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Step-by-Step Process: How to Apply for a Loan Against Property

4 Min 21 Jun 2022
Highlights
  • What is a Loan against Property?
  • Loan Against Property Application Process

What is a Loan Against Property?

A Loan Against Property could be the answer to a variety of your financial problems – be it funding a business expansion, meeting educational or medical expenses, or even a wedding. Whatever be your need – a Loan Against Property can be the funding solution for it. Above that, the process for applying is not daunting, with our easy-to-meet eligibility criteria and minimal documentation requirements.

A Loan Against Property allows borrowers to pledge residential and commercial properties as security against which the loan is sanctioned. Borrowers can benefit from sizeable loan sums at nominal interest rates, with ample time to repay the amount.

If you’re already familiar with the application process, the chances of your loan application being approved improve considerably. Therefore, aspiring borrowers should understand the correct steps to applying for a Loan Against Property.

On this page, we take you through a step-by-step guide to applying for a Loan Against Property from Bajaj House Financing.

What is the Loan Against Property Application Process?

Research Your Loan Options

Research is the first and the most necessary step to start with if you want to get better loan terms. A detailed understanding of what the loan stands to offer and its parameters will help you make an informed decision.

It also helps you with all the relevant information you need to know before you file your application.

Find Your Eligible Loan Amount

After having researched the product, it is now time determine the loan amount for which you will be eligible and see if it meets your financial requirements. 
Finding your maximum loan amount eligibility will help you decide whether you should proceed with taking the loan or not. If your eligibility fails to cater to your financial needs, you should reconsider availing of the loan. Several factors determine your eligible loan amount. Understanding how much you borrow will help you avoid rejections and repayment defaults.

Check the Eligibility Criteria

Meeting the eligibility criteria for a Loan Against Property is a crucial aspect of getting your loan application approved. Ensure that you match well against our easy-to-meet eligibility parameters to get approved for a loan sum of your choice.

Typically, we will need to verify basic details about you, including your personal, income, and financial details. Alongside that, we will also require legal papers of the property you intend to declare as collateral.

Use Our Online Calculators

By using a Mortgage Loan Calculator, you can accurately assess what your Loan Against Property EMI payments may look like, based on the particulars provided by you. This helps you gauge if you can sustain paying an EMI of that size through your repayment tenor.

Fill the Form

You can decide to fill out the application form online or offline, according to your convenience. If you opt for an offline application, you will need to visit our physical branch.

Filing the application form online would not require you to visit any branch office. You can fill out the online application form with all the correct details. Once you meet all parameters and your application and documents are verified, you can expect the loan sum to be disbursed into your account within 72 hours* . 

 

Must Read: Types of Loan Against Property

Final Thoughts

With its competitive interest rate and hassle-free process, it’s easy to understand why everyone is opting for a Loan Against Property instead of other loan types. Following the steps above will guide you to take the right decisions towards availing of a Loan Against Property.

*Terms and conditions apply

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