Loan Against Property in Chennai: Overview
Chennai is the capital of Tamil Nadu and is famous for its infrastructure, IT sector, tourism, and premium healthcare facilities. The city’s growing prospects also leads to a growing demand for funding, so individuals can pursue avenues of their choice, be it for a new business, academic endeavor, or travel plans.
To help with this, Bajaj Housing Finance offers attractive Loan Against Property options starting as low as 9.75%* p.a for self-employed individuals, basis eligibility. Borrowers can enjoy benefits such as competitive interest rates, smaller EMIs, and a flexible repayment tenor upon availing of a loan from us.
Loan Against Property in Chennai: Eligibility Criteria
The minimal eligibility requirements for a Loan Against Property with Bajaj Housing Finance make it feasible for the borrower to avail the loan with minimal hassles. Applicants can consider using our Loan Against Property Eligibility Calculator to help with the same. Here are some of the eligibility criteria that you will need to fulfill:
Age
Both salaried and self-employed individuals can avail of a Loan Against Property with Bajaj Housing Finance. A salaried employee must be between 28 and 60 years** of age, and a self-employed applicant must be between 25 and 70 years** of age.
**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.
Nationality
The applicant must be an Indian resident.
Employment Status
A salaried individual must be employed at either an MNC or a public or private company for at least 3 years. A self-employed individual must be able to prove a regular source of income from their business with a vintage of 5 years or more.
Credit Rating
Applying for a loan against property with a CIBIL score of 750 or higher is ideal for approval.
Loan Against Property in Chennai: Required Documents
A Loan Against Property with Bajaj Housing Finance requires minimal documentation. The documentation differs based on your employment status. Here is a list of documents that you will need to submit at the time of applying:
Salaried Employee:
- Identification proof, such as Aadhaar Card, PAN Card or Form 60 (mandatory), or Passport
- Proof of employment, such as a company identification card or an employment certificate
- Income documentation, such as recent salary slips
- Banking statements for the past 6 months
- Income Tax Returns
- Documents pertaining to the property that you wish to mortgage, such as the title deed
Self Employed:
- Identification proof, such as Aadhaar Card, PAN Card or Form 60 (mandatory), or Passport
- Proof of business, such as P&L Statements and Balance Sheets
- Banking statements for the past 6 months
- Income Tax Returns
- Profit and loss statements and company balance sheet
- Documents related to the property you wish to mortgage, such as the title deed
Note: This list is indicative. Additional documents may be requested at the time of loan processing.
Loan Against Property in Chennai: Application Process
Over the years, the process of applying for a Loan Against Property has become relatively simple, and Bajaj Housing Finance has simplified it even further. Here's how to apply for a Loan Against Property:
- Visit the Bajaj Housing Finance website.
- Fill in the application form with the required details such as your name, contact number, employment type, type of loan, monthly income, PIN code, and the required loan amount.
- Submit the application form.
Our representative will contact you within 24 hours* to discuss the next steps of your loan application, such as verification and documentation.
*Terms and conditions apply.
