Various banks and NBFCs offer loan against property in Chennai through their wide network of offices across the city. Chennai residents can avail mortgage loans at attractive interest rates by keeping their property (be it commercial or residential) as collateral against the amount being lent. The documents of the property being pledged will remain with the lender till the loan is repaid. Customers can avail loan against property to meet any of their financial requirements such as funding medical emergencies, international trips, higher education, wedding expenses, home renovation and business expansion.
Loan Against Property in Chennai – Features
- Secured loan:Loan against property given against the value of your property, allowing you to capitalize on your asset without selling it.
- No limit on end use:Like personal loans, loan against property too can be availed to meet any personal or business financial requirements.
- Attractive interest rate:Loan against property is a secured loan, which reduces credit risk for lenders, allowing them to lend money at a relatively lower interest rate.
- High loan-to-value ratio:Under loan against property, lenders usually finance from 60% to 75% of the property’s current market value.
- Long repayment period:The maximum loan repayment period for loan against property is up to 15 years. You can choose the tenure as per your repayment ability.
- Diverse collateral accepted:Loan against property can be taken against both residential and commercial properties.
Loan Against Property in Chennai – Benefits
- Lower interest rate:Since loan against property is a secured loan option, it is offered at an interest rate lower than that of an unsecured loan. Lower rates results in lower EMIs, making it easier for borrowers to repay without straining their monthly expenses.
- Longer repayment period:As compared to unsecured loans, loan against property is a big ticket credit solution. Therefore, it has usually has a longer loan tenure of up to 15 years, which not only brings down the EMIs but also the financial stress of the borrower.
- Continuous ownership of property:Loan against property helps individuals capitalize on the dormant potential of their assets. While availing the funds, individuals continue to own and use the property.
- Easy to avail:Loan against property is backed by property as collateral, encouraging lenders to be more than willing to offer these loans to their customers.
Check Also: Loan Against Property Benefits
Loan Against Property in Chennai – Interest Rates
The rate of interest applicable on loan against property in Chennai is reasonable. However, it differs from one lender to another and depends on several other parameters such as your credit score, repayment history, age, characteristics of the property to be pledged and repayment capacity. Besides interest rate, there are several charges applicable on loan against property such as processing fees, prepayment charges and late payment fees. Before availing loan against property in Chennai, make sure to check these charges as well as these too make up the total cost of a loan.
Loan Against Property in Chennai – Documents Required
List of documents required by a lender for availing loan against property in Chennai are:
- Proof of Identity (Such as Aadhaar Card, Passport, PAN Card, Voter Identity Card and Driving License)
- Proof of Address(Such as Aadhaar Card, Ration Card, Passport, Driving License, Bank Account Statement, Electricity Bill and Telephone Bill)
- Proof of Age(Such as Aadhaar Card, Passport, PAN Card, Diving License, Birth Certificate, and SSC Marksheet)
- Proof of Signature(Such as Passport, PAN Card and Banker’s Verification)
- Proof of Income(Such as Bank Account Statements, Salary Slips (last 3 months), ITR (last 3 months)
- Property documents as per the lender’s policy
Note: The above list of documents is indicative. Your lender may ask you for additional set of documents as and when required.
Check Also: Documents Required for LAP
Loan Against Property in Chennai – Eligibility Criteria
- The applicant should be an Indian resident
- The applicant should be at least 18 years of age
- The applicant’s minimum income should meet the criteria set by the lending institution
- The applicant’s credit score should preferably be 750 or above
Check Also: Loan Against Property Eligibility Criteria
Why apply for Loan Against Property in Chennai through Paisabazaar?
- It allows you to compare loan against property offers from top banks/NBFCs in India
- Since it is an online lending marketplace, you can apply for loan against property from anywhere and at anytime
- The online platform also allows you to track the progress of your loan application
- Applying loan at Paisabazaar will help you get instant approval on your loan against property application
How to Apply for Loan Against Property in Chennai?
You can apply for a loan against property online in Chennai at Paisabazaar.com. The process is easy and involves just a few simple steps:
- Click here to get started
- Fill a form
- Compare eligible LAP offers from multiple banks and NBFCs
- Select the desired lender or get in touch with Paisabazaar for further assistance
- Fill another form to process your loan application
- Upload all the required documents
- After successful document verification, the lender will give you a verification call
- Next, the amount will get disbursed to your account within 3-5 working days if the loan gets approved