A loan against property is a loan taken by pledging one’s property as collateral. Such a property can be residential or commercial. A loan against property is a secured loan, which allows the loan providers to offer loans against property at competitive interest rates. Loan against property typically is a long-term commitment with tenures going as long as 20 years. The biggest benefit loan against property provides is that funds can be utilized for a variety of needs.

There are several benefits provided by mortgage loan offers in Bangalore. Bangalore is known as ‘the silicon valley of India’, ‘the startup capital of India’, ‘the technology hub’, to name a few. Most of the fortune 500 companies have a base in Bangalore and all types of businesses have an abundance of potential in Bangalore. Fullerton India is a mortgage loan provider in Bangalore and provides property loans at attractive interest rates as low as 9% with minimal documentation ensuring a seamless process.

Features and Benefits of Loan Against Property in Bangalore: 

1) Simple Eligibility: 

As a salaried resident, you have to be between 21 years and 60 years of age. As a self-employed resident, you have to be between 25 years and 65 years of age. The eligibility criteria for a loan against property is simple: you must own residential or commercial property. Other factors like income, fixed expenses, current credit history, nature and value of the property being pledged, etc. are important in determining eligibility.

2) Documentation List: 

The documents list for applying loan against property is simple and includes the following:

  1. Identity proof
  2. Address Proof
  3. Age proof
  4. Bank Statements (for the last 6 months)
  5. Salary slips (for 6 months)
  6. Financial statements (for self-employed)
  7. Form 16
  8. Income Tax (for the last 3 years)
  9. Processing fee cheque 

3) EMI Calculator

Fullerton India’s EMI calculator gives total transparency so that you exactly know your monthly outflow. This helps you in planning your finances better. You need to enter the following details:

  1. Repayment Tenure: The maximum tenure is 15 years and your age of 65 years. And you can repay your loan amount at any time during the existing tenure.
  2. Rate of Interest: The rate of interest on mortgage loans starts from as low as 9%. It depends on factors like your work profile, property type, market value, income, credit score, and documentation.
  3. Loan Amount: You can get a mortgage loan up to 70% of your residential property value 60% of your commercial property value. This can vary from case to case. Your loan amount can be used for any purpose.

4) Quick Disbursal:

Fullerton India’s lucid process makes you enjoy the process of getting a loan against property. The process involves clicking on the “Apply Now” button, and then selecting “Loan Against Property”. After that, you need to fill-up the form with your profile details, employment details, bank details, and uploading documents. You will immediately receive a confirmation from Fullerton and a customer care representative will get in touch with you to assist further.

The entire process of applying for a loan against property is hassle-free and convenient with Fullerton. Therefore, if you need substantial funds quickly, rather than selling your property it makes sense to take a loan against it.

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First Floor, Suraj Centre, No 235/12,27th Cross, 7th Block, Jayanagar, Bangalore -560082, Karnataka

Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:00 AM to 7:00 PM (except Sundays and public holidays).

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