Eligibility Criteria for Debt Consolidation Loans

Loans Against Property, also known as LAP, remains a popular credit option. One of the biggest reasons for this is that these loans offer sizeable funding at a competitive interest rate. Further, these loans offer flexible end-usage. The loan amount sanctioned can be used to renovate your home or expand your business. One of the most popular reasons borrowers leverage Loans Against Property is debt consolidation.

Let’s first understand what debt consolidation is and what are the eligibility criteria for Loans Against Property for debt consolidation.

Debt consolidation is the simple process of seeking a loan to pay all your existing debts in one go. Further, when borrowers take a Loan Against Property for debt consolidation, they can save big on the total interest outgo. If the prospect of juggling several EMI schedules makes you weary, debt consolidation may be the right choice for you.

Before we tell you about the Bajaj Housing Finance Loan Against Property for debt consolidation, its eligibility criteria and documents required, let’s first walk you through the advantages of taking a Loan Against Property for debt consolidation from Bajaj Housing Finance.

Here are some of the benefits of taking a Loan Against Property for debt consolidation with Bajaj Housing Finance.

• Bajaj Housing Finance offers Loans Against Property of Rs.5 Crore* and higher to eligible applicants with strong credit profiles.
• While some lenders take longer to process these loans, we disburse all funds within 72 hours* from the time of approval and document submission.
• Our Loan Against Property for debt consolidation eligibility criteria are simple. We ask for very few documents and offer a doorstep pickup service to make the entire process simple and easy for you.
• We allow borrowers to opt for tenors ranging up to 17 years.

Now that you are aware of the benefits of taking a Loan Against Property for debt consolidation, let us look at the list of documents you will be required to furnish while applying.

If you are planning to apply for a Loan Against Property to consolidate your debt, know that Bajaj Housing Finance has different document requirements for salaried and self-employed individuals.

Documents required for salaried applicants:

• Identity proof documents such as Aadhar Card, Passport, and Voter ID
• Mandatory documents such as PAN card or Form 60
• Address proof documents, such as Ration Card, Utility Bill, Passport, and Aadhar Card
• ITR documents
• Salary slips as well as bank statements of the past three months
• Property related documents

Documents required for self-employed applicants:

• Identity proof documents such as Aadhar Card, Passport, and Voter ID
• Mandatory documents such as PAN card or Form 60
• Address proof documents, such as Ration Card, Utility Bill, Passport, and Aadhar Card
• Last six months' bank statements
• Business related documents such as P&L statement
• Property related documents

Note: This list is indicative. Additional documents may be needed during loan processing.

Follow these simple steps to avail of a Loan Against Property for the purpose of debt consolidation from Bajaj Housing Finance.

• Go to our official website and fill up an online Loan Against Property application form
• Once we receive your application, a representative will get in touch with you within 24 hours* of receiving your application. Our representative will also tell you about the documents you are required to furnish. If you want, you can avail of our doorstep pick-up service and we will have the documents collected from your home.
• Once we have received your documents and verified them and find that you meet all our eligibility criteria, we will disburse the loan amount within 72 hours* of loan approval.
• Bajaj Housing Finance offers one of the most competitive interest rates on Loan Against Property. Use our offers to your best advantage. Apply today.

*Terms and conditions apply