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 utilise 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 substantial loan amounts 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 debt consolidation.
Features of a Loan Against Property of 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 a collateral against which they can borrow funds. Since a high-value asset is mortgaged as security, this form of credit is a secured loan.
Competitive Interest Rate
Salaried, professional, and self-employed borrowers benefit from our competitive interest rates, ensuring the feasibility of the loan.
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 72 hours* of document submission ensuring quicker loan disbursement.
Longer Repayment Tenure
Borrowers get a longer time frame to repay the loan, which may extend up to 17 years, 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 substantial Top-up Loan.
Eligibility Criteria for a Loan Against Property up to Rs.50 Lakh
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 23 years and 60 years**.
- Employment - The applicants should 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 a collateral in any of the cities where we have our branch offices.
- Age - They should be aged between 23 years to 70 years**.
- Employment - They should own a company which has a vintage of more than 3 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 Loan Against Property up to Rs.50 Lakh
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 documents)
- 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 documents)
- 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 of up to Rs.50 Lakh
Apply for a property loan online through the steps given below:
- Access our LAP application form.
- Provide personal details and information the loan you are looking to have.
- Generate OTP to verify your mobile number.
- Once your mobile number is verified, fill in the required details. Note that these details may vary based on your employment type.
- Click 'Submit' to submit the form.
Once you submit the form, our representatives will get in touch with you to take you through the further steps.
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 payouts and the preferred tenure. 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.
To estimate your EMIs for a Rs.50 Lakh Loan Against Property beforehand, you can use our EMI calculator. Here are the steps to use it:
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Access our Loan Against Property EMI Calculator.
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Enter the required loan amount, that is, Rs.50 Lakh.
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Enter the repayment tenure, for example, 17 years or 204 months.
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Enter the rate of interest, for example, 9.40%* p.a. for a self-employed applicant.
The calculator will estimate the EMI amount instantly.
A Loan Against Property is a secured loan that requires pledging collateral to avail of the funds.
You can either visit our nearest branch or access our application form to apply for a Rs.50 Lakh Loan Against Property online.
Applying for a Rs.50 Lakh Loan Against Property requires meeting eligibility criteria, which include your credit score, income, and age among other factors. Your credit score plays a key role in determining your creditworthiness and the applicable interest rate. A higher credit score can result in a competitive interest rate.
