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:
- You should be between 33 and 58 years of age
- You should be a permanent salaried employee in a multinational corporation (MNC), a private company or working in a public-sector job
- Professionals like architects, chartered accountants, cost accountants, company secretaries, doctors, engineers, dentists, or management consultants can also apply for a loan against property
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 loan against property given that you meet certain eligibility criteria like:
- You should be between 25 and 70 years of age
- 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 while the processing is done within 72 hours. With tools like Loan Against Property Eligibility Calculator and Loan Against Property EMI Calculator, you can visualize 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 between 2 to 20 years for salaried employees and up to 18 years for self-employed individuals. You can prepay your loans anytime during the tenor.
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