Rs.2 Crore Loan Against Property: Overview
A Loan Against Property is a type of secured loan that allows you to obtain a large sum of money, even Rs.2 crore or more against your property. You can use the money for business expansion, home renovation or even debt consolidation. Salaried individuals and business owners alike can obtain a property loan by pledging commercial or residential property as collateral. However, when you are opting for a Loan Against Property, it is critical to ensure that the property's title is clear and free from any legal encumbrances.
Eligibility for a Loan Against Property
When applying for a Loan Against Property, Bajaj Housing Finance requires you to meet their minimum eligibility criteria to be approved, and these criteria vary depending on your employment type.
Salaried Employee
- The applicant must be an Indian citizen residing in one of the cities where Bajaj Housing Finance operates.
- The applicant must be between the ages** of 23 to 75 years old.
- A minimum of 3 years’ experience working for a multinational corporation or a public or private sector organisation.
Self-Employed
- The applicant must be an Indian citizen residing in one of the cities where Bajaj Housing Finance operates.
- The applicant must be between the ages** of 25 to 70 years old.
- The applicant must have a business that can generate a consistent income and has been in operation for at least 5 years.
**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
Documents required for a Loan Against Property
Bajaj Housing Finance requires you to submit a minimal number of documents*** and at the time of applying, you must keep the necessary documents ready to get the loan approved quickly and enjoy a streamlined process. The documents that you will need to submit differ on the basis of your employment type.
Salaried Applicants
- Identity Proof: PAN Card, Aadhaar Card, Voter ID, and Passport.
- Address Proof: Utility Bills, Ration Card, and Property Tax Receipt.
- Mandatory Documents: PAN Card or Form 60
- Employment Proof: Company ID Card, and Employment Letter.
- Income Proof: Latest Salary Slips, Banking Statements for the past 3 months, Form 60, and Income Tax Returns.
- Property Documents: Documents of the property you are looking to mortgage such as Title Deed, Registration certificate, and Sales Deed.
Self-Employed Applicants
- Identity and Address proof for salaried and self-employed applicants remains the same.
- Business Proof: Partnership Agreement, Registration Certificate, and Memorandum of Association.
- Mandatory Documents: PAN Card or Form 60
- Income Proof: Banking Statements for the past 6 months, Income Tax Returns, Balance Sheet, and Profit and Loss Statements.
- Property Documents remain the same as well.
***Additional documents may be requested at the time of loan processing.
How to Check your Loan Against Property EMIs
The process to check your Loan Against Property EMI is hassle-free and straightforward. All you have to do is use our Loan Against Property EMI Calculator where you will have to input all necessary information. Once done, a calculator will display your EMIs, total interest and the total loan amount.
How to Apply for a Loan Against property?
Once you have established your financial details you can proceed to apply for a Loan Against Property. You can follow these steps to know how to do so:
- Navigate to the LAP application form.
- Enter some of the basic details such as Name, Contact Details, Employment Type, Type of Loan, Monthly Income, and your Required Loan Amount.
- Submit the Application Form.
Once you have submitted the complete application form, a customer representative from Bajaj Housing Finance will get in touch within 24 hours* to guide you through the next steps.
*Terms and conditions apply.
