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All You Need to Know About a Loan Against Property
A Loan Against Property is a secured loan authorized keeping an asset as collateral with the lender. This asset can either be an owned land, a house, or any other commercial premise. The asset remains as collateral with the lender until the entire loan amount is repay with interest.
This type of secured loan can be an alternative for unsecured personal loans as it also has no end-use restriction. However, the loan amount can be much higher, and the tenor is also likewise longer in this case. The Loan Against Property interest rate is considerably lower as compared to any unsecured loan.
You can utilize a Loan Against Property for business purposes, such as for purchasing machinery, buying raw materials, purchasing equipment, and facilitating steady working capital. This type of loan can also oblige personal requirements such as financing a wedding, paying the tuition for higher education, funding a home renovation, funding the down payment for a new home, or managing medical expenses.
What Are the Features and Benefits of a Loan Against Property?
- Sizable Loan Amount: With a Loan Against Property, you can avail of a sizeable sanction of Rs.5 Cr* or higher, basis eligibility and the property in question.
- Quick Disbursal: You can get the loan amount in your account in just 72 hours* from document submission and approval.
- Convenient Repayment Tenor: Bajaj Housing Finance provides loan tenors ranging up to 18 years for Loans Against Property.
- Minimal Documentation: Our Loan Against Property documentation requirements are simple and straightforward; opt for our doorstep pick-up service for a hassle-free experience.
- Easy-to-Meet Eligibility Criteria: Our eligibility criteria are basic and easy to meet. They include nationality, age, and income parameters. Also, the property to be mortgaged must be in one of the locations we operate it.
- Easy Balance Transfer Facility: Transfer your outstanding loan balance to Bajaj Housing Finance by providing only a couple of records. You can also avail of a Top-up Loan worth Rs.1 Cr* or higher, basis eligibility.
You can apply for a Bajaj Housing Finance Loan Against Property easily. Just fill in your personal details, provide your documents and have your loan approved in a matter of days.
What is a Mortgage Loan?
A mortgage loan is a type of secured loan where you can avail of funds by providing your asset as collateral to the lender. This is a prominent kind of financing as it helps the borrower avail of a sizeable loan amount with a prolonged repayment tenor.
A mortgage is usually a loan sanctioned against an immovable asset such as a house or a commercial property. The lender keeps the asset as collateral until the borrower reimburses the complete loan sum.
Mortgage loans are of 3 types:
- Home Loans
- Commercial Property Loans
- Loans Against Property
A Home Loan or a commercial property loan can be availed of only to purchase a home or a commercial space, respectively. On the other hand, a Loan Against Property has no end-use restrictions. It is usually to be utilized to fund overseas education, a wedding, a home remodel, etc.
When you apply for a Loan Against Property with Bajaj Housing Finance, not only do you stand to avail of a sizeable sanction, but you also benefit from a repayment tenor of 18 years, a competitive interest rate, and disbursal in as few as 72 hours* from document submission.
What is the Procedure to Apply for Loan Against Property?
A Loan Against Property is a secured loan with no end-use restrictions. You need to keep your property, such as a house or a commercial premise, as collateral to avail of this sanction.
Lenders usually offer an LTV of 70–75% of the property value on a Loan Against Property. In other words, if you avail of this sanction against a property worth Rs.1 Cr, you can be offered a maximum loan amount of Rs.70–75 Lakh.
You can utilise the loan amount for various purposes, such as business expansion, education, debt consolidation, and medical expenses. After full repayment of the loan, you can reclaim the property records that you have sworn as collateral.
Availing of a Loan Against Property from Bajaj Housing Finance is facile and usually involves the accompanying steps:
Apply for a Loan Against Property by filling in our online form
Our call center representative will connect with you in 24 hours and affirm your details and walk you through the documents required.
Post this, you can submit your documents to our representative from the convenience of your home or office .
Your documents and property are then verified, and subject to approval, your loan is disbursed in 72 hours*
*Terms and conditions apply
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