Avail property based loans up to Rs.10 Cr with interest rates starting at 9% p.a. with additional benefits such as extended loan terms and flexible repayment options. Simple documentation, quick processing, and excellent customer service go-to place for all your housing loan needs.
Advantages of Loan Against Property in Nagercoil
A Loan Against Property is a secured loan that allows you to borrow money by mortgaging your property. In Nagercoil, this financial product is gaining popularity due to its numerous benefits. Here are some of the key advantages of opting for a Loan Against Property in Nagercoil.
Lower Interest Rates
Interest rates on loans secured by land are typically lower than those on unsecured loans such as credit cards or loans for personal use. Because of this, borrowing money for significant financial demands is affordable.
High Loan Amount
You can mortgage your house to obtain a substantial loan sum. With interest rates starting at 9% annually of the property's market value, the loan amount can reach up to Rs. 10 Cr, offering enough money for a variety of uses such as house reconstruction business expansion, education, and medical costs.
Flexible Repayment Tenure
For Loans Against Property in Nagercoil, lenders usually provide flexible repayment terms of ten to fifteen years. This enables you to select a term that works with your repayment ability and financial planning.
Property Ownership
You are still the owner of the property and are able to use it as usual despite it being mortgaged. Loan Against property is a recommended option since it offers the combined benefit of leveraging the property's value without sacrificing its utility.
Multipurpose Use
You can utilize the money from a loan secured by property for several things, such as debt consolidation, personal spending, company acquisitions, and more. The ultimate use of the borrowed amount is unrestricted.
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Eligibility Criteria for Loan Against Property in Nagercoil
| Eligibility Criteria | Requirement |
|---|---|
| Age | Minimum Age: 18 years and Maximum Age: 65 years |
| Resident Type | The applicant must be Resident Indian |
| Employment Type | The applicant can be (any one):
- Salaried - Self-employed |
| Net Annual Income | At least Rs.5 lakh depending on the type of employment |
| Residence | - Individual House
- Commercial Property - In addition of vacant land will be considered as collateral |
| Credit Score | A good credit score of at least 700 or more obtained from a recognised credit bureau |
Documents Required to Apply for A Loan Against Property in Nagercoil
Required documents to apply loan for Salaried applicants
* KYC (PAN Card & Aadhar Card)* Latest 3 months Payslips
* Latest 1 Year Bank Statement
* Existing Loan Statement (if any)
Required documents to apply loan for Self Employed applicants
* KYC (PAN Card & Aadhar Card)* Latest 1 year bank statement of savings / current account
* Latest 1 Year ITR (Income Tax Return)
* Existing Loan Statement (if any)
* Existing sanction order copy (if any)
Collateral Documents: 1. Current Deed
2. Parent Deed
3. Encumbrance Certificate (EC) 1987 to till date
4. Plan Approval copy
5. Recent House Tax Recipt
6. Recent Land Tax Recipt
7. Patta, Chitta papers