Chennai - the coffee drinking capital of India is also a Finance and IT hub on the East coast of India. This leads to a surge in commercial as well as residential real estate. At an affordable interest rate in Chennai, one can look at owning a property easily. It is a developing city with the convenience of distances and rolling in of facilities like the metro aimed at improving mobility of people backed by a carbon friendly solar technology.
However, as of mid-2021, a real estate report confirms a severe hit to Chennai real estate off-take with unsold stock of around 37,478 units which can take another 42 months to be cleared. This clearly indicates the slow-down in the market - leading to a possibility of better pricing for real estate buyers.
As a prospective buyer and as someone with existing properties you can look at taking out a Loan Against Property in Chennai at a low interest rate. You can weigh your options to take out a home loan or go for the LAP route.
When you mortgage existing property you not only unlock the potential value but also stand to benefit in terms of the interest rate. It is easy to receive a lump sum amount which can be alternatively invested in another property or business or emergency use.
When choosing a property to purchase, look for LAP in Chennai with providers like Poonawalla Housing. The company offers curated LAP offers with simple and easy payment methods. Other factors to keep in mind are easy repayment and processing issues which generally crop up in LAP.
To understand how the process works, you can take a quote for your existing property with the Loan Against Property calculator. This quote is subject to verification and further documentation.
The features below will help you decide and then you can apply online for Loan Against Property.
Best Possible LTV:
The ratio of Loan-to-value (LTV) determines the amount of loan you will get. Think of being approved from 50-80% depending upon various documentations. This is one of the highest LTVs offered in the market currently.
Apart from the regular KYC routine, there are additional various Loan against property documents required. Our consultants will guide you on the best possible way to achieve the maximum loan amount with the right papers.
Easy Repayment Method:
As most people are hesitant with EMIs, we offer flexibility in terms of tenure and EMI amount which can be modified subject to certain rules.
Competitive Interest Rates:
Your loan against property eligibility will determine the interest rates that any company will offer. Be sure to increase your credit score at least few months before you plan to take out a loan.
You can reach out to Poonawalla Housing for a LAP ranging from Rs.5 lakh up to Rs.25 lakh for meeting various financial obligations.
For a borrower knowing the full extent of your expenses and payments will help you decide your payment schedule as well. Reach out to us to know how the process works.
Quick Loan Processing:
Avoid a situation where you miss out on your property of choice due to long drawn-out procedures. Poonawalla Housing works on priority with a stipulated timeline for your LAP processing.
Loan Against Different Properties:
Whether you need to unlock the potential value of warehouses, commercial or residential properties - anything can be mortgaged for taking out an LAP.
Whether you wish to expand your business in Chennai or buy a second home, a LAP is an ideal method to get the best possible value of your property without even selling it and having the capital at your disposal.
Fill in your basic details on the online form.
Submit your KYC, Income documents, Bank account with a copy of property documents statements.
Application will process for a quick verification and assessment of your documents.
Get the loan approval in a hassle-free and quick process.
That’s it! Your Loan Against Property gets instantly disbursed.