1. What are the parameters on which the eligibility for a loan against property is calculated?
A. The following parameters are taken into consideration for assessing an applicant’s eligibility for a loan against property:
Existing obligations, if any
Continuity/stability of business/employment
Past borrowing track record
2. Does the property against which I am availing a loan need to be insured?
A. Yes, there must be an insurance policy throughout the loan tenor for the property against which you are availing a loan. You are required to provide the insurance proof to Bajaj Housing Finance Limited every year, or whenever required.
3. Does my property have to fulfil any criteria for me to avail a loan against property?
A. The title of the property should be clear, free of any litigation, and should not have an existing mortgage or loan.
4. I have a property that is co-owned by my relatives and me. Can I avail a loan against that property?
A. Yes, you can. The co-owners of the property will be marked as co-applicants of the loan.
5. What do you mean by proactive downward repricing?
A. A pricing increase is directly influenced by the cost of funds. A pro-active repricing policy is set as a measure to ensure that there is no inordinate rise in your loan pricing against new acquisitions and that there is always parity for your loan against property.