When it comes to arranging funds to take care of a personal or financial emergency, borrowers have the option of going with either an unsecured loan, such as a personal loan or a secured loan, such as a Loan Against Property. Most borrowers, these days, opt for secured loans for various reasons. To start with, secured loans can be availed of at low-interest rates and are a more affordable choice. Further, secured loans come with a long repayment period of up to 18 years, which ensures affordability in the long run. Secured loans also allow borrowers to avail of a substantial amount, something that's not possible with unsecured loans.
Over the last few years, a specific type of secured loan has become immensely popular among borrowers and that is a loan against property. This loan is taken by pledging a property - residential or commercial - as collateral with a lender. The collateral involved reduces the risk for the lender in lending the loan money. Thus, lenders sanction loans against property at nominal interest rates. As a matter of fact, loans against property are the second cheapest loans after home loans. Borrowers usually get 18 years to repay the loan money.
Whether you need a Rs. 3 crore loan against property to take care of a personal emergency or simply need that kind of money to start a new business or fuse it into your current one, a property loan can prove to be the answer to your many problems.
If you are planning to avail of a Rs. 3 crore loan against property, choose Bajaj Housing Finance as your lending partner. Here's why.
Features and Benefits of Availing of a Rs.3 Crore Loan Against Property from Bajaj Housing Finance
Highly Competitive Interest Rates
Bajaj Housing Finance offers loans against property at interest rates starting as low as 9.75%* p.a.* for Self-employed individuals. Our low-interest rates ensure affordability and make paying off a home loan easy and stress-free.
Substantial Loan Amount
With Bajaj Housing Finance, you can avail of funds of Rs.5 Crore* or more, basis eligibility. Borrowers must keep in mind that the final loan amount will depend on their income profile as well as the property they are planning to pledge as security.
Disbursal in 3 Days
We understand that if you are pledging your property as security, you must need money urgently to take care of a financial emergency. With us, you can expect disbursal within 72 hours* of document submission and approval.
Zero End-Use Restrictions
Bajaj Housing Finance's loans against property come with zero end-use restrictions. You can use your 3 crore Loan Against Property as you like, as long as you continue to honour your EMI commitment, we won't ask you where the money is going.
Flexible Repayment Tenor
If you are taking a 3 Crore loan, we understand that it won't be easy to pay off the loan over a short tenor. With us, borrowers get the liberty to choose to pay off their loan over a period extending up to 18 years.
Zero Part-Prepayment and Foreclosure Charges
Individuals who have availed of a loan on floating interest rates can part pre-pay or foreclose their loan when they want without paying any additional charges.
Documents Required for a 3 Crore Loan Against Property
If you are planning to make a loan application with Bajaj Housing Finance, keeping the following documents ready with you will help you experience a smooth and hassle-free application process.
- Proof of identity and address documents. These include PAN, Aadhar, Voter ID, Driving License, Passport, Utility Bills, etc.
- Proof of employment and income documents in the case of salaried applicants. These include the latest salary slips, form 60, income tax returns, the last 3 months' bank account statements and the identity card issued by your employer.
- Proof of income and business ownership documents in the case of self-employed individuals. These include partnership agreements, registration certificates, income tax returns, bank statements of the last 6 months, balance sheets and profit and loss statements.
- Documents of the property you wish to pledge as collateral.
*Note that the above list of documents is inclusive but not exhaustive
Eligibility Criteria for a Rs.3 Crore Loan Against Property
Bajaj Housing Finance requires borrowers to fulfil the following eligibility criteria to be eligible for a Rs.3 crore loan.
- The applicant must be a resident citizen of India.
- They must be between 25 and 70** years for Self-employed individuals and 28 to 58** years for salaried individuals.
- The applicant must preferably have a credit score of 750 or above.
- They must be the rightful owner of the property they wish to pledge as collateral. Plus, the value of the property to be pledged as security must be enough to support a Rs.3 crore loan against the property.
Other criteria may add/differ based on your nature of service, viz. salaried or self-employed.
**Maximum age at the time of loan maturity
Applying for a Bajaj Housing Finance Loan Against Property is easy. You can make an application online as well as offline by walking into one of our branches.
*Terms and Conditions apply.
