How to Get a Loan Against Property?
The Bajaj Housing Finance Loan Against Property can help you meet a variety of expenses, such as business expansion, home renovation, or debt consolidation.
To apply for a Loan Against Property, you will need to pledge an immovable asset (a property you own) as a collateral. You can gain access to funding worth Rs.5 Crore* or even higher, basis eligibility, for long repayment tenure.
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Eligibility Criteria
Our Loan Against Property eligibility criteria are easy to meet. Given below are some of the criteria one should meet, basis their employment type:
For Self-Employed Applicants:
- Applicants should ideally have a CIBIL score of 750 or higher
- Should be a residing citizen of India
- Should be between 23 and 70 years** of age
- Should prove a minimum of 3 years of business continuity
For Salaried Applicants:
- Applicants should ideally have a CIBIL score of 750 or higher
- Should be a residing citizen of India
- Should be between 23 and 60 years** of age
- Should be employed with a public, private or a multinational organization with at least 3 years of experience
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Documents Required to Apply for a Loan Against Property
We require minimal documentation to process your Loan Against Property. Keep the following documents handy to ensure speedy verification and disbursal:
For Self-Employed Applicants:
- PAN Card or Form 60 (mandatory), Aadhaar Card, or Voter’s ID Card
- P&L statement
- Latest ITR
- Property documents
For Salaried Applicants:
- PAN Card or Form 60 (mandatory), Aadhaar Card, or Voter’s ID Card
- Last 3 months’ salary slips
- Property documents
Note: This list is indicative. Additional documents may be needed during loan processing.
Benefits of a Loan Against Property
Here are some of the benefits of a Loan Against Property:
- Sizeable Sanctions: Access to a substantial loan amount of Rs.5 Crore*, or higher, based on eligibility.
- Flexible End-Use: Funds availed of through a property loan can be used to meet expenses related to business or housing. You can also use the funds for debt consolidation.
- Competitive Interest Rate: Since a Loan Against Property is a type of secured loan, they are usually sanctioned at a lower interest rate as compared to unsecured loans, ensuring that the loan journey remains feasible.
- Long Repayment Tenure: With a repayment tenure extending up to 17 years, borrowers can manage their EMIs and repay the loan comfortably at their own pace.
Steps by Step Guide to apply for a Loan Against Property
The steps to apply for a Loan Against Property are simple and the application journey is time-efficient and hassle-free. Follow the steps to complete your application successfully:
- Visit the Loan Against Property application form hosted on the official website.
- Select your ‘Employment Type’ and ‘Loan Type’.
- Enter your name, date of birth, mobile number, PIN code, PAN, monthly salary (for salaried and professional applicants), annual turnover (specific to self-employed applicants), and property location.
- Submit the form and complete the Loan Against Property application journey.
Our representative will call you within 24 hours* and walk you through the next steps.
