The process to use the loan against property eligibility calculator
A loan against property eligibility Calculator tells you the loan amount you are eligible for based on several criteria. It works by analysing the following data:
- Date of birth
- Net monthly salary
- Loan tenor
- Other monthly income
- Existing EMIs or obligations
How does an eligibility calculator work?
A high net monthly salary along with low existing financial obligations will enable you to secure a high loan amount. For example:
- You would be eligible for a loan against property of approximately Rs. 37 lakh if you have a monthly income of Rs. 50,000 and have opted for a 18-year tenor
- The loan amount would reduce to approximately Rs. 26 lakh if you have existing EMIs/ obligations worth Rs. 10,000
- The loan amount would further reduce to approximately Rs. 22 lakh if your monthly income is Rs. 30,000 without any existing EMI obligations
Thus, foreclosing existing loans and paying off credit card debts increase your loan eligibility. This correlation between your income, liabilities, and loan amount can be better understood when you input values in the loan eligibility calculator.
Applying for a loan jointly also increases the amount you are eligible for. A joint applicant can be a parent, brother, sister, son, or unmarried daughter. It’s important to note that co-applicants must also fulfil certain eligibility criteria. Applying with a co-applicant also increases the loan amount you are eligible for.
Please note that the loan amount calculated by the loan against property eligibility calculator is tentative. Borrowers can avail of loans up to 80% of their property value.
The loan-to-value will also determine the approval or rejection of the loan. Applying for a high LTV can lead to rejection as it makes the loan riskier; a lower LTV improves the chances of loan approval.
Apart from the factors mentioned, the final eligible loan amount also depends on the several other eligibility criteria that you must satisfy.
What are the eligibility criteria?
Loan against property eligibility criteria for Bajaj Finserv include:
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
Work experience (for salaried)
Minimum 3 years at a public or private sector company or MNC
Business continuity (for self-employed)
Minimum 5 years in the current enterprise
What are the documents required to apply?
Applicants must submit the following documents to apply for a loan against property.
- Documents of the property to be mortgaged
- Aadhaar or PAN
- Address proof
- Income tax returns
- Bank account statements of 6 months for loan applicants
- Form 16 or the latest salary slips
Please note that the above list of documents is indicative. You may have to provide additional documents on demand.
How to calculate loan EMIs?
Use a loan against property calculator for EMI calculations and know the monthly instalments you need to pay before applying for the loan. This tool also helps you find the suitable loan tenor as per your repayment capabilities.