitting at the comfort of their home. It also saves them from the lengthy manual process that most of the traditional borrowing options have.

One can use our app to apply for a mortgage loan, and after that, our loan manager visits the borrower’s residence with a gold appraisal kit to evaluate the gold and sanction the amount.

  • Overdraft Facility against Gold

Our unique gold credit line option or overdraft facility called Rupeek Quick allows our existing customers to withdraw funds at any time from a sanctioned limit as per their requirement. And with this facility, the interest rate gets imposed only on the amount they are utilising, not on the total approved amount.

Rupeek’s Services In Surat

You can avail our doorstep services from the following places in Surat:

  • Dumas Road
  • Mota Varachha
  • Udhana - Magdalla Road
  • Sachin
  • Hajira
  • Katargam
  • Pal
  • Adajan
  • New Textile Market
  • Amroli
  • Umarwada
  • Piplod
  • Dumas
  • Olpad

With the hassle-free procedure and compelling benefits, one can easily manage their finance better. Especially for salaried individuals who often struggle with a fixed disposable income, Rupeek’s features and unique facilities can come as a big help during emergencies.

So, avoid the limitations of a loan against property and manage your expenses better with Rupeek!

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Frequently asked questions

  1. Is the gold loan interest rate the same for all lending companies?

The gold loan interest usually varies across lending platforms as the lender sets it. One can get the details of the interest rate by contacting the lenders and understand all the unique loan schemes they provide.

  1. What kind of gold items are not accepted by Rupeek?

Unfortunately, gold coins or bars are not accepted at this moment. Apart from that, our lending partners accept all kinds of gold items of 18 carats and above, subject to valuation reports for any gold loan.

  1. Can I avail a gold loan from Rupeek to renovate my house?

Yes, a gold loan can be used to fulfil all kinds of financial requirements. Therefore, you can easily use the funds to renovate your house.

  1. Are there any tax benefits on loan against property?

Yes, you can enjoy tax exemptions based on your usage of the funds. You can get exemption u/s 37(1) if you utilise the loan to meet business expenses. If you use it to buy a residential property, interest paid on it is exempted u/s 24(b).

  1. Can I avail a gold loan from Rupeek with a low CIBIL score?

Yes, you can. Your CIBIL score does not influence your gold loan eligibility.

  1. What is the maximum gold loan limit with Rupeek?

Individuals can obtain up to Rs. 1.5 crores as a loan amount with Rupeek.

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