Chennai is one of India's biggest cities and many younglings dream of making a living in the city. If you are from Chennai and want to avail a mortgage loan at an affordable interest rate and other benefits, you are on the right page. We at LMV Financial Services abide by providing loans to our customers. If you find it challenging to get a loan, you can easily rely on us and get the loan sanctioned with many added benefits like the lowest interest rate, flexible repayment tenure, etc. LAP Loans in Chennai can be availed by anyone with a property worth putting as collateral.
If you, by any chance, own a property in Chennai and want to keep it as a security in the bank to avail of a loan for your emergency needs, you can do so with our aid. We can help you avail of the loan from the bank/NBFC you desire. You need proper documents, and we will take care of the rest. The loan amount can be used for any purpose, say, education, wedding, trips, medical emergencies, home renovation, etc., and there is zero restriction.
These are the documents required to apply for Loan Against Property in Chennai:
These are the essential documents required by the lender. However, few banks may even ask for other documents per their norms.
Below are the eligibility criteria to apply for LAP Loans in Chennai. Individuals seeking a loan against property in Chennai must be eligible to avail of a loan.
LMV Financial Services has been offering its services for a long time, and many individuals and corporations acquired loans through us and benefited greatly. You can check out the benefits associated with taking LAP loans in Chennai through us.
With LAP, you can protect your hard-earned asset from selling and keep it safe for your kids. Instead, you can acquire a loan against property by offering it as collateral to the bank, which calculates the loan amount after evaluating the property.
The Bank/NBFC is only concerned about the loan amount and your capability to repay it. It doesn't concern itself with the end use of the loan. You can use the acquired loan amount for any given purpose.
As LAP or mortgage loan is a secured loan where the borrowers offer the collateral, the banks offer it at the lowest interest rates possible. Compared to other types of loans, LAP loans can be obtained at low-interest rates due to the low risk on credit.
In LAP, the loan amount ranges from Rs. 12 lakhs to Rs. 5 crores. This means the borrowers can get around 70% of the property value from the bank in the name of a loan against the property. Also, the repayment period lasts 15 years or more, and the borrower is free to choose the tenure at their convenience.