Located along the outskirts of Delhi, Gurgaon is steadily evolving as one of the leading industrial and financial hubs in the country. The growing manufacturing industries, IT and real estate sectors require major funding which can be raised by availing loans offered by various financial institutions. One of the most convenient and high-value alternatives is mortgage loans.
Borrowers usually opt for a loan against property in Gurgaon as their choice of external financial assistance to cover a major section of the required funds. Such advances do not have any end-use restriction unlike home loans and can cater to the varied requirements of borrowers. LAPs are popular as they offer high-value credit amounts with extended tenors which make EMIs relatively more comfortable.
So, in case you are a businessperson in Gurgaon looking to expand your business, or seeking funds to invest in any other sector, here is why loan against property India is your best option.
High credit amount- With a loan against property, borrowers have the benefit of acquiring a very high-value loan amount of up to Rs. 5 Crore against the property mortgaged as collateral. However, the market value of the property must be higher.
Additionally, it also helps if the individual’s CIBIL score is above 750. This reflects a borrower’s creditworthiness and ensures the lender about his/her repayment capability.
Attractive interest rates- The interest rate in case of a loan against property in Gurgaon is comparatively lower because of the longer tenor that it provides and the assurance of the mortgaged property. They also provide borrowers with the option to choose between floating interest rate vs fixed interest rates, according to their requirement.
The interest rate of a loan has a significant impact on the EMI of the borrower. Thus, borrowers should make informed decisions while choosing their interest rate and the tenor since a higher EMI amount can take a toll on one’s planned monthly budget.
No end-usage restrictions- Loan against property offers the borrowers with the option to use the substantial credit amount to fund varied investments including property purchase, extension or renovation of an existing property, business expansion, etc. One may also use it for personal purposes like wedding, travel, education, and others.
Extended tenor- Reputed NBFCs like Bajaj Finserv take into consideration the hefty loan amount and grant self-employed borrowers a loan against property tenor of up to 18 years.
Lucrative features- Borrowers should always opt for Loans Against Property provided by leading NBFCs like Bajaj Finserv which come with borrower-friendly features like –
- Property dossier
- Property search services
- Online management of loan account via a customer portal
Nominal documentation- The loan against property documents required have been kept to a bare minimum keeping in mind the convenience of the borrowers –
- PAN/Aadhaar Card
- IT returns
- Documents of the mortgaged property
- Address proof
- Latest salary slip (salaried individual)
- Bank account statement of the last 3 months (salaried) or 6 months (self-employed)
Easy-to-meet loan against property eligibility- Reputed lenders require nominal eligibility criteria from both their salaried and self-employed borrowers –
- He/she should be an Indian citizen or should own a property in any of the cities specified by the lender.
- The borrower should be between 33 to 58 (salaried), or 25 to 70 (self-employed) years of age.
- He/she needs to be a salaried employee in a public or private company or an MNC, or be self-employed with a steady source of income.
Thus, a loan against property in Gurgaon can help borrowers acquire a considerable fund at a lower interest rate, and lower EMIs. Utilize the funds responsibly without any unnecessary stress on your budget. Pay the EMIs on time to benefit from better repayment terms in the future.