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Home Loan Starting 6.75%*

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Different Types of Mortgage Loan

Meet all your high-ticket expenses with a loan against property from Bajaj Housing Finance Limited. Secure a high value loan at affordable interest rates and exclusive benefits like flexi loan facility, fast disbursal, and customised mortgage loan types, among others.

What is a Loan Against Property?

A loan against property lets a borrower leverage his/her home or commercial property’s equity to access sizable funds. Depending upon the property’s value, salaried and self-employed individuals can obtain high value loans against their property.

Different types of mortgages are available from Bajaj Housing Finance Limited. A borrower can use the sum obtained to meet various ends by complying with a few simple requirements.

What are the Different Mortgage Loan Types?

A loan against property can be divided based on several categories -

Based on the property type

As per the property type, a LAP has three divisions. These are –

     1. Loan Against Residential Property

It is the most common type of mortgage loan. Individuals can avail funds against their home or any other residential property they own. It may be self-occupied, rented out, or vacant.

     2. Loan Against Commercial Property

This option lets individuals mortgage their owned commercial property, be it an office space or an industrial unit, to obtain funds against its present market value.

     3. Lease Rental Discounting

It’s one of the popular types of loan against property where you put a property up as a collateral, you’ve leased. The fixed rentals earned act as the EMIs, and the eligible loan amount is determined accordingly.

Based on an Applicant’s Employment Type

A loan against property is of two types based on an applicant’s employment type. These are –

     I. Against Property for Salaried

Salaried individuals are eligible for funds against their property. For this, he/she should be aged between 33 and 58 years and employed with an MNC, or any public or private sector company.

     II. Against Property for Self Employed

Self-employed borrowers can obtain an advance with this loan against property type. He/she shall be within 25 to 70 years of age and maintain a stable income source and business continuity of 5 years or more. 

Based on Usage

A loan against property comes with zero end-use restriction. Thus, it can be used for any purpose as the borrower sees fits. To further help borrowers, Bajaj Housing Finance Limited offers a range of customised loan against property types. These are –

     i.  Against Property for Education

Cover higher education expenses like tuition fees, costs of study materials with a loan against property for education. Borrowers can also use the funds to cover travel costs, accommodation expenses, etc.

     ii.  Against Property for a Wedding

Wedding entails a slew of expenditures, from catering to decoration and bridal makeup packages. Use a loan against property for a wedding to handle those expenses with ease.

     iii.  Against Property for Debt Consolidation

Roll all your existing debts into one with a loan against property for debt consolidation. It reduces the interest outgo and hassle of managing multiple repayments. 

BHFL also offers mortgage loan types for home renovation and other high-ticket expenses. The process to apply is simple and digitalised.

How to Apply for a Loan Against Property?

To apply for a loan against property from Bajaj Housing Finance Limited, visit the official portal and follow the steps mentioned below.

Step 1 - Fill out the loan against property application form.

Step 2 - Communicate with the representative who will be in touch within 24 hours.

Step 3 - Submit the required documents to our representative after receiving approval.

You can also check your pre-approved offer to apply for a loan against property from Bajaj Housing Finance Limited.