A Loan Against Property is a secured loan which borrowers can avail by putting up any property – residential or commercial as collateral with lenders. Availing a Loan Against Property with Bajaj Housing Finance enables you to meet funding requirements for big-ticket expenses such as business expenses, housing-related expenses or even debt consolidation. However, considering it as a secured loan, the repayment tenor stretches up to several years.
When applying for Loan Against Property, you must choose the right tenor for your financial needs. While opting for this loan, the amount of EMIs you can pay and the interest payout should determine the tenor you should opt for. The lender expects you to repay the full loan amount within the agreed period. If you fail to repay this amount within the stipulated time, it will result in the forfeiture of your property. The chance of a default can be reduced by opting for a sufficiently long tenor that keeps your EMIs affordable.
In this article, learn about the repayment tenor of Loan Against Property offered by Bajaj Housing Finance and what it means.
Loan Against Property Tenor for Bajaj Housing Finance
The loan repayment tenor means the time period a borrower takes to repay the loan amount considering the principal amount and the accumulated interest. With Bajaj Housing Finance, the maximum tenor of Loan Against Property is Rs.5 Crore* years, based on your eligibility. You get the flexibility to choose a suitable tenor from the given range.
There are certain factors that help to determine the exact tenor of your loan. Lenders are also likely to approve the loan amount based on these factors. You can use the Loan Against Property Eligibility Calculator to figure out the maximum loan amount you can avail depending on various factors like your monthly income, age and city of residence.
Read Also: How to Prepay a Loan Against Property
Below is a list of factors that we consider before deciding the tenor for a Loan Against Property:
- Your age
This is a crucial factor to consider as lenders can decide how long the borrowers will likely be able to keep up with the repayment. Young applicants can choose a longer repayment tenor while older ones need to opt for a shorter tenor, depending on their retirement age.
- Your Credit Profile
Opting for Loan Against Property, Bajaj Housing Finance provides you a sanctioned sizeable loan amount pledging your property as collateral. If you have high credit score, the chances of loan approval increase. Banks consider your age, location and also the value of the property while deciding your repayment tenor.
- Your Financial Obligations
Having multiple financial obligations such as credit card bills, EMIs and other liabilities lower your eligibility for a loan. Thus, before applying for a Loan Against Property with Bajaj Housing Finance, make sure to close your other ongoing debts to take advantage of a long tenor.
Bajaj Housing Finance enables you to utilise your property hassle free sanctioning a sizeable loan amount. We are a customer friendly housing finance company offering attractive loan deals designed to give you the most competitive loan terms based on your eligibility.
You can apply for Loan Against Property application during times of emergency, as the sanctioned amounts gets disbursed into your account within 72 hours* after you submit your necessary documents. Apart from this, some of the benefits you’ll enjoy from our Loan Against Property includes benefits of taxes, low rates of interest, quick processing and much more.
Read Also: Loan Against Property Eligibility
*Terms and conditions apply
