Loan Against Property in Thiruvallur

Loan Against Property in Thiruvallur

A rapidly developing city in Tamil Nadu, Thiruvallur is widely recognised for the Vaishnavite pilgrimage shrine Veera Raghava Temple. Besides the railway network aiding in transportation across the city, this Grade I municipality is a hub for industrial facilities such as TCL, Delphi TVS, and Hindustan Motors, contributing to a more affluent economy and rising living costs. With rising real estate prices, people can now get a higher loan against property in Thiruvallur to address financial concerns while keeping up with substantial costs of living.

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What Does Availing A Loan Against Property Involve?

Besides a secured nature being its primary distinguishable feature from other loan types, mortgage loans also come with other characteristics notably different compared to unsecured loans, such as:

Repayment Tenure: The loan tenure for mortgage loans can be as long as 15-20 years, which can reduce the amount for monthly EMIs and be disadvantageous for individuals looking for lower interest payable.

Interest Rates: The lower risk factor of a loan against property in Thiruvallur lets financing institutions offer competitive interest rates for such secured loans.

Eligibility: The eligibility to avail a loan against open plot in Thiruvallur involves the following parameters.

  • Residence: Residing in India
  • Credit Score: Higher than or equal to 650
  • Age: Approximately 21 to 60 years
  • Employment: Salaried or self-employed
  • Property: Must be held by the applicant to his/her name

Documentation: Besides eligibility, qualifying for mortgage loans requires submitting an array of documents as listed below.

  • KYC documents
  • Age proof
  • Proof of residence
  • Salary slips of the past 3 months or audited profit and loss statements of the business
  • Property ownership proof
  • Employee certificate or ID card or business ownership documents
  • Bank account statements for the last 6 months
  • ITR documents

In addition to the above list, potential borrowers might need to produce supplementary documents, which can vary across lending institutions. Individuals failing to produce any one of these will automatically end up disqualified for a loan against property in Thiruvallur, which, in turn, can have a negative domino effect amidst a liquidation crisis.

Plus, disbursal of mortgage loan in Thiruvallur may take up way more time given its elaborate verification process, which might not make it ideal for an immediate solution. This is where a gold loan comes into play.

How Can A Gold Loan Help Better?

A gold loan might prove more beneficial for individuals looking for a quick loan against property Thiruvallur due to its following features.

  • A gold loan comes with a way more relaxed documentation procedure and is a great borrowing option for individuals seeking a loan against property for unemployed.
  • Due to minimal documentation, loan approval takes place much faster, making it perfect for emergency financial requirements.
  • The threat of losing one gold item due to loan default is much lesser than the risk of losing land or residence.

The advantages are further accelerated by Rupeek Fintech, which provides the best offers on loan for low CIBIL.

Why Choose Rupeek?

The most prominent features that make Rupeek’s gold loan a favourable alternative to a loan against property in Thiruvallur are:

  • Extricate the best loan amount for your asset with our highest LTV rates, reaching as high as 80%, depending on gold’s market value.
  • The high value of gold assets lets borrowers avail a greater loan amount than other LAP in Thiruvallur. With us, people can get up to Rs. 1.5 crores. You can also check the eligible loan amount against your pieces of jewellery using our gold loan calculator.
  • Forget all worries of hefty monthly EMIs with affordable interest rates starting from 0.49% per month.
  • Choose your convenient payment method with Rupeek’s multiple repayment schemes facilitating traditional EMIs and any payment anytime within the tenure.
  • After scrutinising all guidelines, complete all formalities leading to approval from your residence with our instant online gold loan at your doorstep.

Additionally, Rupeek follows an uncompromised 30-minute loan disbursal policy in all significant areas in Thiruvallur, which have been mentioned below.

Which Localities Does Rupeek Serve In Thiruvallur?

Here is a list of the most prominent areas in Thiruvallur where Rupeek extends its online services.

  • Poonamallee
  • Ponneri
  • Avadi
  • Tiruttani
  • Pattabiram
  • Thiruverkadu
  • Uttukottai
  • Periapalayam
  • Tiruvelangadu
  • Kadambathur
  • Minjur
  • Pulicat

Besides the above locations, borrowers can also avail prompt loan against property services from Rupeek from almost anywhere in the country.

So, what are you waiting for? Apply for mortgage loan on the Rupeek website to avail the best solution to your ‘loan against property provider near me’ searches today!

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Frequently asked questions

  1. Which factors should I consider when availing a loan against property in Thiruvallur?

While choosing a lender for a loan against property, you must weigh the pros and cons of different financial institutions’ policies based on the interest rates, LTV ratio, repayment schemes, and gold security they offer. Individuals must also be aware of any inconspicuous additional charge.

  1. How do lending companies calculate the interest on mortgage loans?

Lending companies calculate interest monthly on the outstanding loan amount. The interest rate charged on loan against property in Thiruvallur depends on the financier. You can decide whether the lending institution shall charge a fixed interest rate or floating rate of interest. The latter is usually lower, but the former offers more certainty regarding what you have to repay.

  1. Can I mortgage any kind of property for a loan?

Lending institutions accept both residential and commercial properties. However, ownership of the same should be undisputed, and there should be no existing mortgage on that.

  1. Can I continue an existing loan with Rupeek?

Yes, Rupeek allows you to carry on an existing loan by re-pledging gold items. For more information on the procedure, kindly contact our customer service helpline.

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