Make the Most Out of Loan Against Property in Kerala

For individuals who need a large amount of money and own property in the state, a loan against property in Kerala is a reasonable credit choice. The loan offers fast approval, reasonable interest rate and flexible tenor.

Kerala is located in the south-western part of India and is surrounded by the Arabian Sea, Tamil Nadu and Karnataka. It is known for its topography, pristine beaches, art and culture. Thus, Kerala is a highly popular tourist destination of India.

Features and Benefits of Loan Against Property

Discussed below are the primary features and advantages of opting for a loan against property in Kerala.

• Easy paperwork

In case of a loan against property, the maximum portion of documentation is done while purchasing the property. Hence, the paperwork for this loan is quite hassle-free.

• Reasonable interest rate

The interest rates offered by financial institutions are usually quite reasonable. It provides sufficient funds to borrowers without making significant dents in their savings.

• Quick loan approval

Financial institution offers quick loan approval for borrowers. The amount will be credited to the borrower’s account within 2-3 days after the approval.

• Flexible tenor

The repayment tenor for loan against property is flexible and can be extended to several years based on the period borrowers are comfortable with.

• Online monitoring

The Bajaj customer portal – Experia provides 24X7 services to monitor loan developments, EMI schedules, or other information within a stipulated time.

• Big value funding

One can get a substantial amount if the borrower’s credit history is good, the property put up as collateral is of high value, and other factors.

• No extra costs

Financial institution offers loans without charging any extra costs or prepayment penalties. Therefore, borrowers do not need to worry about losing their savings.

Financial institutions offer pre-approved loan offers that expedite the lending process. They provide these offers on various financial products like home loan, loan against property and more. Applicants can check their pre-approved offer by inserting details like their names and contact numbers.

Documents Required for Loan Against Property in Kerala

Following is the list of documents needed to apply for a loans against property:

• Identity proof documents (PAN Card and Aadhaar Card)
• Current salary slips
• Bank statement for last 3 months
• Address proof documents
• Employment details
• Copy of the paper works regarding mortgaged property
• Income Tax Returns

Eligibility criteria for loans against property in Kerala

Following are the eligibility criteria for individuals taking a loans against property:

• Age 

23-60 years

• Nationality

Indian

• Employment status

Must be associated with a private, public or MNCs with at least 3 years of experience

Before applying for a loan against property in Chennai, a borrower needs to focus on every necessary condition and criteria. Also, they are recommended not to take any sort of financial burden upon themselves. India’s loan against property market is slated to grow at a CAGR of about 14% by FY2026. The demand for such convenient secured loan options has been increasing substantially in several Indian cities, including Chennai, which is a primary hub of administration and economy. Individuals opting for a loan against property in Chennai can get several benefits that include reasonable interest rates, a simple process and a hassle-free repayment.

How to apply for a loans against property online?

The steps to apply for a loans against property online are:

1. Visit the website and fill out the application form
2. Enter personal and property details
3. Submit income proof and financial status details
4. Submit the application form

Types of Loans Against Property

Borrowers need to know the types and features of loan against property before applying for a loan. Here is a list of the types of loan against property offered by various reputed financial institutions. They are:

• Loan against residential or commercial property

In commercial property loans, the borrowers mortgage their assets and take the credit based on its current market price.

• Loans against property for self-employed

Self-employed individuals can get a substantial loan against their properties. To apply for such a loan, the borrower must meet the necessary guidelines.

• Loans against property for wedding

Purchase a loan against property for wedding to meet all the expenses incurred during pre-marriage up to the post-marriage period.

• Loan against property for house renovation

Banks or financial institution offers loans for house renovation. Individuals can take this loan to modify their home and give it a refreshed look.

• Loans against property for debt consolidation

It enables the borrower to merge various debts into a single debt to reduce the burden of payments and interest rates. For instance, While talking about a loan against a property, the nature of paperwork and the documentation is quite simple. Since a property is kept as collateral, it becomes safer for the lender to execute the lending process. 

• Loans against property for doctors

Being a professional, a doctor can opt for this mortgage loan to hire skilled staff, renovate the clinic, purchase advanced equipment etc.  Secured loans like loan against property come with a lower rate of interest than unsecured loans. Moreover, the chances of getting the loan approval can increase if the borrower holds a proper credit score and credit history.

• Lease rental discounting

Lease rental discounting allows the borrower to borrow from financial institutions against rental receipts as collateral. If a borrower desires to build a residential or commercial property without any hindrances, a loan against property in Kerala will be an ideal choice. It offers a substantial sum of money with a low interest rate as the loan is secured by collateral.

Conclusion

For instance, While offering a property as collateral, borrowers can meet their financial needs with the loan amount. Further, in some cases, the borrowers do not sell their property and still get sufficient money.  These facilities are unavailable against other financial products like home loans. Under such cases, the lender thoroughly evaluates the borrower’s financial status and credit history. Thus the time of loan processing increases as well.  For instance, financial institutions give pre-approved offers that enhance a lending process in an efficient way. They provide these offers on various products like home loans, loan against property and more.  Applicants can check their pre-approved offers by inserting details like their names and contact numbers.