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Mortgage Loan Types: 3 Different Kinds of Loan Against Property You Should Know About

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  • 3 Types of Loan Against Property

  • Loan Against Property: Features and Benefits

  • How to Apply for a Loan Against Property

A loan against property or mortgage loan is a secured loan availed against a commercial or residential property kept as collateral with the lender. As the funds come with no end usage restriction, borrowers can utilize the funds for various purposes, such as business expansion, weddings, child’s education, etc. The loan is a convenient option to finance all high-end expenditures with no restrictions of the end use. You can mortgage various loans against property types as collateral to avail of funds of Rs.5 crores and even more, basis eligibility.

3 Types of Loan Against Property

To understand loan against property or mortgage loan better, let’s look at the 3 types of loan against property below:

1. Loan against your residential or commercial property

If you have a self-occupied residential property, including a house, apartment, flat, etc., or commercial property, such as office buildings, shops, malls, complexes, etc., you can use any of them to seek a loan from your lender.

This option is ideal if you need a considerable amount of finance to cater to various personal or business needs, such as financing your child’s education overseas or buying a high-value asset. The amount you can get via this type of loan depends on the worth of the property that you are using as collateral. So, your ancestral home is likely to fetch you a loan of a lower amount as opposed to a recently built holiday home in a prime location in India.

2. Loan for purchasing a commercial property

If you’re planning to expand your business, you might need to purchase a large office space or factory. If you’re a trader, this could even be a warehouse. A loan against property gives you Rs.5 Crore and more to make your purchase. You can finance the purchase of a new premise for your business conveniently with a loan against property. At Bajaj Housing Finance, we offer a loan against property option that will help you to conveniently make such a purchase without any hassles.

We offer you numerous benefits like quick approvals, easy eligibility, minimal documentation, flexible prepayment options, flexible tenor and nominal rates of interest on loan against property. We also offer you value-added services related to real estate, such as property search services, property dossier, and customised insurance schemes.

3. A loan for lease rental discounting

Rented residential or commercial properties are also accepted as property loan types. If you have a property for which you receive rent, you can also sign up for lease rental discounting. During the tenor of the rent agreement, it is understood that you will receive a certain amount of rent monthly. You can enter into an arrangement with the lender and get funds immediately against the rent that you are to receive. You can use this money to finance your needs without any restriction. The monthly rent that your tenant will give you will go directly to the lender. 

Simple Tip: Before you select any of these options, you should carefully examine your needs and determine which loan against property is most beneficial given your requirements. This will help you make the best use of the loan and ensure that repayment isn’t a burden.

Loan Against Property: Features and Benefits

Apply for a loan against or mortgage loan with Bajaj Housing Finance and you will enjoy a property loan with unique benefits which will enable you to meet your big ticket expenses with ease. Below are some benefits you will enjoy:

  • Lower Equated Monthly Instalment (EMI): Apply online for a long repayment tenor of up to 18 years which distributes the loan amount, and you get to pay a lower EMI amount every month. 
  • Fastest loan approval: Avail of the fastest mortgage loan in India disbursed into your account within 72 hours* of approval. 
  • Low-interest rates: We provide loans against property at low rates of interest, which makes repayment affordable. For our salaried applicants, the rate of interest starts at 8.35%.
  • Low to no prepayment charges: Avail of a property loan with us at floating interest rates and enjoy part-prepayment and foreclosure facilities at zero additional charges.

How to Apply for a Loan Against Property

At Bajaj Housing Finance, we have introduced an easy online procedure to apply for a loan against property. Check out the following steps to apply for the fastest property loan in India.

  • Step 1: Fill up the online application form for a loan against property at our official website. 
  • Step 2: Respond to our representatives who will get in touch with you within 24 hours* of receiving the application. 
  • Step 3: Receive the approval for your loan application within 24 hours* of applying.
  • Step 4: Submit necessary documents to Bajaj Housing Finance representatives.

Once you successfully complete the documentation, the loan amount will be disbursed into your account within 4 days of approval.

Final Thoughts

We at Bajaj Housing Finance bring you various types of mortgage loans that are tailor-made to fulfil specific financial purposes unique to each borrower. Take advantage of our amazing loan against property option to cover a range of expenses from weddings, medical emergencies, to higher education and more. 

We also offer customized loans against property to help you conveniently meet various high-ticket purchases. Apply for a loan amount as per your eligibility and get an affordable loan against property interest rates along with other attractive benefits.

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