A loan against property is a secured financial product that allows property owners to borrow money by pledging their property as collateral. Unlike unsecured loans, loan against property offers higher loan amounts at comparatively lower interest rates, making it suitable for funding large expenses such as home renovations, business expansions, or debt consolidation.
Avail a Bajaj Finserv Loan Against Property to meet your Onam festival needs. Whether you are planning to manage expenses, upgrade your home, or indulge in festive shopping, this financial solution offers attractive interest rates, flexible repayment options, and high-value funding to make your celebrations stress-free. Read on to know more about a loan against property for Onam.
What is a loan against property and how does it work?
A loan against property is a secured loan that allows you to unlock the value of your property without selling it. You can pledge your residential, commercial, or industrial property as collateral to access high-value funds. Unlike unsecured loans, this option offers lower interest rates and longer repayment tenures, making it an ideal choice for significant expenses. With the Bajaj Finserv Loan Against Property, you can avail of amounts up to Rs. 10.50 crore at competitive interest rates starting from 9% per annum. The loan comes with flexible repayment options of up to 15 years, ensuring you can manage your finances comfortably.
Why choose a loan against property for Onam?
Onam is a time of joy, togetherness, and celebration. However, the associated expenses, whether for home upgrades, festive shopping, or hosting grand feasts, can strain your budget. Here is why a loan against property for Onam festival is a smart choice:
- High-value funding: The Bajaj Finserv Loan Against Property provides access to substantial funds, enabling you to cover extensive festive expenses without compromise.
- Affordable interest rates: With rates starting at just 9% p.a., you can manage your repayments without financial stress.
- Flexible end-use: The loan offers unrestricted usage, allowing you to spend on anything from home renovations to purchasing electronics or furniture during Onam sales.
- Long tenures: Flexible repayment tenures of up to 15 years ensure you can plan your EMIs conveniently.
- Minimal documentation: The application process is straightforward, requiring only essential documents.
Top Onam purchases you can fund with a loan against property
A property loan for Onam shopping or home upgrade can help you bring your festive plans to life. Here are some top purchases you can fund:
- Home renovations: Upgrade your home with new interiors, modular kitchens, or festive decorations.
- Appliances and electronics: Buy the latest TVs, refrigerators, or washing machines during Onam sales.
- Furniture: Invest in premium furniture to enhance your living space.
- Jewellery and clothing: Purchase traditional attire and ornaments for the festive season.
- Hosting celebrations: Organise grand feasts and cultural events to make Onam memorable.
How much can you avail with a loan against property during Onam?
The loan amount you can avail depends on the value of your property and your repayment capacity. With Bajaj Finserv, you can access up to Rs. 10.50 crore, ensuring you have ample funds to meet your Onam expenses. Use the Bajaj Finserv Loan Against Property EMI Calculator to estimate your monthly instalments based on the loan amount, interest rate, and tenure. This tool helps you plan your finances effectively.
Eligibility criteria and documents required for loan against property for Onam celebrations
Anyone can apply for our loan against property as long as they meet the criteria mentioned below.
Eligibility criteria
Nationality: You must be an Indian citizen residing in India with property in a city we operate in.
Age: 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.
CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property.
Occupation: Salaried, self-employed professionals like doctors, and self-employed non-professionals are eligible to apply.
Documents required
- Proof of identity/ residence - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- If your current address is not the same as the OVD document provided, please share any of the listed DOVD documents. Click here to view the documents.
- Proof of income
- Property-related documents
- Proof of business (for self-employed applicants), and
- Account statements for the last 6 months
How to apply for a loan against property for Onam festive use?
Applying for a Bajaj Finserv Loan Against Property is quick and hassle-free. Follow the below steps:
- Click on “APPLY” button on a loan against property page on our website.
- Enter your 10-digit mobile number and OTP.
- Fill in the application form with your Personal Details, Business/Employment/Professional details, Property details and proceed.
- Enter your loan amount that you need, choose from our three loan variants- Flexi term loan, Flexi Hybrid Term Loan, and Term loan.
- Choose the repayment tenure - You can select tenure option of 12 month to 180 month and click on proceed.
Our representative will guide you on the next steps
Conclusion
This Onam, let your property be the key to fulfilling your festive dreams. With the Bajaj Finserv Loan Against Property, you can access high-value funding at competitive rates to manage your expenses effortlessly. Whether it is home upgrades, festive shopping, or hosting celebrations, this financial solution ensures you can enjoy the festivities without financial worries.
Get loan of up to Rs. 10.50 Crore* against your property within 72 hours* of the approval.
