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Loan Against Property Upto 50 Lakh_WC

Loan Against Property of up to Rs.50 Lakh: Overview

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.

With Bajaj Housing Finance, you can easily avail a Rs.50 lakh Loan Against Property and enjoy the benefits of a competitive interest rate. You can use the funds for new business, business expansion, meeting working capital needs, housing expenses or even debt consolidation.

Features of a Loan Against Property up to Rs.50 Lakh_WC

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 based on eligibility to meet any sudden or planned financial requirement such as housing expenses, business investment or expenditure or debt consolidation.

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 17 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.

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.

Eligibility Criteria for a Loan Against Property up to Rs.50 Lakh_WC

Loan Against Property of up to Rs.50 Lakh: Eligibility Criteria

For Salaried Employees:

  • ​Nationality - Individuals should be an Indian citizen residing in 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 60 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 an Indian (resident only); 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.

**The upper age limit is considered as the applicant’s age at the time of loan maturity. For applicants, the upper age limit is subject to change, depending on the property profile.

Documents Required for a Rs.50 Lakh Loan Against Property_WC

Loan Against Property of up to Rs.50 Lakh: Documents Required

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(mandatory for all applicants)
  • 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(mandatory for all applicants)
  • 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
  • ***This is an indicative list. Additional documents may be requested at the time of loan processing.

Process to Apply for a Property Loan up to Rs.50 Lakh_WC

Process to Apply for a Property Loan up to Rs.50 Lakh

Apply for a property loan online through the tentative steps given below:

  1. Go to the official website of Bajaj Housing Finance and visit the Loan Against Property page
  2. Look for the LAP application form
  3. Provide personal details and information the loan you are looking to have
  4. 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.

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