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Loan Against Property in Bangalore: Overview

Loan Against Property in Bangalore: Overview

Bengaluru, also known as Bangalore, serves as the capital of Karnataka and hosts India's vibrant IT sector. It is a thriving hub for biotechnology, manufacturing, aviation, and space technology, making it a highly desirable location for property ownership among Indians. A Loan Against Property can be an option for realising the dream of owning property in Bangalore.

A Loan Against Property also referred to as a mortgage loan, is a secured loan provided against residential and commercial properties. This type of loan can be utilised for various purposes including housing and business needs, as well as debt consolidation.

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Loan Against Property in Bangalore: Features and Benefits

Given its secured nature, Loans Against Property can come at competitive interest rates. It is a long-term commitment and borrowers can take up to 17 years to repay the loan at their own pace. There are several benefits that a mortgage loan offers.

End-Use Flexibility

A Loan Against Property gives you the freedom to spend the loan amount for housing or business purposes. You can use the funds for debt consolidation as well.
A Loan Against Property can be an ideal financing solution for big-ticket expenses as it offers a sizeable loan amount and flexible repayment tenor.

Minimal Documentation

You can avail of the loan with minimal documents and can complete the loan process from the comfort of your home.

Flexi Loan Facility

Borrow as many times as you need from a pre-sanctioned credit limit and pay interest only on the amount utilised.

Competitive Interest Rate

Salaried, professional and self-employed applicants who meet the eligibility criteria can benefit from the competitive interest rates offered on Loans Against Property.

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Loan Against Property in Bangalore: Documents Required

To get a Loan Against Property, you need to have the following documents:

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.

Loan Against Property in Bangalore: Eligibility Criteria_WC

Loan Against Property in Bangalore: Eligibility Criteria

Your loan eligibility depends on your repayment capacity, age, and several other criteria. To avail of funding from Bajaj Housing Finance, you should fulfil the following Loan Against Property eligibility criteria:

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 25 and 70 years** of age
  • Should prove a minimum of 5 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 28 and 60 years** of age
  • Should be employed with a public, private or a multinational organization with at least 5 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.

*Terms and conditions apply.

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