Mumbai is the biggest city of India with a population of around 2 crores. The city gives immense income opportunities to all as it houses many industries including the film industry. It is also called the financial capital of India.

If you are a resident of Mumbai and want to avail a higher amount of money soon, then you may look for a personal loan. However, a personal loan may not give you more than Rs.25 lakh or more which may or may not fund your bigger needs.

However, if you have a property in Mumbai, you can get a higher amount soon. How? It is by applying for mortgage loan, also called  loan against property in Mumbai. Read on and know more about it.

What Is A Loan Against Property?

The loan against property is a unique facility under which a lender offers you a loan amount against the value of the home and as per your eligibility, as shown on Prime Mortgage`s website. You may get around 60-80% value of your property as the loan amount to cover your multiple needs. You may be able to grab as higher as up to Rs.10 crore.

For What Purpose You Can Use The Loan Against Property Money?

The loan against property in Mumbai facility works as a personal loan in nature. It is up to you to use the disbursed loan amount as per your needs. Here are some of the standard uses of the money that people have:

• For buying a new home
• For sending their children overseas for higher education
• For expanding their businesses
• For debt consolidation
• For meeting any urgent medical emergency
• For spending on a marriage
• For other persona use

How To Qualify For The Loan Against Property India Facility?

Qualifying for the loan against property in Mumbai is easier if you can prove your eligibility and furnish some documents, as explained at Empower Federal Credit Union. Have a look:

You should be under the age of 25-70 years

You should either be salaried or self-employed professional with a consistent source of income

You need to an Indian citizen, and the property that you want to be mortgaged should exist in a city as pre-decided by your prospective lender

Documents Required For The Loan Against Property In Mumbai

The loan against property required documents is easy to furnish. Have a look at key documents required from a salaried and self-employed applicant.  

1. KYC documents
2. Last 3/6 months’ bank account statement
3. Copy of the property’s documents that you wish to mortgage
4. IT returns

Benefits Of Applying For A Loan Against Property In Mumbai

1. Higher Loan Amount – You may get up to Rs.10 crore to use it as per your needs.
2. Flexible Tenor – As per your eligibility, you may get a loan tenor ranging between 2 and 20 years.
3. Flexi Loan Facility – You can pay the mortgage interest on the utilized money out of your total amount as the EMI and nothing else. The outstanding money is adjusted after the end of the loan tenor.
4. Online Loan Account Access – You can get to know all about your loan details right from anywhere and 24/7 via the digital customer portal of the lender.

What are you still waiting for? You can compare loan against property in Mumbai offers on a third-party website and go for the best offers and cover all your needs.

Bajaj Finserv offers pre-approved offers on loan against property, home loans, business loans, personal loans, doctor loans and many more. It is to make your loan formalities simpler, hassle-free and faster. You can check out your pre-approved loan offers by sharing your basic details such as your name and mobile number.