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Loan Against Property Eligibility Calculator

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Calculate Loan Against Property Eligibility_WC

Calculate Loan Against Property Eligibility

The Loan Against Property Eligibility Calculator is an effective tool for aspiring loan applicants, helping them secure attractive loan terms, such as a low loan against property interest rate, a sizeable loan sum and a repayment tenor in tune with their financial capacity. The calculator is intuitive and easy to navigate, letting you calculate your Loan Against Property EMI based on your primary inputs and income profiling.

Applicants should evaluate their Loan Against Property eligibility before applying for the loan to maximise their gains and savings from the credit facility. It minimises the chances of having your application overturned and serves as a way to enhance your eligibility so you can avail of more competitive loan terms and enjoy easy funding for all your big-ticket financing needs.

Loan Against Property Eligibility_WC

Loan Against Property Eligibility

All lenders request that Loan Against Property applicants meet a basic eligibility requirement to be able to access a Loan Against Property on their terms. Similarly, the Bajaj Housing Finance Loan Against Property eligibility criteria are minimal and extremely easy-to-meet. By meeting our eligibility benchmarks, applicants can secure sizeable loan sums with zero end-use restrictions for expenses such as business expansion, foreign education, or other personal needs.

Eligibility Considerations Salaried Individuals Self-Employed Individuals
Age Between 28 and 58 years** of age 25 and 70 years of age**
Citizenship Should be an Indian citizen (non-NRI) Should be an Indian citizen (non-NRI)
Employment History Should be working with a public, private or multinational firm for at least 3 years Should be able to establish a business vintage of at least 5 years at the present enterprise
Ideal CIBIL Score 750 or higher 750 or higher

Applicants can consider using the Loan Against Property Eligibility Calculator to better assess their current Loan Against Property eligibility and enhance their chances of successful loan approval.

Benefits of Loan Against Property Eligibility Calculator_WC

Benefits of Loan Against Property Eligibility Calculator

The Bajaj Housing Finance Loan Against Property Eligibility Calculator is a handy tool for applicants who wish to apply for a Loan Against Property. The calculator has several features that applicants can benefit from, such as the following:

  • Accurate Calculations: Applicants no longer need to rely on manual interest rate calculations, which can get particularly tricky for financial obligations such as a Loan Against Property. The calculator helps you arrive at your potential EMI amount based on the information you provide, using the formula digitally – saving you both time and effort.
  • Instant Results: Besides providing accurate results, the Loan Against Property Eligibility Calculator also calculates your results instantly, in real time, with almost no errors. This reduces your time spent and allows you to apply for your Loan Against Property at the earliest.

Loan against Property Eligibility Calculator FAQs

Loan against Property Eligibility Calculator FAQs

Loan Against Property sanctions can go up as high as Rs.5 Crore*, with almost no end-use restrictions, allowing you to use the funds as you please for a variety of expenses including business expenses, overseas education and even wedding costs. Given the size of the sanction amount, your income has a high impact on your Loan Against Property eligibility.

To be able to repay the amount in time and schedule as planned with your lender, you must be able to establish a strong income source that is likely to continue through your repayment tenor. Lenders deem this extremely important and use income propensity to calculate the loan amount they can extend to you, depending on your repayment capacity.

Loan Against Property is an easy funding solution for borrowers who have a property to mortgage. However, lenders do have certain requirements for the property that can be used as collateral for the Loan Against Property extension. If your property meets the mark, then it boosts your eligibility for a Loan Against Property. Here are the types properties that are not eligible for a loan sanction:

  • Agricultural land or plots
  • Unoccupied land or plots
  • Properties that fall under Gram Panchayat jurisdiction
  • Properties under 600 sq.ft. in size

You can refer to the list of accepted property collaterals that most lenders extend a Loan Against Property for:

  • Residential properties
  • Commercial properties
  • Self-occupied property
  • Leased property

Besides this, lenders have their own way of evaluating properties before sanctioning the loan amount, which includes the following:

  • Appointing an independent valuer to visit the property to take stock of its physical conditions
  • The value is based then assessed against trending property prices in the relevant neighbourhoods

Enhancing your Loan Against Property eligibility is must if you would like to be able to avail of the loan with competitive terms. Here are some ways you can achieve this:

  • Focus on boosting your CIBIL score. Most lenders accept a CIBIL score of 750 and above, to extend attractive interest rates and flexible tenors. If your CIBIL score is not up to par, consider boosting your score first.
  • Free up your repayment capacity. While focusing on boosting your CIBIL score, consider repaying other dues and loans to free up your repayment bandwidth. This allows you to be eligible for a higher loan sanction, that could possibly lead to a sizeable EMI.
  • Ensure that your property is in good shape, to be able to mortgage it against competitive lending terms.

Yes. While not too many, borrowers who have taken a Loan Against Property are still eligible for select tax benefits under certain conditions, such as:

  • Tax exemption under Section 24: Salaried borrowers can avail of tax rebates on Loans Against Property is the sanction is used for buying a new residential property.
  • Tax exemption under Section 37(1): Particularly applicable for business owners, who use the Loan Against Property sanction to address business expenditure and costs. One can claim rebates on the interest component of their repayment amount and some of the ancillary fees of the loan sanction process.

*Terms and conditions apply





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