Smarter Way to Get

Loan Against Property in Chennai

Low Cibil Score & Cibil Defalter

Without Income Proof & IT

Property Takeover & Transfer

Bank Overdraft & Enhancement

Reverse Mortgage for Senior Citizen's

Maximum Coverage for Vacant land

The interest rates for Loan against Property are easily comparable and I could choose the best loan against property without any hassle. Their documentation process is really easy and quick. Very good services!!

Ranganathan

Ambattur, Chennai

I gained good knowledge about loan against property schemes. I could research on what other banks are also providing. This helped me select my loan scheme and plan better. I have applied for a SBI loan against property and my loan got approved

Vinay

Anna Nagar, Chennai

Swetha

Velachery, Chennai

153+

Banks & NBFC's

75+

Private Financiers

30+

Financial Services

3500+

Customers

Most Popular

11.00%

Interest Rate

0.50% to 1%

Processing Fee

10 Lakh to 5 Cr

Max Loan

Upto 20 yrs

Repayment Period

Most Popular

12.50%

Interest Rate

0.5% - 2%

Processing Fee

15 lakh - 10 cr

Max Loan

Up to 15 years

Repayment Period

Most Popular

9.20% to 12.25%

Interest Rate

0.50% to 1%

Processing Fee

5 lakh to 20 cr

Max Loan

Upto 15 years

Repayment Period

Most Popular

9.90%

Interest Rate

0.90%

Processing Fee

Rs. 5 lakh to Rs. 5 cr

Max Loan

Upto 10 years

Repayment Period

Most Popular

11.5% - 12.5 %

Interest Rate

1.5%

Processing Fee

Upto Rs 8 crores

Max Loan

1 to 15 years

Repayment Period

Most Popular

11.85%

Interest Rate

2%

Processing Fee

10 Lacs to Rs.10 Cr

Max Loan

1 - 15 years

Repayment Period

Most Popular

11.75% to 15%

Interest Rate

1%

Processing Fee

5 lacs to 5 Cr

Max Loan

1 - 15 years

Repayment Period

Most Popular

13.50%

Interest Rate

1%

Processing Fee

Rs. 50 lakh

Max Loan

1 - 15 years

Repayment Period

Most Popular

11.5%

Interest Rate

1%

Processing Fee

Up to Rs.10 Cr

Max Loan

1 - 15 years

Repayment Period

Most Popular

9.5%

Interest Rate

1

Processing Fee

Rs.15 crore

Max Loan

Up to 15 years

Repayment Period

Get To Know More About Mortgage Loan in Chennai

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.

Adding Co-Applicant

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.

650 – Cat on the Wall Cases

Cat on the wall is not a better one. Either your profile get selected or may get rejected. To Prove credibility factor, get a Guarantor who got good credit score. This tactics will increase the credit worthiness of you. Always be sure not to assign Guarantor who is not credible.

Loan To value

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.

Choose Private Finance in Chennai

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

Loan Against Property EMI Calculator : 

The EMI for Loan against Property can be manually calculated using the following formula.

EMI = [P x R (1+R) N]/ [(1+R) N-1]

Where,

  • P is the loan amount taken

  • R is the applicable rate of interest

  • N is the number of months the loan is availed for

Banker's value your Property Based on Three Factors - Economic Approach | Legal Approach | Value Approach

Utility of the Property

Utility can be defined as “Power and Satisfaction on the Property. Value of the Property depends upon the Individual Power & Satisfaction. The Main Assessment is “How the Property is Overwhelming the Normal Person”. The Valuer See whether it’s a Rented or Self Use property and also study about the possible ways of using the property.

Scarcity 

Value of Demand & Supply of the Property. valuer go through, the property is location. Whether it is located in Industrial or Residential locality. And how Scarce the property is gonna be in future. For Loan Against Property in Chennai Valuation they check the area volume of the property like, No of Shops, Hospitals, Schools, Colleges, Bus Stops, Temples, and Bridges.

Demand & Transferability

Demand: Demand is not only the desire to possess the property, it also include the effort to acquire it and monetary power too. 

Transferability: It’s a Legal Concept, where the property documents must be transferable in whole or in part.Note: Mortgage Loan Registration Charges in Chennai is calculated as per Tamilnadu Government Act.

Investment Properties

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.

How to Get Mortgage Loan without Income Proof ?

Loan Against Property in Chennai Without Income Proof or Income Tax Return (ITR)

From a Minimum of Rs 3 Lacs to Maximum of Rs 15 Lacs, a client can raise Loan against Property in Chennai without income proof. But client must show income source visually to bankers. Filing Same Date ITR is legally accepted by many NBFC’s & Private Institutions. If you don’t have any bank transactions, hand written bills and vouchers are accepted by NBFC’s for LAP Loan.

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.

Debt Recovery Tribunal:

Debt Recovery Tribunal (Established on 1993) for the Property Recovery when the client become a defaulter.

First Stage is Non – Performing Asset:  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. Everything come to a light, if the client pays Outstanding EMI. This will change the NPA to Performing Asset. 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.

Final Stage is Auction: Debt Recovery Tribunal, will auction the property in Public Domain. Whoever wins the bidding will buy the Property.

  • 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 200 cr 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

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.

Waiting Period

  • 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.

Interest Rates

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.

Loan against property in chennai, Mortgage loan in chennai, Property loan
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