You can easily pay these major 6 wedding expenses with a loan against property in Mumbai.

Travel expenses for you and your guests:

Whether you have a destination wedding or a wedding in your home town, travelling is inevitable. You have to arrange proper travel services to receive your guests from the station/airport and then for everyone to go from their accommodation to the wedding venue. If you are having a grand wedding then you have to arrange for a bus to accommodate your guests. The overall transportation will be expensive.

Gifts for relatives:

Gifts are an inevitable part of any wedding ceremony. The bride and groom are showered with gifts on their wedding day. But even they have to give something to their guests in return. These gifts are often expensive as they have gold ornaments or expensive clothing items. Here the funds from your loan against property can come in handy.

Outfits for all occasions:

In India, weddings are not a one-day affair. Weddings usually last for 3-4 weeks comprising various ceremonies on each day. Each ceremony is celebrated in its traditional way with special food, decorations and themes. Obviously, the bride and the groom wear different clothes for each ceremony. So this expense can be covered by your loan.

Decorators and caterers:

Proper decorations and ample food are the main attraction of any wedding. If you are having a themed wedding in Mumbai, then these two components play a major part in making the theme wedding success. But having good decorators and caterers in Mumbai is very expensive. You can pay their bills and have your dream wedding with your loan against property funds.

Venue fees:

In Mumbai, you can celebrate your wedding at various venues. You can decide the venues as per your convenience, budget and themed ceremonies. The venue rent in Mumbai is very high. You can make the payment from your loan funds.

So click here to fund your grand wedding and exotic honeymoon today!

One can avail many benefits by taking a loan against property:

Maximum loan amount:

One can avail maximum funds by opting for loan against property. Banks and NBFCs have specific loan against property eligibility criteria. If you fit into it, you can borrow the maximum amount against your property.

Easy repayment option:

You can pay back your loan against property by opting for easy EMIs and can also opt later for pre and part payments. You can use loan against property eligibility calculator and know how much you’ll be required to pay every month.

Low interest rate:

Loan against property interest rate offered by banks and NBFCs in the lowest compared to personal loan as loan against property is a type of secured mortgage loan. The loan against property interest rate starts from 9.50%*.

Quick approval:

The loan against property application is approved quickly. If you have submitted all the legitimate loan against property documents required then you can easily get a loan within 72 working hours*.

Hassle free application procedure:

You can easily apply online for loan against property on Ruloans. You can check your loan against property eligibility online on Ruloans by filling a simple form.

Eligibility criteria & documents required:

Loan against property is offered by various leading banks and NBFCs in India as it’s easy to get. The eligibility criteria for loan against property are limited and the list of documents required is very straightforward, thus making the procedure hassle-free and quick. The property’s eligibility criteria are also considered in processing the loan.

This is the common eligibility criteria required:

• The borrower has to be an Indian citizen.
• Professional stability and savings history of the borrower also play a major role in approval of the loan against property.
• The borrower should have a good credit history at his/her disposal with proven track record of timely loan EMI and credit card bill repayment.
• Steady and healthy relationship with bank also help you to get the loan quicker and you might get exempted from the hidden charges and processing fee.
• The eligibility is also decided on the value of your mortgaged property.
• The property should currently exist and should be in applicant’s name. The loan can be taken as co-applicants if the property is registered under multiple names.

The eligibility criteria are further divided into two:

• Salaried Applicant

1. The applicant should be a permanent employee with the government or a reputed company.
2. The applicant should be an employee with the existing company or government for minimum 3 months.
3. The minimum age to avail loan against property for salaried applicant is around 24 to 25 years.
4. The applicant should currently be employed with existing organization.
5. The applicant should also have a good credit score.

• Professional Applicant/ Self-Employed Applicant

1. This category is further divided into two:

Self-Employed Professional: Doctor, engineer, architect, chartered accountant, etc.

Self-Employed Non-Professional: Trader, commission agent, contractor, manufacturer etc.

2. The minimum age to avail loan against property for professional applicant is 25 years and the maximum age has to be 65 years.
3. The applicant should be involved in his/her business for a specific number of years (the number differs from bank to bank).
4. The applicant should be filing income tax returns regularly.

Eligibility criteria for property:

• The property which will be kept as collateral should not be involved in any legal tangles.
• The property should have clear titles registered in the name of the applicant.
• The market value of the given property should be higher as the loan amount you’ll get will totally depend on the current value of property.
• The property should not be kept as a mortgage with any other financial institution while applying for loan.

Apply for a loan against property in mumbai

You get larger loan amount
The funds needed for business are often larger in amounts. An unsecured loan cannot guarantee you larger amount. You also require the perfect credit score to get an unsecured loan for business purposes. But in loan against property, you can get 60%-70%* amount of your property’s current value. As your property is in Mumbai, then considering the property rates in the city, you can get fairly large loan amount for your business. Also as it is a secured loan, banks and NBFCs give loan against property for credit score as low as 650-750*.

You get longer tenure
As the amount you get in loan against property is large, automatically the tenure also gets longer. Loan against property is a type of mortgage loan thus the tenure ranges from 10 to 15 years. The tenure is decided as per the loan amount, borrower’s repayment capability and the policies of bank or NBFC from which you have applied for the loan. The longer tenure makes it easier to pay back the loan. Even if you face any ups & downs in your business, you can easily pay off the loan against property as it won’t charge you much on monthly basis.

You get lower interest rate
Loan against property is a type of mortgage loan. It’s a secured loan thus banks and NBFCs charge lower interest rate. If you choose this loan for your business related needs, you can avail the benefits of lower interest rates compared to any other unsecured type of loan. The rate of interest for loan against property in Mumbai starts from 12%*. It changes from loan lender to lender as per their policy terms and conditions. If you are a hardcore businessman and believe is savings every penny you can, they you should definitely go ahead with loan against property to get lower interest rates.

So get a loan against property in Mumbai for your business needs today!

Ownership of the property

Loan against property in Mumbai can be taken only if you own a piece of property in the city. Be it residential or commercial; a villa, apartment or a shop; a piece of property owned by you is eligible for the loan. The property ownership papers should clearly state your name as owner. If multiple people own the property, they can apply for loan against property in Mumbai as co-applicants. If you do not have a property registered in your name, you can’t get a loan against property in Mumbai.

Value of property to be mortgaged

Along with the loan applicant’s eligibility, banks and NBFCs also check the property’s eligibility. The property which is being kept as mortgage should be not much older, should be in current use and should not be under any legal conflict. The amount of loan to be approved is decided upon the value of the property. Banks and NBFCs approve 60% to 70% of loan amount as per the current market value of the property to be kept as mortgage. Thus you should first know the value of your property and then proceed to apply for loan.

Know your credit score

To get a loan against property in Mumbai you should have a strong credit score. Your credit score is dependent upon your finance history, profession and income. Banks and NBFCs give loan against property in Mumbai if you have a minimum credit score of 750.

Loan processing fees

Loan against property in Mumbai comes quick if you apply online. But whether you apply for it online or offline, banks and NBFCs charge basic processing fees. These fees ranges from 1% to 2% of total loan amount approved. So know how much processing fees your lender will be charging you and apply for the loan amount accordingly.

Loan repayment ability

Loan repayment is an important component of any loan. Banks and NBFCs check the loan applicant’s repayment ability before approving the loan against property in Mumbai. This loan repayment ability depends upon how much you earn your financial history and your profession. So do check whether you can really afford to back your loan against property on time or not before applying for it.

Now that you know all the must have’s before applying for the loan against property in Mumbai, make sure to check your eligibility for the same.

So are you a proud owner of a property in Mumbai and in need for some money to meet your personal financial expenses? Then read below to know why you should get a loan against property in Mumbai

1. Best Alternative For Personal Loan

Loan against property is a secured loan thus it offers lower interest rate compared to personal loan which is a type of unsecured loan. Also in LAP you can get longer tenure. The o=loan amount is given on the value of the house, so that’s one more advantage to get a LAP in Mumbai.

2. Easy Approval

The loan approval process in LAP is very easy and hassle free. Many banks and NBFCs approve the loan application as quick as in 36 hours. Even the eligibility criteria are very minimum. You have to have a good credit score and a hassle free property.

3. Minimum Documentation

Banks and NBFCs in Mumbai require minimum documentation when it comes to LAP. You just need your KYC details, proof of income and clear property documents. With these documents in hand, no one can stop you from getting a loan against property in Mumbai.

4. Flexible Loan Terms

Banks and NBFCs offer very flexible terms to avail loan against property in Mumbai. You get as much as 75% to 85% of loan amount as per the value of your property. You can keep your residential as well as commercial property as mortgage. The tenure offered are also bigger with easy EMI options.

5. Multipurpose Loan

When it comes to living in Mumbai, you must be struggling to pay your utility bills and funds your dreams like foreign trips and a big fat wedding. But with LAP, you can easily manage all your financial jumbles. You can also pay off your multiple debts and credit card bills by taking LAP for debt consolidation. You don’t have to reveal your reason for LAP.

6. Use Mortgaged Property

While you have given your property as collateral, you can still use it for your daily chores. The documents of your property will be kept with the bank until you pay off the whole loan amount in full in the given tenure. But till then you can use your property while paying your EMIs.

So apply for a loan against property (LAP) in Mumbai Now! Click here to know more.