Loan Against Property Upto 40 Lakh
Certain expenses in life warrant a large volume of funding, which has the potential to upset our financial goals in the absence of adequate cash flow. At such times, most individuals try to secure some form of credit. When you need a bigger loan amount, a Loan Against Property up to Rs.40 Lakh might ease the pressure without the need to dig into your hard-earned savings. You can use this sum to meet several kinds of personal and business expenses.
Features and Benefits of a Loan Against Property up to Rs.40 Lakh
A hefty sum of Rs.40 lakh offers borrowers ample useful features and benefits such as:

Attractive Rate of Interest
Since it is a secured loan, a Loan Against Property comes at a reasonable rate of interest making the loan cheaper than other forms of credit.

High Sanction Amount
It is easy to avail of large loan amounts since a property loan requires borrowers to mortgage a property. This sum can go up to Rs.5 Crore* or even higher, depending on an applicant’s eligibility and the house pledged as collateral.

Longer Loan Tenor
A high-value loan requires longer repayment tenors. A Property Loan has a flexible tenor so that borrowers can repay the loan easily without straining their finances.

Unrestricted Fund Usage
There is no restriction on how one may utilise the loan money. Borrowers can finance a variety of commitments such as medical emergencies, overseas studies, home renovations, business expansion or other high-ticket expenditures through the loan.

Easy Processing
With basic eligibility requirements and minimal documentation, applicants can expect quicker processing of their application and disbursal of the sanctioned money.

Digital Monitoring
Borrowers can easily access their accounts and check the loan details or initiate EMI payments online from any location within minutes.
Factors That Impact a Property Loan of Rs.40 Lakh
When individuals secure a Loan Against Property, some factors that affect loan approval are given below.
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Pledged Collateral
Make sure that the property to be mortgaged is registered in your name with relevant documentation proof. One must own the residential or commercial property that one wishes to place as collateral for the loan. -
Loan-to-Value (LTV) Ratio
The LTV ratio is an important determinant of the quantum of funding that can be secured as a loan. The mortgaged property is evaluated based on its age, construction, infrastructure, amenities and market value to decide the amount of cash that may be sanctioned.
Eligibility Criteria for a Rs.40 Lakh Loan Against Property
Lending companies may have varying eligibility criteria that applicants must fulfil to get property loan approvals. At Bajaj Housing Finance, we check loan applications based on parameters such as the following:
For Salaried Applicants:
- The applicants should be resident citizens of India.
- The property they wish to mortgage must be in the cities where we have branch offices.
- They should be between 28 and 60 years of age - the upper age limit being the age of borrower at the time of loan maturity.
- They must be employed in the public or private sector with a minimum work experience of 3 years.
For Self-Employed Borrowers:
- The applicant must be a residing citizen of India.
- The property pledged as collateral should be in a city where we have our branch offices.
- They should be in the age group of 25 years to 70 years - the upper age limit being the age of borrower at the time of loan maturity.
- Their sources of earnings must be consistent through a single business concern that has a continuity of over 5 years in the current enterprise.
**The maximum age limit is always considered as the age at the time of loan maturity.
Documents Required for a Loan Against Property up to Rs.40 Lakh
Those who wish to apply for a property loan up to Rs.40 Lakh may be asked to furnish the following documents:
- Identity proof – PAN card, Aadhar card, passport, voter’s ID or driving license
- Address proof – Aadhar card, voter’s ID, passport, ration card or utility bills like electricity bills
- Property papers – Title documents, property-related papers
- Form 60
For Salaried Employees:
- Employment proof – Identity card issued by the employer
- Income proof – Income tax returns of the previous financial year
- Salary slips for the last two months
- Bank account statements for the past three months
For Self-Employed Individuals:
- Business registration certificate and partnership agreement
- Income tax returns for the last two years
- Balance sheet, profit and loss statements
- Bank account statements for the past six months
Note: this list is indicative.
How to Apply for a Rs.40 Lakh Property Loan in India?
Interested applicants can choose to apply for a Loan Against Property up to Rs.40 lakh at the branch office. Or they may even apply on the official website. One can complete the loan application process online with a few easy steps which involve entering your personal details and loan related details and submitting the form online. Post this, someone from Bajaj Housing Finance will contact you at the earliest.
A big loan amount necessitates thorough research before applying for one. You should use a Loan Against Property calculator to assess the rates to understand the payable EMIs and overall loan cost that caters to your requirements.
*Terms and conditions apply.