Loan against property in Mumbai

About Mumbai
The commercial & entertainment capital of India is densely populated metro cities of the country. Mumbai has one of the largest slums in the world stretching upto 535 acres with a population of around 2000 people per acre. Without a question the property rates are as high as reaching skies in Mumbai. If you own a loan against property in Mumbai it’s an asset you can make use of at any moment

Check Your Eligibility

Properties that can be considered for mortgaging are:

• Residential
• Commercial
• Developer property
• Plots

Benefit & Features of Loan Against Property

Loan Amount: While applying for Loan against property you must keep in mind that you will be able to encash approximately 70% of the total value of your property as a loan against your property.
Rate of Interests: The rate of interests for availing loan against property are very low owing to the fact that you are pledging your property against your loan amount being granted to you. Rate of interest applicable on Loan against Property is approximately 10.25% p.a.
Loan Tenure: You can avail loan against property for a loan tenure of 15 years which give you a relaxation in terms of lower and affordable EMI’s
Top-up loan: You can apply for loan in addition to your already existing loan in case of an urgent financial requirement.

Eligibility Criteria for Loan against Property in Mumbai:

• For Salaried Individuals:
☞Any property owner with substantial years of work experience (not less than two years) can apply for a loan against property in Mumbai.
☞The minimum age of the applicant should be not less than 24 years at the time of sanctioning the loan amount, whereas the maximum permissible age to avail loan against property is 65 years
• For Professionals:
☞Professionally qualified individuals such as doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants can also apply for loan against property
☞The minimum age of the applicant should be not less than 24 years at the time of sanctioning the loan amount, whereas the maximum permissible age to avail loan against property is 65 years.
• For Self-employed Individuals:
☞Any self-employed individual who is a owner of a property can apply for loan against property if he has a regular source of income.
☞The minimum age of the applicant should be not less than 24 years at the time of sanctioning the loan amount, whereas the maximum permissible age to avail loan against property is 65 years.
• Lease Rental Discounting (LRD):
☞Any individual residing in a property of any kind can apply for loan against property in Mumbai.
☞The lessee should mandatorily be an organization as defined under the Companies Act, 1956.
☞Funding can be done only against ready commercial property and will be restricted to 85% of the net present value of the future rentals or 50% of the value of property, whichever is lower.

Documentation required to avail Loan against property

• Proof of Identity
• Proof of Income
• Proof of Residence
• Updated bank statement or passbook where salary or income is credited
• Papers of property declaring the ownership of the applicant.
• Guarantor form in case of guarantor
• Lease

How to Apply For Loan against Property in Mumbai?

You apply for loan against property online at letzbank. It is easy quick and simple method of obtaining loan. Submitting your application online will help you in having a safer transaction without chances of leaking your information or your property documents in unknown hands. Once you apply online team of experts will get in touch with you to assist you avail loan against property in your city. We at Letzbank, offer our services free of cos to our online applicants and customers.