Loan Against Property in Baroda: Overview
Baroda, also known as Vadodara, is the second-largest city in Gujarat. Various large-scale industries, such as the Indian Oil Corporation (IOCL), Gujarat State Fertilizers & Chemicals (GSFC), and Vadodara Manufacturing Division (VMD) of Reliance Industries Limited, are located here. Baroda is also the top exporting district of India and exports metro coaches throughout the world. It is turning out to be a major IT hub in India and therefore, people from across the country are moving to Baroda. It is therefore not very surprising that more and more people wish to invest in the Baroda real estate sector. Whether you need money to buy a property in Baroda or need funds to start a business of your own in the city, opting for a Loan Against Property from Bajaj Housing Finance can solve most of your worries.
A Loan Against Property (LAP) is a secured loan offered against any immovable commercial or residential property. The loan can be used for housing-related expenses, debt consolidation, or any other business needs.
Loan Against Property in Baroda: Features and Benefits
Here are some benefits for people looking to avail of a Loan Against Property in Baroda.
Simple Eligibility
Bajaj Housing Finance’s eligibility criteria are straightforward. This ensures easy approval as well as quick disbursal.
Flexibility in Fund Use
The loan amount received from Bajaj Housing Finance under a Loan Against Property can be used for any purpose. The borrower can use it to fund a property purchase, for business expansion, or for personal use, among other things. LAP is the ideal financing solution for heavy expenses due to its sizeable amount and flexible repayment tenor.
Minimal Documentation
Bajaj Housing Finance’s documentation requirements are also minimal. You will not be required to submit a whole lot of paperwork. Further, you can opt for the doorstep pick-up service to avoid the hassle of visiting a branch near you.
Longer Tenor
With Bajaj Housing Finance, you can choose to repay your Loan Against Property over a period extending up to 17 years. This ensures affordability and a stress-free repayment cycle.
Competitive Interest Rate
Applicants who meet the eligibility criteria can benefit from the competitive interest rates offered by Bajaj Housing Finance. We offer interest rates starting as low as 10.10%* p.a. for salaried and professional applicants.
Loan Against Property in Baroda: Documents Required
To avail of a Loan Against Property, you must keep the following documents*** ready:
Self-Employed Applicants:
- Mandatory documents such as PAN card or Form 60
- Identity and address proof are the same for both self-employed and salaried applicants
- Document of business ownership, such as partnership agreement, and registration certificate
- Primary bank account statements for the last 6 months
- Income Tax Return
- Financial documents such as Balance Sheet and Profit and Loss Statement
- Property Documents
Salaried Applicants:
- Mandatory documents such as PAN card or Form 60
- Identity proof such as Aadhaar card, Voter ID, Passport, Driving License, utility bills, or any other government-approved photo identity and/or address proof
- Pay or Salary Slips for the last 3 months, Form 60, IT return, Bank account statement
- Property Documents
Our representatives may ask for additional documents at the time of loan processing. These requirements will be communicated to you by our team.
***Additional documents may be required at the time of loan processing.
Loan Against Property in Baroda: Eligibility Criteria
For Self-Employed Applicants:
- The applicant must be a residing citizen of India between the age of 25 and 70**
- They must be able to show at least 5 years of business vintage
- Their CIBIL score must be 750 or higher
- They must be the rightful owner of the property they wish to mortgage
For Salaried Applicants:
- The applicants must be a residing citizen between the age of 28 and 60**
- They must be employed with a reputed company and must be able to show at least 5 years of work experience.
- Their CIBIL score must be at least 750
**Please note that the maximum age is the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Loan Against Property in Baroda: How to Apply
Applying for a Loan Against Property with Bajaj Housing Finance is simple and easy. Simply follow these steps:
- Go to our website and open our Loan Against Property application form.
- Enter personal details, such as name, phone number, salaried/self-employed, type of loan, monthly income, PIN code, loan amount.
- Generate and enter your OTP
- Submit the form and someone from our team will connect within the next 24 hours to explain the steps ahead.
*Terms and conditions apply.
