Loans against property or Mortgage Loan area highly preferred form of loans in India, and have much more easily available than ever with the surge in banks and NBFCs providing these loans. Along with being cost-effective, these loans are reasonably convenient to avail and repay due to the relatively low Loans against Property interest rate.
Features of Loan against Property (Mortgage Loan)
* Quick and hassle free process of Loan against property with speedy approvals
* Residential and commercial properties are accepted as collateral to get loans against property.
* Mortgage Loans are an excellent debt consolidation tool
Loans against property Benefits
Loan against property is a secured loan which means it is offered only when you offer a property owned by you as security with the bank. Personal loan interest rate is allocated according to the customer's salary, the amount being borrowed and other criteria as specified by the bank.
* These are long-term loans and repayment periods can be anything from 10 years to 15 years.
* The rate of interest for the loan and the loan amount varies on a case by case basis depending on the type of property and other factors specified by the lender.
* These are long-term loans and repayment periods can be anything from 5 years to 10 years.
Should be at least 21 years at the time of submission of the loan application
Must have been employed by the current organization or should be involved in the current business for a specific number of years
You must be residing in Tamilnadu(South).
Documents Required for Gold Loan
Last Six Month Bank Statement
Two passport size photographs.
Current Address Proof
Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)