A loan against property is a type of mortgage finance wherein the funds availed can be utilised to meet a number of financial requirements. Since home renovation entails incurring high expenses, a loan against property serves as a perfect financing solution for this purpose.
A Bajaj Housing Finance Home Renovation Loan can be utilised to meet varied expenses related to home extension or remodelling. Since these funds do not have end-use restrictions, individuals can ensure that their home renovation needs are fulfilled without any hassle.
When one applies for a Loan Against Property for the purpose of home renovation, below is what they stand to gain.
Taking a loan against property for home renovation will allow applicants
to benefit from the sizeable loan amount sanctioned by us, worth Rs.5
Crore* or higher, basis one’s eligibility. This allows one to address
all the costs related to home renovation without budget interruptions.
A remarkable thing about the loan against property feature is that one
doesn’t have to wait too long for the funds once their application has
been approved. The money is disbursed into the account within 72 hours*
of the approval, ensuring that nothing comes in the way of your
Applicants who seek a loan against their properties for the purpose of
home renovation also experience our easy and fuss-free documentation
requirements, that is aimed to make the loan approval process as smooth
and hassle-free as it can be.
Bajaj Housing Finance requires minimal documentation for the application of a home renovation loan. Following is a look at the documents required to avail of this loan option:
Both salaried and self-employed applicants need to submit their KYC documents such as an Aadhaar card, Voter ID, Driving Licence, Passport, or other government-approved photo identity or address proof.
Salaried applicants need to submit current salary slips, last three month’s bank account statement, PAN card or Form 60 and Income Tax Return.
Self-employed individuals have to submit their last 6 month’s bank statement and balance sheet and other financial documents such as Profit and Loss Statement, apart from PAN card and proof of Income Tax Return.
Salaried individuals are required to submit identity cards issued by their workplace. Self-employed borrowers must submit their business credentials, such as a partnership agreement and business registration certificate.
Both salaried and self-employed individuals must submit the following property documents to be eligible for a home renovation loan:
These are the basic documentation requirements. Applicants may be asked to provide additional documents as and when required.
Bajaj Housing Finance lays down a few eligibility parameters, which individuals must meet to avail of a loan against property for home renovation.
A salaried applicant must be employed with an MNC or public or private limited company. For a self-employed borrower, a regular source of income is mandatory to qualify for a home mortgage renovation loan.
Both salaried and self-employed applicants must be resident Indians to qualify for this home renovation loan against property.
Salaried applicants must be between 28 to 58 years of age. Self-employed individuals must be between 25 to 70 years of age to avail of a home expansion loan. Note that the maximum age limit here pertains to the borrower’s age at the time of maturity of the loan.
Salaried applicants must have a minimum 3 years of experience, while self-employed individuals must have 5 years of business vintage to be eligible for this loan.
After meeting the eligibility parameters, follow the below-mentioned steps when applying for a home renovation loan:
Visit the online application form page.
Provide information such as name, date of birth, contact number, residential address.
Enter income details and select the best credit deal based on the income status.
Submit the application form.
Once the online application form is submitted, a representative from Bajaj Housing Finance will contact the applicant for further proceedings.
Loan Against Property
Loan Against Property Balance Transfer
Loan Against Property EMI Calculator
Loan Against Property For Machinery
Loan Against Property for Pensioners
Types of Loan Against Property
Loan Against Property For Professionals
Loan Against Property For Debt Consolidation
Loan Against Property for Education
Loan Against Property for Wedding
Padho Pardesh Scheme
Last update on 11-Mar-2021
Hassle free loan without additional documents
Get additional top-up loan with Loan against property balance transfer
Now calculate your monthly instalments, EMI and rate of interest with LAP Calculator
Know about the fee and charges for Loan Against Property