Get ready for Unlocking Financial Opportunities by choosing Loan Against Property in Jalandhar
A Loan Against Property (LAP) is a loan that can be availed through pledging your commercial property as security for the amount borrowed. They are also referred to as mortgage loans, and give one a chance to secure large amounts of funds without necessarily having to dispose of the property. Offering interest rates starting at 8.50 % p.a. and going up to 18% p.a., you can apply for Property Loan in Jalandhar for as much as Rs.25 crore and with tenure up to 20 years.
Unlock Funds Efficiently
The first benefit of a Loan Against Property in Jalandhar is the capability of utilizing the worth of the property in question without getting into the hassles of selling it. This means that you can exercise flexibility such that you can get cash for different purposes such as business, education, health or home improvement.
Lower Interest Rates
Unlike other types of loans, Property Loan in Jalandhar attract relatively lower interest rates. This is usually the case and can amount to much saving all through the period of the loan making it relatively cheap to solve your needs.
Higher Loan Amounts
This gives you higher levels of borrowing that are based on the current market value of your property with LAP. This is more so especially to those who are seeking to raise massive resources for areas like buying a new home and other business related projects.
Flexible Repayment Terms
You get to select a repayment period based on your needs, anywhere from a few years to up to two decades. These choices can also be helpful in the possible sense that they afford you the opportunity to deal with your money and thus less pressure.
Use Funds for Any Purpose
This means that, like other loans in Jalandhar, the money from a Loan Against Property can be used for virtually any need the borrower requires it for. It can be for any purpose and it can be a student loan, a car loan or even to pay medical bills.
Tax Benefits
In most times, the interest charged on the Property Loan in Jalandhar is allowed for tax exemptions which mean that you stand to benefit from this loan in more than one way. This can also lower your tax expenditure making your budgeting easier in anticipation of your projects.
Read the following information in connection with the application process: Simplified Application Workflow
LAPs are easier to secure compared to unsecured loans since the legal formalities needed to obtain this loan are minimal. This is most beneficial for those that require cash urgently.
Retain Ownership
As it is different from the sale and conveyance of the property, you can still hold the title of the property yet gain cash. This means that you are able to use the asset productively and get the benefits as well while using it for income generating activities.
Higher Approval Chances
This is why lenders consider these loans to be less dangerous because the loan balance is secured against your property. This also makes the prospects of approval high and going for the required financing much easier.
Your EMI Amount is:
Here you can see your total payment and total interest in your loan.
Total Payment
₹ 172165Total Interest
₹ 72165To be safe, start by doing research on the various interests offered by various lenders. To calculate what you can afford, visitors can use an EMI calculator to forecast their monthly payments.
Learn about the requirements for a Loan Against Property in Jalandhar. These are normally such factors as minimum income, age, and property to be insured.
Ensure you obtain the required documents and fill your application form to meet the standard set by the examiner. Making sure that the giving out of necessary information is complete and accurate will go a long way to facilitating the approval process.
Upon approval of the application, the disbursement of cash is fast, and you can pay your bills as and when expected.
To apply for a Property Loan in Jalandhar, you will need to submit the following documents:
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Mexmon Financials enshrines some of the best next rates in the business as we sustain confidentiality and fairness within all our operations. Here’s a brief overview of our rates and charges for a Loan Against Property in Jalandhar:
Interest Rate | Starting at 8.50% p.a |
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Processing Fee[1] | Usually varies between 0.25 – 2% of the corresponding loan amount. |
Loan Tenure |
Available for still more flexibility, depending on the options ranging from one to twenty years. |
Lowest EMI |
Rs. 769 per lakh |
Penal Charges (w.e.f 01/04/2024) | 0.5% p.m (6% p.a) + GST on outstanding due amount[2] |
MTM Charges[3]* | ₹500.00 |
Stamp Duty and other statutory charges | As per applicable laws of the state |
Auction Charges* | ₹1500.00 |
Overdue Notice Charges* | ₹200 per Notice |
SMS Charges* | ₹5.90 per Quarter |
Part-Payment Charges | NIL |
Pre-Closure Charges | NIL Minimum of 7 days interest will be charged if loan is closed within 7 days |
A Loan Against Property in Jalandhar can be helpful to take a wise decision for the borrowers who wish to utilize their property to avail cash without to sell out the property. This is why at Mexmon Finance you can always be sure that you are getting the best fit to your requirements. Get in touch with us today to learn more about what is possible for you and start the journey to begin realizing your financial potential!
To qualify for a Property Loan in Jalandhar, you must meet the following criteria:
Type of Property: The property should be in India, whether residential or commercial.
Age Requirement: Those who applied should not be below the age of 18 or above the age of 70 years.
Employment Type: Everyone from salaried workers to self-employed are also welcome to apply
Work Experience: Minimum 1 year in the current organization.
Credit Score: It is normal for individuals who wish to obtain loans to have a minimum credit score of 750.
Annual Income: It should supply a net annual income of no less than Rs. 1.5 lakh.
Net Monthly Income: Minimum Rs. 12,000 per month.
Loan-to-Value (LTV) Rati: up to 75% of its current market value.
Legal Property Documents: Registration Certificate, Property Tax Receipts, Sales Deed, etc.