Loan Against Property Upto Rs. 30 Lakh
Deciding to avail of a Loan Against Property and planning for it may seem daunting to most individuals. The mortgage of a property, the sizeable amount of finances involved, timely repayments over several years and the extensive paperwork can make some people reluctant to proceed with the loan. However, with Bajaj Housing Finance, availing a Loan Against Property is much more of a convenience and much less of a hassle. If you are looking at expenditures to the tune of Rs.30 Lakh and would like to avail a loan, read on to know what you can expect from us.
When Should You go for a Loan Against Property of up to Rs.30 Lakh?
Since secured types of loans like a Loan Against Property and home loans have now become popular credit options, lenders constantly seek ways to provide added benefits and services to customers to simplify the loan process. In this regard, we at Bajaj Housing Finance offer a Loan Against Property up to Rs.30 Lakh with minimal and hassle-free requirements. Borrowers can use it to finance high-ticket expenses like home renovations, debt consolidation, and business expansion.
Features and Benefits of Rs.30 Lakh Loan Against Property
Swift Approval and Disbursal
You can expect a nod on your Loan Against Property application form and receive funds in your account as early as 72 hours* after document submission.
Flexible Tenor
Repay the loan at your own pace over a loan tenor of a good 17 years. This ensures that borrowers can pay the EMIs as per their financial suitability.
Competitive Interest Rates
As a secured form of loan, one can obtain lower rates of interest for a Loan Against Property. The interest rates vary depending on the applicant’s loan eligibility.
Sizeable Loan Amount
Borrowers can secure substantial loan amounts since the money is availed of by mortgaging a high-value asset such as a property. Thus, it is easy to get a loan principal of Rs.30 Lakh extending up to Rs.5 Crore* and higher, basis eligibility.
End-Use Flexibility
There is no limitation on how borrowers may utilise the loan money. Hence, one can use the loan to meet any urgent expenditures such as business needs or debt consolidation.
Balance Transfer Facility
If you find that your current lender’s interest rate is more than that available elsewhere, you may transfer the outstanding loan balance to Bajaj Housing Finance. This is mainly done to reduce the interest component of the loan which brings down the cost of credit. Further, along with better interest rates, borrowers can also secure big-value top-up loans when they refinance their Loan Against Property.
Doorstep Collection
We offer doorstep pick-up and delivery of the required documentation from your home or office to facilitate quicker loan approvals.
Eligibility criteria to avail a Loan Against Property of Rs.30 Lakh
Lending institutions have their own set of eligibility requirements that interested individuals must fulfil to qualify for the loan. The criteria differ based on the applicant’s employment type. Here is a list of some standard parameters:
Applicant’s Nationality
All applicants must be resident Indian citizens.
Age of Applicant
Salaried applicants are expected to be between 28 and 60 years** of age while self-employed individuals are expected to be in the age group of 25 to 70 years**.
**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Employment Status
We offer loans to salaried applicants who have a minimum work experience of at least three years in the public or private sector. For self-employed persons, we offer loans to those with steady sources of earnings having a vintage of over five years in the current business enterprise.
CIBIL Score
This is one of the major aspects of a property loan that determines eligibility. It is advisable to possess a CIBIL or credit score of 750 and above to get competitive interest rates with attractive loan terms.
Location of Property
The property to be mortgaged should be in a city where Bajaj Housing Finance has its branch offices.
Documents you will require to avail a Loan Against Property of Rs.30 Lakh
Depending on the employment status, applicants need to furnish relevant documents so that we can verify and process their loan application. The common list of paperwork is as follows:
- Proof of identity and address – PAN card, Aadhar card, voter’s ID, passport, driving license, utility bills or any other government-approved photo identity and/or address proof
- Property documents – Papers of the property to be mortgaged, title documents
For Salaried Applicants:
- Identity card issued by the employer
- Latest salary slips
- Bank account statements for the last three months
- Mandatory document such as PAN Card or Form 60
- Income tax returns
For Self-Employed Borrowers:
- Documents of business ownership like partnership agreement and registration certificate
- Primary bank account statements for the last six months
- Income tax returns
- Mandatory document such as PAN Card or Form 60
- Financial documents such as balance sheet, profit, and loss statement
Note: This list is only indicative, you may be requested for additional documents at the time of applying.
The process to apply for a Loan Against Property is simple. Once you determine loan affordability, you may visit our website and submit the loan application online. Applicants should keep the documents handy to ensure a smoother loan approval.
*Terms and conditions apply.
