Loan Against Property of up to Rs.60 Lakh
A Loan Against Property is a secured loan that a borrower can obtain by pledging their existing commercial or residential property with Bajaj Housing Finance as collateral. Borrowers can avail themselves of a sizeable sum of money, which can help tackle any expense that they may have. Bajaj Housing Finance offers a Loan Against Property of up to Rs.60 Lakh and even more, that you can comfortably repay over a span of up to 18 years.
Features and Benefits of Property Loan with Bajaj Housing Finance
Competitive Interest Rates
Salaried and self-employed individuals can benefit from Bajaj Housing Finance's competitive interest rates, which start as low as 10.10%* p.a.
No Usage Restrictions
The money you receive has no end use restrictions, so you can use it for any expense you have, such as debt consolidation, travel expenses, business expenses, or even wedding expenses.
Sizeable Sanction
Depending on the property that you mortgage you can receive a sizeable sanction of Rs.5 Crore* or higher. The final sanction amount is based on your eligibility.
Quick Disbursement
Because Bajaj Housing Finance recognizes that a Loan Against Property is an excellent way to address any financial needs, you can expect a quick disbursement within 72 hours* of submitting your documents.
Long Term Tenor
Bajaj Housing Finance allows you to choose a long-term tenor of up to 18 years to repay your loan comfortably.
Zero Prepayment or Foreclosure Charges
Borrowers who have opted for a floating interest rate can choose between partial prepayment and foreclosure without incurring any additional charges.
Interest Rate Applicable on Rs.60 Lakhs Property Loan
Our competitive interest rates on a Loan Against Property can benefit both salaried and self-employed people. A salaried individual's floating interest rate begins at 10.10%* p.a., while a self-employed individual's floating interest rate begins at 9.75%* p.a.
You can become eligible for the best interest rates by following these quick tips:
- Consider disclosing all your income sources to demonstrate your repayment capacity. Submitting documentation proof for all your income sources can help strengthen your Loan Against Property application.
- When your credit score is 750 or higher, you can easily apply for a Loan Against Property. A high CIBIL score will guarantee you favorable lending terms and affordable interest rates. If your CIBIL score is less than 750, you should consider paying off your existing debts before applying for a Loan Against Property.
To know more about the interest rates applicable on a property loan of Rs.60 Lakh, please click here.
Documents Needed for Up to Rs.60 Lakh Property Loan
Bajaj Housing Finance requires a minimal amount of documentation, and it is in your best interest to have the necessary documents ready and in order at the time of submission to increase your chances of getting approved quickly. The documentation required differs primarily according to the type of employment.
Salaried Applicants
- Identification proof such as Aadhaar Card, PAN Card, Driving License, and Voter ID.
- Address proof such as Utility bills, Property Tax Receipts, Ration Card, or any other government approved photo identities.
- Employment proof such as employment certificate, and Company ID Card.
- Income proof such as Latest salary slips, Form 60, Banking statements for the past 3 months, and Income Tax Returns.
- Documents of the property that you are looking to mortgage such as Title Deed.
Self-Employed Applicants
- Identification and address proof remain the same as salaried applicants.
- Proof of business such as Partnership Deed, and Registration Certificate.
- Income proof such as Banking statements for the past 6 months, Income Tax Returns, Balance Sheet and Profit and Loss Statements.
- Documents of the property that you are looking to mortgage such as Title Deed.
Note: This list is only indicative, you may be requested for additional documents at the time of applying.
Apply for a Property Loan Up to Rs.60 Lakh
Bajaj Housing Finance has created a simple and straightforward application process for a Loan Against Property. Here's how to apply for a Loan Against Property:
Step 1: Visit the Bajaj Housing Finance website.
Step 2: Navigate to the Loan Against Property section in the top left panel.
Step 3: Click on “Apply Online”
Step 4: Upon being redirected to the Loan Against Property Application Form you will be required to enter the following details:
- Full Name
- Mobile Number
- Employment Type (Salaried, Self-Employed, or Professional)
- Select Loan Type
- Enter your Monthly Salary
- Enter your PIN Code
- Enter your Required Loan Amount
Step 5: Click on Generate OTP, Enter the OTP, and Submit the Application Form.
After you submit the application form, a customer representative from Bajaj Housing Finance will contact you to walk you through the next steps, which include document submission and verification.
*Terms and conditions apply.
