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Home Loan Starting 6.70%*

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Loan Against Property for Debt Consolidation Eligibility Criteria

Loan Against Property for Debt Consolidation Eligibility: Overview

Loans against property, also known as LAP, have gained immense popularity over the past few years. One of the biggest reasons for this is that these loans are the second-cheapest options after home loans. Further, there is no end-use restriction on the funds availed by the applicant. One can use the money received to pay for a child's education, finance a family wedding, pay for a medical emergency, or even take a luxury trip abroad. However, of late, borrowers have been resorting to seeking loans against property to address a certain type of issue, which is of debt. Loans against property are ideal or debt consolidation. Let’s start with understanding what debt consolidation is and what the loan against property for debt consolidation eligibility criteria is, as well. Debt consolidation is the simple process of seeking a loan to pay off all your existing debts in one go. This strategy is favoured by many as it brings to borrowers’ peace of mind. Further, when borrowers take a loan against property for debt consolidation, they can make big savings 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 Debt Consolidation, its eligibility criteria and documents required for debt consolidation loans, let us first tell you the advantages of taking a loan against property for debt consolidation from us.

Benefits of Taking a Loan Against Property for Debt Consolidation with 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 more to eligible applicants with strong credit profiles.
  • While some lenders take longer to process these loans, we disburse off all funds within 72 hours*.
  • Our loan against property for debt consolidation eligibility criteria is simple. We require very few documents and offer a doorstep pickup service to make the whole process simple and easy for you.
  • We allow borrowers to opt for tenors ranging up to 18 years. Further, if you decide to part-prepay or foreclose your loan, we assure you that there are zero hidden costs or penalties levied.

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 when you make your application.

Documents Required for Debt Consolidation Loan

If you are planning to apply for a loan against property to consolidate your debt, know that Bajaj Housing Finance has different documents requirements for salaried and self-employed individuals.

Documents required for salaried applicants:

  • Identity proof documents, such as PAN Card, Aadhar Card, Passport, Voter ID, etc.
  • Address proof documents, such as Ration Card, Utility Bill, Passport, Aadhar Card, etc.
  • 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 PAN Card, Aadhar Card, Passport, Voter ID, etc.
  • Address proof documents, such as Ration Card, Utility Bill, Passport, Aadhar Card, etc.
  • Last six months' bank statements
  • Property related documents

How to Apply for a Loan Against Property for Debt Consolidation

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 application form.
  • Once we have received your application, a Bajaj Housing 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 off the loan amount within 72 hours*.
  • Bajaj Housing Finance offers one of the lowest interest rates on loans against property among all lenders in the market. Use our offers to your best advantage. Apply today for a loan against your property for debt consolidation, today.