Loan Against Property Upto 50 Lakh
Purchasing a property is probably the biggest investment one makes. Owning real estate provides ample opportunities to generate surplus income in the form of a sale, rent or lease if required. Furthermore, those who wish to retain the use of their property and yet utilize it to avail of extra funds in an emergency can opt for a Loan Against Property. Commonly referred to as mortgage loans or property loans, this type of secured credit fetches big loan amounts up to crores of rupees with relatively low-interest EMIs.
Features of a Loan Against Property up to Rs.50 Lakh
A Rs.50 Lakh Loan Against Property comes with several useful features that prove beneficial in the following ways:
Secured Loan
A property loan requires borrowers to pledge a property as collateral against which they can borrow money. Since a high-value asset is mortgaged as security, this form of credit is a secured loan.
Competitive Interest Rate
Secured loans pose lesser risks to lending institutions, thus they are available at lower rates of interest when compared to other types of loans.
Large Loan Principal
One can obtain hefty loan amounts up to Rs.5 Crore* and above to meet any sudden or planned financial requirement such as children’s education, medical emergency, business purposes, debt consolidation or for any other high-end expenditure.
Easily Eligibility and Documentation
Mortgage loans entail basic eligibility criteria with minimal documentation for faster loan processing and approval.
Quick Disbursal
Applicants can secure ready funds within just 72 hours* of document submission ensuring quicker loan disbursement.
Longer Repayment Tenor
Borrowers get a longer time frame to repay the loan, which may extend up to 18 years or so, making it easier to repay the loan without upsetting their monthly budget.
External Benchmarked Linked Loans
Applicants can link their loans to an external benchmark so that they may benefit from reduced interest rates and EMIs during favourable market conditions.
Nil Pre-Payment and Foreclosure Fee
Those with a floating interest rate loan can make part pre-payments or even foreclose the loan, without incurring any penalty or charges, provided the borrowed money is not utilised towards business needs.
Balance Transfer and Top-up
Individuals who have already taken up a Loan Against Property can transfer their outstanding balance to Bajaj Housing Finance for competitive interest rates and better loan terms. Additionally, they can also avail of a large Top-up Loan with a balance transfer feature to fulfil all their financial commitments.
Eligibility Criteria for a Loan Against Property up to Rs.50 Lakh
For Salaried Employees:
- Nationality - Individuals should be residents of India. They should own the property they seek to mortgage in a city where we have our branch offices.
- Age - They should be aged between 28 years and 58** years with the maximum age considered at the time of loan maturity.
- Employment - The applicants must be salaried employees of any public, private or multinational company with a work experience of over 3 years.
For Self-Employed Persons:
- Nationality - Property loan applicants should be resident Indian citizens; holding properties that they wish to place as collateral in any of the cities where we have our branch offices.
- Age - They must be aged between 25 years to 70** years.
- Employment - They should own a company which has a vintage of more than 5 years and generates regular earnings.
** Note that the upper age indicated is essentially the age at the time of loan maturity.
Documents Required for a Rs.50 Lakh Loan Against Property
Without proper documentation, loan applications cannot be verified. Hence, it is imperative to keep these documents handy. The usual list of paperwork includes the following:
For Salaried Borrowers:
- Latest salary slips
- Bank account statements for the past three months
- PAN card/ Form 60
- Proof of identity
- Address proof
- Documents of the mortgaged property
- Income tax returns
- Title documents
For Self-Employed Applicants:
- Primary bank account statements for the last six months
- PAN card/ Form 60
- Identity and residence proof
- Documents of the mortgaged property, title and sale deed
- Proof of business - Partnership agreement, registration documents
- Financial statements, profit and loss statements
- Note: This is an indicative list. Additional documents may be required during loan processing.
Process to Apply for a Property Loan up to Rs.50 Lakh
Apply for a property loan online through the tentative steps given below:
- Go to the official website of Bajaj Housing Finance and visit the Loan Against Property page
- Look for the LAP application form
- Provide personal details and information the loan you are looking to have
- Once you submit the form, we will get in touch with you to take the loan process ahead.
A property loan offers customised loans to both salaried and self-employed applicants through the mortgage of a residential, commercial or industrial property that one owns to raise quick capital. Normally, residential properties fetch the best interest rates. Individuals can access online financial tools like a Loan Against Property EMI calculator to compute their monthly EMI pay-outs and the preferred tenor. One may even use a Loan Against Property Eligibility Calculator to assess loan eligibility for Rs.50 Lakh within minutes. These tools provide a realistic picture of the debt enabling you to plan it effectively.
*Terms and conditions apply.
