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Welcome to Vijay Capitals we have over 12 years of expertise

Vijay Capitals
No 05,Old No 04 (1st Floor),
Manadai Amman Koil Main Street, , Adambakkam, Chennai- 600088,
LandMark- Ambedkar statue and Adambakkam Ground

+ 044 2255 2388

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+91 955 16 10 484


+91 98419 32 511


vijaycapitals@gmail.com
contact@vijaycapitals.com

Mortgage Loan in Chennai

Loan against property(LAP) is a cheaper loan option as compared to other loan option in the market, whether it is a personal loan or a loan against security. Come to think of it, even on the face of it-you see your house as an investment. So, first-take a loan to buy a house and then take a loan against it a few years later to meet your other needs.

Mortgage Loan in Chennai (LAP) is also known as 'Home Equity Loans' and is basically a kind of loan against the security of one's property. LAP is designed to meet the financial needs of a person who already owns a house, which is free from any encumbrance (i.e. it is not given as security for any purpose)

In other words it actually connotes - a loan given or disbursed against the mortgage of property. One can now take a loan against one's self occupied residential or commercial property, to expand his business, plan a dream wedding, or fund one's child's education and much more. However, one needs to give a declaration stating that these funds will not be used to carry out any illegal activities or for any speculative purpose. The loan is given as a certain percentage of the property's market value (usually around 40 per cent- 65 per cent). But the threshold amount is generally defined by most lending institutions. Usually, banks and other HFCs extend a loan against property (Mortgage Loan) as a security, for up to 50 per cent of the market-value of the property. However, the extent of the loan is also subject to your eligibility as per income norms which also are stricter than home loan norms.

What are the advantages of a Loan against Property in chennai?

It works out to be much cheaper than a personal loan, which is usually issued at interest rates in the range of 12-25 per cent. This is generally on a daily or a monthly reducing balance method. The Mortgage Loan rate at which LAP is issued is in the 12.50 per cent-15.75 per cent range. The lower rate is partly because the lending entity has a security in the form of the housing mortgage vis-a-vis a personal loan that is given without any security.

The tenure for Mortgage Loan in Chennai (LAP) is longer than that for a personal loan. LAP is given for tenure of 1-15 years. Since the rate of interest is lower, many a times, equated monthly installments of LAP turn out to be cheaper than those under personal loans. But the tenure has to be lower than the residual age of the property as approved by the valuer of the Bank.

The criteria for Mortgage Loan in Chennai LAP are the same as those for any home loan. Part prepayment as well as full prepayment of LAP is also allowed by most lending institutions; many lending institutions do no levy extra charges on prepayment.

The eligibility requirements of the Bank for a customer to qualify for this product are similar to those of a normal home loan. Mortgage Loan in Chennai (LAP) is either given as an overdraft facility (which means it is for 1 year and renewed every year) or for as a normal loan.

How is interest charged on Loan against Property in chennai?

Some financial institutions make Mortgage Loan in Chennai (LAP) available only under the floating rate. Fixed rate loans are off limits. Borrowers need to enquire before finalising a LAP from lending institutions.

It is normally available for residential properties only, but can be available for commercial property also.

Mortgage Loan or Loan Against Property (LAP) In Chennai Eligibility Criteria

Salaried Individuals:
Eligibility criteria for salaried employees are broadly along the following lines:
 • Minimum age of applicant: 21 years
 • Maximum age of applicant at the time of loan maturity: 60 years
 • Minimum Net Monthly Income: Rs. 12000 p.m.

Self-employed Individuals:
Broad eligibility criteria for self-employed employees:
 • Minimum age of applicant: 21 years
 • Maximum age of applicant at the time of loan maturity: 65 years
 • Minimum Annual Income: Rs. 150000 p.a.

Loan amount:
The loan is given as a certain percentage of the property's market value (usually around 40 per cent-60 per cent). But the threshold amount too is generally defined by most lending institutions like say, minimum Rs. 25000 and maximum Rs. 1.5 crore.

Tenure of work experience:
If you are salaried/self-employed, banks take into account the number of years you have remained in service/profession.

Repayment Capacity:
The lender evaluates your repayment capacity based on your income, savings, and debt obligations, other than household expenses.
Based on this information the lender decides on the amount of loan that you are eligible, after considering your previous debts and obligations.

Loan against Property: Why do I need to show income proof?
Property is generally among the first assets people acquire. But, compared to other assets like, say, stocks, it's relatively illiquid, and poses a bit of a problem when you need quick cash.

How is Loan against Property (LAP) different from Personal Loan?

There are distinct differences between a LAP and a personal loan. Read on to find out more.
Loan against Property (LAP) different from Personal Loan

Mortgage Loan or Loan Against Property (LAP) In Chennai Fees & charges for LAP Fees and charges applicable for LAP
Description of Charges:
 • Processing fee
 • Prepayment fee
 • Charges for changing from fixed to floating rate of interest
 • Charges for changing from floating to fixed rate of interest


Bajaj Finserv lending LOAN AGAINST PROPERTY IN CHENNAI
Bajaj Finserv lending offers Loan Against Property in Chennai which helps you avail a loan between Rs. 20 lacs and Rs. 20 crores, which can be paid over a term of up to 15 years, in a convenient manner by mortgaging the property as collateral. You can avail this loan against any of your residential, plot or commercial properties as per your convenience and avail attractive benefits.

Bajaj Finserv Lending offers you a wide range of mortgage products to choose from:

 • Loan against Residential Property
 • Loan against Commercial Property
 • Loan for Purchase of Commercial Property
 • Loan against Plot
 • Lease Rental Discounting

To meet the needs of all our customers we bring you a complete suite of programs that are tailor made to your requirements, You can avail a loan under any of the following programs:
 • Normal Income Program: You can avail loan basis your financial statements.
 • Debt Consolidator: If you have multiple loans running and want to consolidate all the payments into one single EMI. There is also a flexibility of availing additional loan under this program.
 • Alternate Income Program: You can avail loans of up to Rs. 1 Crore under our Low LTV (Loan to Value) and Banking programs, which have been designed specifically to meet your requirements in a quick and hassle free manner.
Benefits of Bajaj Finserv lending LOAN AGAINST PROPERTY IN CHENNAI

Only Bajaj Finserv Lending Loan Against Property in Chennai comes with the following exclusive benefits:

Prompt Repayment Benefit of Bajaj Finserv lending LOAN AGAINST PROPERTY IN CHENNAI

 • Bajaj Finance offers an exclusive benefit to the customers who pay all their EMI’s on time. Subject to timely clearance and no delays of all EMI’s for the first 36 months of the total tenor, BFL would refund 1% of the annualized interest amount paid. The same will be paid every 12 months upto 36 months.
 • Free Personal Accident Insurance – Bajaj Finserv Lending protects your family from any liabilities, in case of any untoward incident during the tenure of the loan, by giving you a personal accident insurance cover of up to Rs. 10 Lacs.
 • Best in class Insurance Schemes

Home Safe Plus from ICICI Lombard
 1. Non Medical Insurance up to Rs. 3 Crores
 2. Provides coverage against accidental death, permanent or total disability, diagnosis of critical illness and loss of job
* Applicable following 1st EMI clearance


Eligibility and Documents

Eligibility for Bajaj Finserv lending LOAN AGAINST PROPERTY IN CHENNAI

 • You must be an Indian Resident
 • You must be at least 25 years of age when the loan is sanctioned.
 • You must be employed or self-employed with a regular source of income.
 • The value of your property is a minimum of Rs. 60 lacs in case of Mumbai and Delhi and Rs. 30 lacs in case of other cities
 • The required loan amount is a minimum of Rs. 35 lacs in case of Mumbai and Delhi and Rs. 20 lacs in case of other cities

Documents for Bajaj Finserv lending LOAN AGAINST PROPERTY IN CHENNAI

 Documents for Bajaj Finserv lending LOAN AGAINST PROPERTY IN CHENNAI

Property Documents for Chennai

Following are the general property types prevalent in Chennai
 1. Vacant Land.
 2. Individual houses/ Bungalows - with single occupant
 3. Houses with multiple residential tenants
 4. Houses with partly commercial shops / establishments and residential tenants.
 5. Semi independent houses / Portion of Individual houses / Rowhouses
 6. Flats / Apartments
 7. Commercial property - office space - large buildings with single occupant
 8. Commercial property - office space - part of large complexes
 9. Industrial properties - with factory
 10. Godowns / Warehouses / stockyards

Title documents generally comprise of the following and will hold good for creating equitable mortgage
 1. Title documents generally comprise of the following and will hold good for creating equitable mortgage
 2. Construction Agreement for flat / commercial complexes
 3. Amenities Agreement for flat / commercial complexes
 4. Gift / Settlement deeds where the property is acquired from the relatives
 5. Partition deed in case the property is acquired by way of division of proprty among the relatives
 6. Will / Death and Legal heirship Certificate where the property is inherited.
 7. POA document, in case the earlier owners have executed power of attorney.
 8. Rectification Deeds, in case of any rectification of error in the previous documents.

Apart from the above documents, following documents are collected to establish the possession of the property
 1. Approved plan for construction
 2. Approved layout plans - for vacant land
 3. Subdivision plans (in case the land is subdivided earlier)
 4. Property Tax payment receipts
 5. Encumbrance certificates for a period of 13 years.

Other points to be noted are
 1. In TN and Chennai, title to the property is traced for a period of 13 years.
 2. For buildings constructed after 1998 , approved plan is insisted upon by competition.
 3. Deviatons in superstructure are generally prevalent. Calls are taken based on the certification by valuer on the demolition risk and the extent of deviation.
 4. With respect to multi tenanted properties, some of the competition do not fund those properties. Certain other institutions fund those properties with a maximum tenant of 2 numbers and with a reduced LTV.
 5. Also the properties with mixed tenants like commercial and tenanted also not funded by certain competition as the possession of property in the event of default is difficult.

Fees &Charges for Bajaj Finserv lending LOAN AGAINST PROPERTY IN CHENNAI
LOAN AGAINST PROPERTY IN CHENNAI



          

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