Loan Against Property in Coimbatore: Overview
A Loan Against Property (LAP), also known as a mortgage loan, is useful for availing of sizeable funds by mortgaging one’s property as collateral. Banks and financial corporations lend substantial loan amounts under LAP schemes at a lower interest rate, which makes Loan Against Property a popular credit option in Coimbatore.
The loan amount depends on multiple factors, such as the age and value of the property, credit score and credit history of the borrower, source of income, loan tenor, etc. A Loan Against Property can be leveraged for various end-uses, such as expanding a business, undertaking a home renovation project, and meeting a range of financial expenses including wedding, educational, and medical expenses.
Loan Against Property in Coimbatore: Features and Benefits
Multiple Collateral Options
Lenders accept residential and commercial types of properties as collateral for granting Loans Against Property, allowing you easy access to sizeable funds.
Top-up and Balance Transfer Facility
Most lenders provide facilities such as Loan Against Property Balance Transfer and a top-up to attract borrowers. This facility allows the borrowers to transfer the outstanding loan amount to a new lender for a lower rate of interest or change their borrowing terms.
Zero Prepayment Charge
There are no prepayment charges on Loans Against Property availed of at a floating rate of interest by individuals.
Easy Eligibility Criteria
The Bajaj Housing Finance Loan Against Property has easy-to-meet eligibility criteria. This helps applicants meet the eligibility parameters with any additional hassles.
Loan Against Property in Coimbatore: Eligibility Criteria
Following are the eligibility criteria for salaried and self-employed applicants seeking to avail of a Loan Against Property with Bajaj Housing Finance
For Self-Employed Applicants:
- Should ideally have a CIBIL score of 750 or above
- Indian resident Age should be between 25 and 70
- Establish a minimum of 5 years of business vintage
For Salaried Applicants:
- Should ideally have a CIBIL score of 750 or above
- Indian resident Age should be between 28 and 58
- A minimum of 3 years of working experience
** The maximum age is considered as age at the time of loan maturity.
*Terms and conditions apply
