Loan Against Property: Features
A Loan Against Property from Bajaj Finserv enables you to do it all. Bajaj Finserv offers customized Property Loans to salaried and self-employed individuals. Financing your child’s education, managing your wedding expenses, expanding your business, or even handling unforeseen medical expenses.
-
High-value loans made affordable
Bajaj Finserv gives you access to a higher loan amount at affordable Loan Against Property interest rates. Salaried individuals get a high loan amount up to Rs.1 crore, while self-employed individuals can avail a loan of up to Rs.3.5 crore.
-
Disbursal in 4-days
Simple Loan Against Property eligibility criteria, minimal documentation and doorstep service makes the loan application process a hassle-free one. Bajaj Finserv offers the loan in just 4 days.
-
Flexible tenure
Salaried individuals can select a tenure ranging from 2 to 20 years and repay the loan conveniently. Self-employed individuals can select a tenure of up to 18 years to repay the loan. You can part-prepay or prepay your loan anytime at minimal charges.
-
Easy balance transfer facility
Transfer your existing loan to Bajaj Finserv as part of our Loan Against Property Balance Transfer facility. All you need is minimal documentation and we assure you of quick processing and a high-value top-up loan.
-
Flexi dropline feature
Borrow as you go and pay interest only on the amount utilised. Manage your finances effectively and pay interest-only EMIs.
-
Flexi Loans
Flexi Loans are the new way of borrowing funds in India, where you get access to a pre-approved loan limit based on your credit rating. Borrow funds whenever you need them and prepay when you have additional funds in hand
-
Online account management
Access your loan details anytime and anywhere via customer portal - Experia
With tools such as the Loan Against Property Eligibility Calculator and the Loan Against Property EMI Calculator, you can now make an informed decision while availing of a mortgage loan.
Loan against Property: Benefits
Bajaj Finserv brings Property Loan with unique benefits which enable borrowers to meet their high-end expenses with ease. Some of these benefits are as follows:
Lower EMIs: Opt for a long repayment tenure of up to 20 years which distributes the loan amount, and you get to pay lower EMI amount every month.
Fastest loan approval: Avail this fastest Mortgage Loan in India disbursed to your account within 4 days post-approval.
Low-interest rates: Bajaj Finserv provides Loan against Property at low rates of interest, which makes repayment affordable.
Low to no prepayment charges: An individual availing Bajaj Finserv Property Loan at floating interest rates enjoys part-prepayment and foreclosure facilities at nil charges.
You can avail this loan by mortgaging a residential, commercial or industrial property. Usually, interest rates are the lowest when the funds are availed against a residential property.
Apply for the credit with a hassle-free application property loan procedure and submit minimal documents to avail the funds.
Documents required for Loan against Property
Furnish the following essential documents after filling up the online application form to avail a Loan against Property from Bajaj Finserv. Get this fastest Property Loan approved within 48 hours of applying and receive the funds in your account within 4 days of approval.
A salaried employee needs to furnish the following documents:
- Identity proof like PAN card, Aadhaar Card, Voter ID Card, Passport, or any other government ID.
- Address proof like Voter ID Card, Aadhaar Card, Passport, Utility bill, Ration Card, or any other address proof issued by the government.
- Salary slip – latest.
- Last 3 months’ bank account statement.
- Income Tax returns.
- Documents of property to be mortgaged.
A self-employed individual needs to furnish the following documents:
- Voter ID Card, Aadhaar Card, Passport, or any other government ID for Identity proof.
- Utility bill, Voter ID Card, Aadhaar Card, Passport, or any other address proof issued by the government.
- Last 6 months’ bank account statement.
- Documents of property to be mortgaged.
Submit these documents to enjoy hassle-free and fast loan approval from Bajaj Finserv.
How to apply for Loan against Property?
Bajaj Finserv introduces 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.
Fill up the online application form for Loan against Property at the official website.
Respond to our representatives who will get in touch with you within 24 hours of receiving the application.
Receive the approval for your loan application within 48 hours of applying.
Submit necessary documents to Bajaj Finserv representative.
After you complete the documentation, the loan amount will be disbursed to your account within 4 days of approval.
Loan against Property FAQs
What is Loan against Property?
A Loan against Property 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 utilise the funds for various purposes such as business expansion, wedding, child’s education, etc.
Check out these features of a Loan against Property from Bajaj Finserv
- LTV of the Property Loan is 75% – 90% of the current market value of the mortgaged property.
- Comes with flexible repayment tenure up to 20 years
- Funds up to Rs. 3.5 Crore are available
- Simple and easy-to-meet eligibility criteria
Know property loan tax benefits and how to get a Property Loan in details before applying for one.
What are the property types you can take Mortgage Loan?
A Loan against Property is a convenient option to finance all high-end expenditures for business or personal purposes. You can mortgage various Loan against Property types as collateral to avail funds of up to Rs. 3.5 Crore.
Following are some of the collateral variants lenders consider with their Mortgage Loan product types:
- Self-occupied residential property, including house, apartment, flat, etc.
- Rented residential properties are also accepted as Property Loan types.
- Commercial property such as an office building, shops, malls, complexes, etc.
- A plot of land under your ownership is accepted as one of the Home Mortgage Loan types.
Check out the types of Home Mortgage Loan from Bajaj Finserv and apply for an appropriate one
How can you prepay a Loan against Property?
A Loan against Property from Bajaj Finserv comes with a host of features and benefits including prepayment facility. If you think what home mortgage loan prepayment is, well, it signifies paying off a certain part of the principal amount over and above the EMIs.
To part prepay, pay an amount that is equal to or more than 1 EMI. Complete the process at zero or nominal prepayment charges.
Benefits of Prepayment
- Reduces the outstanding principal.
- Lowers either the EMIs or the loan tenure.
- Frees you from debts quickly.
Contact Bajaj Finserv to understand Home Mortgage Loan meaning and how you can best benefit from it. Meet the Loan against Property eligibility and apply successfully.
Are uninsured properties accepted to sanction a Loan against Property?
When taking a Loan against Property, it is essential to insure the property being mortgaged. The insurance cover should cover damages caused by fire and such calamities and must be valid throughout the loan tenure.
Every borrower has to submit a proof of the insurance policy annually or when needed. The reason why you need a home mortgage loan insurance policy is the approval of your application. You can also enjoy the benefit of loan mortgage insurance tax-deductible.
Understand everything about what a Loan against Property or LAP is carefully before applying. The procedure of how to use a Property Loan is made online for your convenience.
Also Read: Reverse Mortgage Loan
