A loan against property is exactly how the name implies; it is a loan given against the property held by the borrower. A “LAP” as it is also know can be availed from any Bank/NBFC by keeping the property as mortgage until the loan has been repaid in full to the Bank/NBFC. A loan given against property is a secured loan. This is because the property is held as a security until such a time that the loan has been repaid. The Bank/NBFC will first send their valuator who will check and analyze the property. After the analysis, the bank derives the current value of the property and accordingly decides an amount that can be given for the loan. The loan amount ranges between 40-60%* in general. Hence you can apply for a loan against property in Pune by mortgaging your personal or commercial space.
There are many reasons why an individual can avail a loan against property in Pune. Although, one does not need to disclose any reason to the Bank/NBFC regarding why is the loan required. A loan against property in Pune can be used to fund medical, education, vacation expenses and many more.
Loan against property in Pune shares similar traits with Personal Loans in Pune. The similarity is such that many get confused between a Personal loan and loan against property in Pune. There are many differences and hence to wipe out all confusion, we have listed the differences below; A Personal Loan is an unsecured loan whereas a Loan Against Property in Pune is a secured loan. In Personal loans, you don’t need to keep any collateral to get a loan from the Bank/NBFC. In LAP, you need to keep your property collateral with the Bank/NBFC. Personal loan is unsecured in nature and hence the rate of interest is always higher. In LAP, the rate of interest is lower than personal loans. This leads to the individual repaying higher EMI’s to the bank for a personal loan when compared to an individual repaying lower EMI’s to the bank against a LAP in Pune. In Personal Loans, Banks and NBFC approve the personal loan only after analyzing the applicant’s financial history. In LAP, the Bank and NBFC will not only check the applicant’s financial history but also evaluate the current market price of the property. The tenure for a personal loan is between 5-7 years* and for a LAP it can go up to 15 years*.
An individual needs to fulfill a list of eligibility set by the Bank/NBFC. Such criteria are basic and many Banks and NBFC’s have different requirements that they expect the individual to possess. Only when they fulfill such criteria, they can avail a loan against property in Pune.
The eligibly criteria for loan against property also changes based on applicant's profession. The details of the same are given below:
There is a set of documents that are needed to avail a Loan against property in Pune. This list is different as per different lenders. There are different requirements for salaried employees, self employed business persons and self employed professionals. Although the list is different as per different lenders, but there is a generic list of documents that are needed by all the lenders. Below we have mentioned this list of documents;
We at Ruloans believe in “much more than money”. Our mantra has always been to help our customers borrow in the right way. Ruloans has been in the loan distribution industry from a very long time and has a team full of experienced professionals that have in depth knowledge about the loan industry. With this experience we help our customers all over the India by guiding them with the loan process. We also have developed a loan calculator algorithm which guides the customers and helps them understand the amount they would need to repay the Bank/NBFC.
We at Ruloans believe in making the process user friendly and hassle free. On our website you can easily complete filling the application form and also upload your documents. Apart from this, you can use our highly proficient loan calculator which guides the customers and gives them an understanding regarding the loan amount.
Ruloans is the fastest growing financial distributor in India. With our experience and expertise in the loan industry you as a customer can benefit a lot. The benefits can be with regards to the best offers and deals that our partnered banks and NBFC offer.
Our highly proficient loan calculator helps the customer to understand what rate of interest will be feasible and how much of EMI will they have to shell out of their pocket each month to repay the loan. With this, they can also finalize on their choice of lender.
All of these services are provided to our customers without charging a dime. We offer our expertise to every customer and guide them with the loan process.
We believe in privacy and always highlight on customer data protection. All the customer loan applications are processed electronically and sent only to the lender of your choice. We ensure data safety to the highest level possible.
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