People from all over the country come to Mumbai looking for opportunities and to become successful. Mumbai has gracefully given shelter to everyone. With a population of nearly 18 million people, Mumbai offers various properties. There are flats, bungalows, studio apartments, hostels, hotels to live in. As financial and corporate capital of the country, Mumbai has business centers, shops, malls, industrial areas, shopping complexes, factories, warehouses and many other commercial properties. People buy, sell or rent these properties from time to time to meet their monitory needs. But you can also mortgage your commercial or residential property in Mumbai to meet your money needs.
So are you a proud owner of a property in Mumbai and in need for some money to meet your personal financial expenses? Then read below to know why you should get a loan against property in Mumbai
- Best Alternative For Personal Loan
Loan against property is a secured loan thus it offers lower interest rate compared to personal loan which is a type of unsecured loan. Also in LAP you can get longer tenure. The o=loan amount is given on the value of the house, so that’s one more advantage to get a LAP in Mumbai.
- Easy Approval
The loan approval process in LAP is very easy and hassle free. Many banks and NBFCs approve the loan application as quick as in 36 hours. Even the eligibility criteria are very minimum. You have to have a good credit score and a hassle free property.
- Minimum Documentation
Banks and NBFCs in Mumbai require minimum documentation when it comes to LAP. You just need your KYC details, proof of income and clear property documents. With these documents in hand, no one can stop you from getting a loan against property in Mumbai.
- Flexible Loan Terms
Banks and NBFCs offer very flexible terms to avail loan against property in Mumbai. You get as much as 75% to 85% of loan amount as per the value of your property. You can keep your residential as well as commercial property as mortgage. The tenure offered are also bigger with easy EMI options.
- Multipurpose Loan
When it comes to living in Mumbai, you must be struggling to pay your utility bills and funds your dreams like foreign trips and a big fat wedding. But with LAP, you can easily manage all your financial jumbles. You can also pay off your multiple debts and credit card bills by taking LAP for debt consolidation. You don’t have to reveal your reason for LAP.
- Use Mortgaged Property
While you have given your property as collateral, you can still use it for your daily chores. The documents of your property will be kept with the bank until you pay off the whole loan amount in full in the given tenure. But till then you can use your property while paying your EMIs.
So apply for a loan against property (LAP) in Mumbai Now! Click here to know more.