Overview of a Loan Against Property in Delhi
Delhi, the capital city of India, is well known for its heritage and lifestyle. Because of the numerous financial service opportunities this city provides, many people from all over the country make Delhi their home. New Delhi is an ideal place for politics, IT, education, business, and health. Furthermore, the emerging startup culture in Delhi has raised the demand for properties and homeownership.
A Loan Against Property (LAP) is a type of loan where you can borrow funds by mortgaging a commercial or residential property. It can be a house or a commercial property. With Loan Against Property, you can get sizeable sanctions, as high as Rs.5 Crore*, depending on your eligibility. You have up to 17 years to repay the loan. The process is easy and requires only a few documents to fulfil the Loan Against Property Criteria in Delhi. You can even get the funds disbursed within 72 hours* after submitting the necessary paperwork.
Bajaj Housing Finance provides Loans Against Property in Delhi that can help you fulfil various needs, such as expanding your business, covering working capital requirements, and debt consolidation.
Features and Benefits of a Loan Against Property in Delhi
Long Repayment Tenure
Borrowers can take advantage of sizeable loan amounts with an extended period of repayment. The tenure, basis your eligibility, can range up to 17 years.
Suitable for all Purposes
You can avail of a Loan Against Property to meet a variety of personal and professional needs, such as home renovation and business expansion.
Low Interest Rates
Bajaj Housing Finance offers a competitive interest rate on a Loan Against Property. Those with an existing loan can switch to a lower interest rate by transferring the balance to us.
Online Application Form
The application process for a Loan Against Property is an easy one, which requires the borrower to provide a few documents and personal and income-related details for prompt loan approval.
Calculate Your Loan Against Property EMI
Repayment Schedule
Documents Required for a Loan Against Property in Delhi
The documents*** necessary for a successful loan application process while taking a mortgage loan in Delhi are as below:
- Proof of identity and residence
- Mandatory documents such as PAN Card or Form 60
- Evidence of income such as last 3 months’ salary slips for salaried applicants, whereas proof of business vintage for self-employed applicants
- Property-related documents
***Additional documents may be requested at the time of loan processing.
Eligibility Criteria for Loan Against Property in Delhi
To be eligible for the loan, you need to meet certain criteria:
- Employment: Salaried applicants should be employed by a public or private sector company, or an MNC, and have a minimum of 3 years of work experience.
- Steady Income: Self-employed applicants should be able to demonstrate a consistent income from a business that has been operating for at least 3 years or more.
- City of Residence and Property Ownership: The loan is available for residents of cities such as Delhi, Mumbai, Bangalore, Ahmedabad, Pune, and others. Additionally, you should own a property in one of these cities that can be used as a collateral for the loan.
- Age Limit: If you are a salaried employee, you should be within 23 and 60 years** to apply for a Loan Against Property in Delhi. If you are self-employed, you should be within 23 and 70 years**.
These requirements ensure that you have a stable job and a reliable source of income before granting you the loan. The city limitation is to ensure that the property used as collateral is easily accessible for valuation and other necessary procedures.
**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
How to Apply for a Loan Against Property in Delhi?
Apply for a Loan Against Property by visiting your nearest branch or simply follow the steps below to apply online:
- Access the Loan Against Property application form and furnish your personal particulars such as name, contact number, and employment status.
- Specify the type of loan you require and provide your net income details to enable us to suggest the best deals based on your financial status.
- Enter your PIN code and the desired loan amount.
- Once you have entered the OTP, proceed to the subsequent step and enter the remaining financial and property-related information.
- Click the ‘Submit’ button to submit your application form.
Our representative will contact you within 24 hours* to discuss the next steps, including document submission and verification.
*Terms and conditions apply.
Loan Against Property in Delhi: FAQs
The following is the list of documents*** required to apply for a Loan Against Property in Delhi:
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
***This list is indicative. Additional documents may be required during loan processing.
To apply for a Loan Against Property in Delhi, you need to meet the following eligibility criteria:
For Salaried Applicants:
- Must be an Indian resident aged between 23 and 60 years**
- Should be employed with an MNC, public sector, or private company and have a minimum work experience of 3 years
- The property to be mortgaged must be in Pune or within any of the cities where we operate
For Self-Employed Applicants
- Must be an Indian resident aged between 23 and 70 years**
- Should have a stable income from a current business with a minimum operational history of 3 years
- The property to be mortgaged must be in Pune or within any of the cities where we operate
**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.
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