Qualify for a Loan Against Property by meeting the simple eligibility criteria

A loan against property is a useful solution to arrange for financing, whether to fund your child’s higher education, start a new business or tackle a medical emergency.

Simply put, you have the option to provide your property as collateral and obtain a loan against it.

The loan amount you are eligible for may depend on several factors, such as the valuation of your property, your credit score, and your ability to repay the loans.

You can avail of a Bajaj Finserv Loan Against Property by meeting the simple eligibility criteria, whether you are a salaried professional or a self-employed individual.

For Salaried Employees

Any salaried individual who is a resident of India and owns a property in the country can apply for a loan against property. Here are the eligibility criteria that you need to meet to apply for a loan against property:

• Minimum age: 25 years* (18 years for non-financial property owners)
  Maximum age: 85 years* (including non-financial property owners)
  *Age of the individual applicant/ co-applicant at the time of loan maturity
  *Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure
• You should be a permanent salaried employee in a multinational corporation (MNC), a private company or working in a public-sector job
• Self Employed Professionals (Doctor, CA) & Non-professionals (who are engaged in business as manufacturers, traders, or service providers. This includes individuals, proprietors & entities (partnership, LLP, ltd companies) Salaried.
  

Additional Read: How To Apply For A Loan Against Property: A Step By Step Guide

For Self-Employed Individuals

If you are a business owner or a self-employed individual in India, you can apply for a mortgage loan given that you meet certain eligibility criteria like:

• Minimum age: 25 years* (18 years for non-financial property owners)
  Maximum age: 85 years* (including non-financial property owners)
  *Age of the individual applicant/ co-applicant at the time of loan maturity
  *Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure
• You should be a self-employed professional or a businessman with a regular source of income

Apart from these criteria, you need to have the following documents to facilitate smooth sanctioning of the loan:

• Salary slips
• Bank account statements
• PAN card and Proof of Address
• Documents of the property against which you want to take the loan

Additional Read: What are The Documents Needed To Apply For A Loan Against Property

Hence, if you meet the above criteria and possess the relevant documents, you can easily apply for a loan against property and get access to your loan amount within 72 hours* of the approval. With tools like Loan Against Property Eligibility Calculator and Loan Against Property EMI Calculator, you can visualise your eligibility and ability to repay the loan and make an informed decision.

Bajaj Finserv flexible tenor feature allows you to choose a loan against property tenor up to 15 years* for salaried employees, professionals and self-employed individuals. You can prepay your loans anytime during the tenor.