How to Get Loan Against Property in Surat?

Surat is India Diamond’s City. The economic base of the place depends mainly on textile manufacturing, trade, diamond cutting etc. It is one of Asia’s largest growing cities. People can avail loan against property in Surat to fetch a substantial amount that will help them fulfil their pending personal or business plans. 

With no end-use restrictions, flexible repayment tenor and high loan amount, loan against property is considered an effective tool to achieve personal or business goals.

Process to apply for a loan against property in Surat

Individuals must follow the steps to apply for a loan against property in Surat.

Step 1: Visit the official website and fill in the form with necessary credentials.

Step 2: Submit necessary documents and property details.

Step 3: Enter financial and income details.

Step 4: The lender’s representative will contact the applicant.

Step 5: After quick assessment and inspection. One can now submit the loan application.

After getting done with the documentation, the borrower will get instant disbursal of the loan amount.

Eligibility criteria for loan against property

Borrowers must meet the following eligibility criteria to apply for loan against property in Surat:

  1. Applicants must hail from India.
  2. The age bracket for a salaried individual is 28-60 years, and self-employed applicants’ age must range between 25-70 years.
  3. Salaried individuals must work in a private, public or MNC for three years.
  4. A self-employed individual must provide a steady income source.

However, eligibility criteria are lender specific and may vary as per the lenders the borrower chooses.

Documents required to apply for LAP in Surat

Before apply for loan against property, borrowers must keep the following documents necessary for loan approval:

  1. Recent salary slips and last 3 month’s bank account statement for salaried applicants
  2. Last 6 month’s bank account statement for self-employed individuals
  3. Proof of address
  4. IT returns (for salaried applicants)
  5. KYC papers 
  6. Copy of property documents that are to be mortgaged.

However, it is imperative to note that applicants may have to show additional as per the requirement of different lending institutions.

Features of loan against property 

Loan against property offers the borrowers a host of features, which are as follows:

  1. Substantial loan amount

Lenders offer a high-value loan quantum to the borrower. With the help of the loan amount, the borrower can address multiple financial obligations. 

  1. Rapid disbursal

Borrowers will get instant loan disbursal on adhering to the eligibility criteria and providing necessary documents.

  1. Flexible loan tenor

Lending institutions stretch the repayment tenor so that the borrower can repay the amount on time. However, repayment tenor differs from lender to lender. If borrowers wonder how to prepay loan against property on time, a flexible loan tenor is ideal.

  1. Affordable interest rate

A loan against property is a secured loan as one pledge the property as collateral. As a result, lenders levy lower interest rates on the loan amount, thereby offering affordable home loan options to the borrower.

  1. Reduced EMI pay-outs

Under loan against property, a borrower can choose an extended repayment tenor, reducing the EMI payments. Borrowers can use loan against property EMI calculator to calculate the monthly EMI pay outs beforehand to minimize the financial stress.

Must read: Why is This The Right Time to Avail a Home Loan?

  1. No prepayment and foreclosure fee

Financial institutions allow borrowers to foreclose the loan amount or make prepayments without asking for extra payment, thereby allowing borrowers to save up money.

If a borrower is confused between choosing loan against property or personal loan, the above-mentioned features will help one to decide.

In addition, there are several NBFCs extending pre-approved offers on financial products like loan against property, home loans etc. These offers expedite the application process. Borrowers can check their pre-approved offer by entering their name and contact number.To recapitulate, loan against property in Surat allows an individual to meet unforeseen expenses. An individual can easily avail it against a commercial or residential property. It is wise to compare different loans against property options offered by various lending institutions to make the lending process hassle-free.

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By Cary Grant

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