Loan against property is a type of secured loan which provides a substantial amount to cover big-ticket expenses like marriage, overseas education, medical emergency, etc. Bajaj Finserv offers Property Loan against minimal documentation and simple eligibility criteria.
To avail this credit, apply for it, get approval and submit a few essential documents required for Loan Against Property to access the funds. Both salaried and self-employed individuals can avail the loan but the documentation requirements vary accordingly.
Check out the Loan Against Property eligibility to furnish to avail the credit.
Additional Read: Loan Against Property Prepayment
For application with co-applicants, the documents required for Mortgage Loan will include identity and address proof of all the co-applicants. In both cases, you also need to provide passport sized photographs.
Once you meet the eligibility requirements, keep these documents ready to receive a hassle-free approval. Fill up the online form and submit the documents required for Loan Against Property to avail the amount quickly. Use the Property Loan EMI calculator from Bajaj Finserv to know your fixed monthly outflow and plan your finances accordingly.
There are several factors that can affect the loan against property tenure such as –
1. Loan Amount
A higher loan amount will make the tenure longer to keep the EMIs affordable and eliminate the chances of a default.
Opting for higher EMIs will also stretch the tenure. This will also lower the cost of loan. A shorter tenure will have the opposite impact.
A younger borrower may have the chance of availing a longer tenure as they have a prolonged employment period. Hence, lenders may reject application from older applicants.
The age requirement for a loan against property is 25 to 70 for salaried individuals and 33 to 58 for self-employed ones.
The maximum tenure for a loan against property is 20 years. However, the final tenure provided by the lender will depend on the factors mentioned above.
The steps involved in a loan against property sanctioning process are –
Step 1. Apply for the loan – Fill the application form by providing the required details.
Step 2. Application processing – Next, the lender will process your application and see whether you are eligible for the loan.
Step 3. Documentation – The lender will ask you to submit the necessary documents as per the loan against property process.
Step 4. Loan sanctioning – You will be provided with the sanction letter confirming loan approval.
Step 5. Property valuation – Representatives will evaluate your property in next step for mortgage loan process.
Step 6. Loan disbursement – The last step involves the lender disbursing your loan amount to your account.
These are the common standard processes followed by the majority of financial institutions and NBFCs offering loans against property.