An, individual needs more cash at any given point of time. It can be needed for education, medical emergencies and even for wedding expenses. At these moments he/she can opt for either using their funds or to take a loan. But it is not possible to utilize your funds every time. Hence you can opt for a Loan against property. When a loan is given against a certain value of the mortgaged property, it is called as a Loan given against property. Such loans are given against a certain percentage of the property. The Bank/NBFC decides what should be the current market value of the property and accordingly will provide 40-60%* of it as loan amount to the borrower. Hyderabad is the famous pearl and diamond trading center in India. They are called as the “City of Pearls”. Here people can avail a Loan Against Property in Hyderabad by mortgaging their property. The process of taking a LAP in Hyderabad is simple. The lender will first analyze the value of your property. Once that is done, they will provide you with 40-60%* of the derived value of your property. You can then use this amount for your needs.
There are many purposes why a person would want to take a Loan Against Property in Hyderabad. But he/she is under no obligation to mention that to the lender while applying for the loan. Yes, the lender doesn’t need to know why the loan is needed. These are multipurpose loans and hence an individual can use it for a variety of reasons.
A Mortgage Loan and personal loan have many differences. They have few similarities and hence people often get confused. Hence to clear this confusion we have mentioned key differences that show how different a LAP in Hyderabad is when compared to Personal Loan in Hyderabad.
1. A Personal Loan in Hyderabad is an unsecured loan and you don’t need to keep any collateral to get a loan from the Bank/NBFC. Loan Against Property in Hyderabad is a secured loan. Here you need to keep collateral with the Bank/NBFC either in the form of commercial or residential property.
2. A personal loan in Hyderabad 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. LAP in Hyderabad is secured in nature and hence the rate of interest is lower than personal loans in Hyderabad. This leads to the individual repaying lower EMI’s to the Bank/NBFC.
3. A personal loan in Hyderabad is only approved by the Banks and NBFC after analyzing the applicant’s financial history. The tenure for a personal loan in Hyderabad is between 5-7 years*. LAP in Hyderabad 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 Hyderabad goes up to 15 years*.
There is a certain criteria set by each lender if an individual wants to avail a LAP in Hyderabad. Once the individual can fulfill those criteria, they can get the loan from the lender. The criteria usually include certain general pointers for all the lenders;
The eligibly criteria for Mortgage Loan also changes based on applicant's profession. The details of the same are given below:
Loan Against Property in Hyderabad can be availed by an individual by submitting all the necessary documents with the application form. The list of documents is different as per the lender. But certain documents are needed in almost every bank. We have made a list mentioning these documents;
Ruloans is India’s fastest growing financial distributor. We are into the loan business since a very long time. During this time we have partnered with over 50 private Banks and NBFC’s. Also over the years we have gained resourceful employees who are skilled and experienced in this industry. Using their knowledge and skills, we give our customers the best services possible. Our motto is to provide our customers services that are “much more than money”. We always help our customers borrow right.
Our motto is to help our customers borrow right. Hence we have created an online portal which is easy to use and hassle free for the customer. With this, we aim to make the process simple for the average customer to understand.
Ruloans has been in the industry for a very long time. Hence with over 50 partnered Banks and NBFCs, you can expect the best services, deals and offers. This is a major benefit for every customer.
We have made our online process hassle free for the customer. They don’t have to log into different banks websites and check for quotes. All they have to do is log on to Ruloans web portal and they can find rates and deals from all our partnered lenders. Here they can compare the loan rates, tenure etc and choose the lender.
Ruloans has gathered resourceful staff that has knowledge and skills related to the loan industry. We use these skills to help our customers borrow right. For all these guidance and expertise, we charge nothing. All the services are given to the customers free of cost.
We at Ruloans believe in data security. Our customers data is highly protected. Only the lender of their choice and Ruloans has their documents. No one else gets access to this 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