Loan Against Property in Ahmedabad: Overview
Ahmedabad is a Tier-1 city situated in Gujarat and is famous for its ports and trading routes. Bajaj Housing Finance can help you meet your urgent financial needs, and you can do so by visiting the branch offices or by simply applying on the website.
A loan against property is one of the most viable methods of sourcing a large sum of finance to tackle any big-ticket expenses. Bajaj Housing Finance allows its borrowers to pledge their property to secure a sizeable amount of Rs.5 Crore* or higher, basis eligibility, at competitive interest rates and long-term tenors that last up to 17 years.
What are the features of a Loan Against Property?
Competitive Interest Rates
Bajaj Housing Finance offers competitive interest rates for a Loan Against Property, and these are applicable to both salaried and self-employed individuals, basis eligibility.
Higher Sanction Amounts
Based on your eligibility, the amount sanctioned for a Loan Against Property can be as high as Rs.5 Crore*, or even higher. The final sanctioned loan amount depends on your LAP eligibility and the property that you are willing to mortgage.
Quick Disbursement
The loan amount is disbursed into your loan account within 72 hours* after the necessary documentation and verification processes are completed. This is ideal when you are looking to gather funds in case of an emergency.
No End-Use Restrictions
The funds that you receive from a Loan Against Property do not have any end use restrictions, which means that you are free to use the funds for any expense that you may have, such as travel expenses, wedding expenses, debt consolidation, or even higher education fees.
Long Term Tenor
The funds you receive from a Loan Against Property are substantial, and with Bajaj Housing Finance, you can repay this amount in a comfortable manner by opting for a long-term repayment tenor that lasts up to 17.
No Prepayment or Foreclosure Penalty
Borrowers opting for a floating interest rate can choose to prepay or foreclose their loan against property with no additional penalty.
What is the interest rate on a Loan Against Property in Ahmedabad?
Bajaj Housing Finance offers competitive interest rates to salaried and self-employed individuals; the interest rate on LAP begins at 9.75%* p.a., for self-employed applicants. To know more about loans against property interest rates, click here.
What are the documents required for a Loan Against Property?
Bajaj Housing Finance requires minimal documentation, allowing the borrower to avoid the hassle of gathering numerous documents. Not only will submitting the prescribed set of documents without delay streamline your loan process, but it will also help you get your loan application approved quickly.
Here is a list of documents that you will need to submit:
Salaried Employee:
Identification Proof:
- PAN Card
- Aadhaar Card
- Passport
- Driving License
- Voter ID
Address Proof:
- Property Tax receipt
- Utility bills such as electricity, water, or gas bill
Income Proof:
- Latest salary slips
- Banking statements for the past 6 months
- Form 16
- Income tax returns
Employment Proof:
- Company ID card
- Employment certificate
Property Documents:
- A photocopy of the documents of the property you are looking to mortgage
- Sale Deed
- Title Deed
- Registration Certificate
Self-Employed Individual:
Identification Proof:
- PAN Card
- Aadhaar Card
- Passport
- Driving License
- Voter ID
Address Proof:
- Property Tax Receipt
- Utility bills such as electricity, water, or gas bill
Employment proof:
- Company profile
- Partnership Deed
- Registration Certificate
Income Proof:
- Company banking statements for the past 6 months
- Income Tax Returns
- Profit and Loss Statements
- Balance Sheet
Property Documents:
- A photocopy of the documents of the property you are looking to mortgage
- Sale Deed
- Title Deed
- Registration Certificate
Note: This list is indicative, and you may be asked to provide additional documents required for a loan against property as and when needed.
What are the eligibility criteria for a loan against property in Ahmedabad?
Bajaj Housing Finance has very few eligibility criteria for a Loan Against Property and meeting these criteria will ensure that you are approved quickly and without any hassles.
- The applicant must be an Indian resident.
- The property should be in any of the locations where we operate.
- The applicants age criteria depend on their employment status:
(1) A salaried employee must be between 28 to 60 years** old.
(2) A self-employed individual must be between 25 and 70 years** old.
- A salaried employee must either be working at an MNC or a Public or Private company.
- A CIBIL score higher than 750 is ideal for approval
- **The maximum age is considered as age at the time of loan maturity.
