A loan, given against a certain percentage of the property’s current market value is called as a Loan given against property. An individual can take a loan against property by mortgaging his personal or commercial properties. These properties must be under the individual’s name. Since there is collateral kept for the loan, this is called as a secured loan. Chennai is one of the largest growing economies in India. They are called as the “Detroit of India”. This is because of their influence in the automobile industry. Here people can avail a Loan Against Property in Chennai by mortgaging their property. The Bank/NBFC will analyze the property and will evaluate using certain parameters. Once the analysis is done, they will derive the current market value of the property. The loan amount will be around 40-60%* of the current market value as per the Bank/NBFC. One can get a loan against property in Chennai by keeping their property as mortgage with the lender.
Loan Against Property in Chennai is taken by an individual to fulfill personal and professional obligations. An individual is not under any obligation to mention the reason that he/she needs the loan for. LAP in Chennai can also be called as a multipurpose loan because once you keep the property as mortgage; you can use the funds for a variety of expenses.
A personal loan in Chennai and a Loan Against Property in Chennai are two very different products. Since they have many similarities, people assume that these loans are one and the same. Hence we have come up with the list of differences so as to clear out the confusion in the minds of the customers.
1. LAP in Chennai is a secured loan. Here you need to keep collateral with the Bank/NBFC either in the form of commercial or residential property. A Personal Loan in Chennai is an unsecured loan and you don’t need to keep any collateral to get a loan from the Bank/NBFC.
2. LAP in Chennai is secured in nature and hence the rate of interest is lower than personal loans in Chennai. This leads to the individual repaying lower EMI’s to the Bank/NBFC. A personal loan in Chennai is unsecured in nature and hence the rate of interest is always higher. This leads to the individual repaying higher EMI’s to the Bank/NBFC.
3. LAP in Chennai is approved by the Banks and NBFC after analyzing the applicant’s financial history and after evaluating the current market price of the property. The tenure for a Loan against property in Chennai goes up to 15 years*. A personal loan in Chennai is only approved by the Banks and NBFC after analyzing the applicant’s financial history. The tenure for a personal loan in Chennai is between 5-7 years*.
To avail a Loan Against Property in Chennai, an individual will need to fulfill all the eligibility criteria set by the lender. Only after the customer is deemed as eligible can he/she get the loan. The criteria usually include certain general pointers for all the lenders;
The eligibly criteria for loan against property also changes based on applicant's profession. The details of the same are given below:
To avail a loan against property, there is a list of documents needed. This list changes as per the profession of the applicant. There is a different list for a salaried applicant and also for a self-employed professional. The process of getting this loan gets easier when you know what kind of documents are needed to be submitted. There are many documents needed as per different banks but there are few which are similar in every bank/NBFC. Hence we have created a generic list of documents you would need;
Ruloans has been in the loan distribution business since a decade at least. Our motto is to help our customers with the best services that are “much more than money”. We help our customers get the best loans and the offers from over 50 plus partnered banks and NBFCs. Using our highly proficient loan calculator which has been developed by our internal team, a customer can always get the best deals possible.
Availing a LAP in Chennai is a lengthy process. There are a lot of documents needed of the individual and the property. Hence to make sure that the customer can smoothly finish the process, we have made our user interface very user friendly. This is to ensure that they have a hassle free experience.
With so many lenders in the market, it is a task and a challenge to find out which Bank/NBFC gives the best offer. The main benefit of applying with us is that you can get quotes from over 50 plus lenders in the market and choose the best out of them.
As mentioned above, you can see all the deals and rates of different lenders on our portal. Using the calculator, you can also derive what is the best rate for you and accordingly choose that lender.
Gaining knowledge all over the years has helped us with skills that we use to give our customers the best service. These services are provided to all our customers free of cost.
Data safety is one of our most important goals. We at Ruloans ensure that privacy of the customer’s data is maintained throughout the entire process. Only we and the lender of the customer’s choice have access to the data.
Yes, there can be a co-applicant for the loan against property. The co-applicant is your spouse. But if the given property is owned by multiple people, all the owners become co-applicant automatically.
Loan against property can be repaid in the form of EMI (Equated Monthly Installments).
Yes, you can repay the loan ahead of schedule. Banks do not charge any prepayment fee if you repay the loan quicker.
The loan repayment period starts after six months of disbursing the loan amount.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org