Get To Know More About Mortgage Loan in Chennai
Written By Ganesh, Lead Loan Consultant – Bergmount
Reach Him – +91 8939742073
Let’s start with the Mortgage Loan Process.
Step 1 – Application:
Taking your first step is always important, where most of the clients slip in this phase. Always spend some valuable time while filling the application form.
Basic Application Details: Name, Address, Educational Details, Residential Details, Employment or Self Employed Details and Your Income Details as well.
Basic Property Details: Property Location, Property Value, What kind of Property, EC Details, Patta Details.
Step 2 – Processing Fee:
Before the bank starts the process, they ask you for processing fee. The processing fee may vary from bank to bank. Some Banks Charge you 0.5% to 1.5%. In case the bank rejects the mortgage loan profile, few banks don’t hesitate to refund their processing fees.
Step 3 – Legal Opinion From Advocates :
Legal Opinion from the Reputed Advocates is the first and foremost details needed for Loan Against Property in Chennai. The Reason Bankers ask for legal opinion is to check whether the pledging property have any litigation in it or not.
Step 4 – Valuation of the Property:
Bankers take next step by valuing your property. Property valuation is an unique process, Banker’s Value Property on – Economic, Legal, Value Approach which we have given a detailed context Below.
Step 5 – Verification & Personal Discussion:
The most important phase in mortgage loan process is verification & personal discussion. Bank professionals will do a complete verification of your personal or business details and property details.
The Branch Manager call the borrower for personal discussion to check Face Value, Credibility & Feasibility Value. Once Everything is verified bank take the process to next step.
Struck with Cibil Problem ! - Just Follow the Instructions to Balance Your Credibility Score.
Tips for Loan Against Property For Cibil Defaulters in Chennai
Cibil Score is major Threat for Loan Against Property, though we give property as collateral to banks they expect proper credit history and records.
On the Scale, 650 is an average decent credit score. What if, the cibil score is lower than 650. Follow the Below Points to tackle the problems.
If your Credibility is not up to the Bankers Standards, just add additional Co-Applicant who got good credibility value. Prove the credibility to the bankers.
Co-Applicant can be your mother, father, brother, sister who have good credit score and track records.
Seekers always expect Full Loan to value (LTV) 60 -80% of loan on the property value. If you want to Get Loan Against Property, ask for lower amount to avail it immediately. Loan Against Property in chennai have a advance option like, top up.
You can top up or apply for a Secondary loan (Same property) after 6 to 12 months down the line.
If you are not concerned about the Interest Rates and Repayment Schedule. Just Go For Private Finance in Chennai or Private Institutions.
TRY Non Banking Finance (NBFC)
Unlike National banks, the lucrativeness for profile login is low in nbfc’s and private institutions. Cibil Defaulters need not bother much to login your profile in these platforms.
- These standards are liberal during profile login, for instant 3 to 5% of cheque bounces are considered depending upon their credibility. To get Instant Loan Against Property in Chennai, we help you to increase that credibility & We will guide you step by step.
- As per RBI Guidelines, NBFCs and private institution should take a liberal consideration for cibil score (LAP)
- The most important way to overcome your cibil problem is getting No Objection Certificate from the Banks, by this defaulter client can come out from this issue.
- As soon as you get NOC from banks, you have to ask the lender to update the information in cibil as soon as possible. Always prefer for NOC and Not for Settlement.
- Settlement clients have problems when they avail loan in future
Banker's value your Property Based on Three Factors
These are the Properties which fetch Income like rent or lease. The Adopted Properties for this methods are Residential Properties, Commercial Properties and Industrial Properties. this method is a normal approach to valuate the property.
Considering the Utility and Income of this property the demand and supply of this properties are higher than any other properties.
> Non-Investment Properties (Vacant Land): Vacant Land are considered as Non Investment Properties but it has a marketable value.
It cannot yield income. This kind of properties are calculated by Market approach
Non-Investment and Non-Market Properties: These Kind of properties do not fetch Income and not for sale in the market. There will not be any evidence of income yield. Properties like Religious Buildings, Public Buildings, Public Libraries etc. Most of the Public Sector Undertakings. In this case the Value of the Property is calculated by Cost Approach.
> Educational Institution & Health Care Buildings: These Kind of Building continuously generate Intangible Assets to the Society. Goodwill is the Main factor.
Banks can avail loan for these building, by taking it as primary & collateral security.
Can I Get Mortgage Loan without Income Proof ?
NBFC is always a Better Option
You cannot Find a Better Place than NBFC & Private Institution for Loan without income proof. You get lowest interest rates on loan against property. From 9% to 15% PA. You are need ASAP choose Private Institution, maximum interest rate is 24%. You can get immediate funding and reasonable repayment schedule.
What is NPA & How to Prevent DEBT Recovery Tribunal
When the borrower fail to pay the EMI for regular of three to six months, the mortgaged loan property become as Non Performing Asset. Client become as Defaulter. Banks try to push the client to pay EMI or give some time to sort out the current NPA Problem during Personal Discussion.
On most of the cases the banks play a ethical role during the Non Performing Asset Period. So the client should show some responsibility to sort out the issue.
Situation turns upside down if client didn’t respond the bank. Finally bankers have to send the property to DRT by keeping their emotions aside.
Debt Recovery Tribunal, will auction the property in Public Domain. Whoever wins the bidding will buy the Property.
How To Overcome Private Institution Obstacles ?
- How not to get influenced by the fraud mediators or connectors:
- Never pay any upfront fees, you can raise property finance Chennai without that. NBFC will not ask you for Upfront fees when they are lending money on Loan against property in Chennai, except for Processing fee.
- Don’t believe, when a mediator or a connector commit that he can raise 100 or 200cr Loan Based on Loan. Just a illusion, they pull you into a trap.
- No Financiers is ready to fund on Private loan against Property in chennai lesser than bank rate of interest.
- Third party collateral became a useless word in every sector for borrowing Private Property Loan in Chennai.
- If your profile is accepted by the financier, don’t go for tough agreement like sale deed or others
- Watch your steps before entering into any contract with mediators. Take a wise decision before taking Property Loan in Tamilnadu from Private Financiers
Repayment schedule is short, maximum of 11 months. even if it is loan against patta land in chennai. If you want to renew the agreement, you have to go for another 11 months. But in NBFC’s or
Private Institutions you can get a maximum of 15 to 20 years. There are companies who also deals with very short term private finance i,e., unsecured finance.
- Private Finance against land in chennai takes more time than the NBFC’s. Generally, they have a misconception that profile holders can raise the money within a week. That’s not true, you have to wait till the lender say yes. Lenders always have a problem of shortage of money. So waiting period will take more than a month.
- If a mediator tells you, that you can raise the funding in two days or a week for loan against property private finance in chennai for your business. Then, you are in wrong hands or contract agreement between you and the lender will have tough writing likes, high Property interest rates and Compulsory sale deed for your land Financing. You have to wait for funding, if you are expecting good Vacant land Finance in Chennai and with minimum formalities.
No Place is better than NBFC or Private Institution. You get a Lowest interest rates on Loan Against Property in Chennai like 9 to 15% PA. But In Private Finance the Minimum
Interest rate on land starts from 24% to 50 % PA. On most cases, businesses with emergency will choose this high interest rates for money against property. For this purpose we choose the right platform for our clients. Everyone wants immediate funding, they just borrow the money to sort out their current issue.
What happens in long run, you will be paying high interest with pain.