Cochin is a beautiful city. It is also a fast-developing metropolis with all modern features and amenities. As a result, many people are opting to buy property in this south Indian city. If you already have another home in a different part of the state or country but wish to relocate to Cochin, you can easily do so with the help of a mortgage loan.
What Is A Mortgage Loan?
A mortgage loan, also known as a loan against property, is given to a loan seeker who pledges their property as collateral. The loan can be equal to the amount of the property or lower. Such a loan is easily available, and the interest rates are much lower than personal loans or even standard home loans.
Getting A Loan Against Property In Cochin
When you apply for a mortgage loan, you are given the amount without any question about how you plan to use it. If you are financially stable, meet the loan against property eligibility criteria, and have the appropriate documents, the loan will be disbursed in a very short time. You can then use the loan money to:
- buy a house in Cochin
- renovate an old family home
- pay for your relocation costs
- set up your new home in Cochin
A mortgage loan is an easy way to get money fast. You can use the amount in a number of ways when you shift to a new city.
Things To Remember Before Taking Out A Mortgage Loan
While it is indeed easy to get a loan against property in cochin, you should be careful about the following when making an application:
- Rate Of Interest: Most of the leading Indian banks and non-banking financial companies (NBFCs) offer loans against property. However, not all of them offer the same interest rate. Hence, you need to run a comparison to evaluate which lender has the best rate of interest. Opt for a loan that’s economical yet effective.
- Repayment: Go over the loan against property features and see what the repayment terms are. You should ideally apply for a loan that has a flexible EMI tenor. If you feel the repayment terms are not flexible enough,get in touch with a different lender and see what they can offer.
- Loan Principal: As a salaried individual, you can get a high loan principal of up to Rs.1 crore. But be judicious and borrow only as much as you need. Remember that the more you borrow, the bigger the repayment amount will be. So, assess the requirement, make a budget, and then borrow accordingly. It is a good idea to make a budget and stick to it when taking out the loan.
- Fees And Charges: There are certain fees and charges associated with a mortgage loan. For example, the lender will levy a processing fee and an administrative fee. Calculate the cost of these fees to ensure you aren’t being overcharged. If you feel the fees are too high, approach a different loan provider. Also, ensure there aren’t any hidden charges and fees. Get clarity on the fee structure before submitting your loan application.
Look For A Good Lender
As mentioned above, many banks and NBFCs offer loans against property in Cochin. You need to do your research and locate a good lender, as taking the loan from a rigid lender can cause many problems later on. Look for a lender like Bajaj Finserv which offers excellent pre-approved mortgage loans. You also get pre-approved personal loans and home loans in a quick and easy manner. This helps you to save time and makes the process hassle-free.
The Final Word
As a city, Cochin is naturally beautiful, less polluted, and safer than the other metros.Besides, it has some top educational institutes and the people are friendly. Don’t let a small financial constraints hold you back from making this amazing place your new home. Just apply for a loan against property and get the funds you need. Keep the points mentioned above in mind to ensure you get the best loan at the best rate. Repay the loan efficiently and enjoy your new life in a new city.