How to apply for a loan against property
- 1 Visit the website and fill the online form
- 2 Enter your personal and property details
- 3 Fill in your financial and income data to access your loan offer
- 4 Submit your loan application
Our relationship manager will take you through the rest of the process for a hassle-free borrowing experience within 24 hours* of you making your application.
*Terms and conditions apply
If you are looking to apply for a loan against property, following these steps would ensure a hassle-free and smooth borrowing exercise:
Step by Step Guide to Apply for a Loan Against Property
1. Conduct a thorough research
Many lenders feature loan against property in their product portfolio. However, you should conduct thorough research before settling on a lender. Compare the applicable interest rate and the accompanying charges like processing fee, statement charges, foreclosure charges, EMI bounce charges, etc., of various lenders before sealing the deal.
2. Find out the maximum loan amount
Once you have zeroed in on prospective lenders, find the maximum loan amount you can avail of. The loan amount depends on your property’s market value, and the maximum amount you can avail of differs across lenders.
For instance, Bajaj Finserv Loan Against Property for salaried and self-employed individuals is Rs. 5 crores and even more.
3. Check the eligibility criteria
Every lender has a specific eligibility criterion that you need to fulfill. You should be an Indian resident, either salaried or self-employed, within a certain age bracket.
You also need to submit a few documents like identity and address proof, bank account statement of past months, proof of ownership of the property to be pledged as collateral, IT returns, etc., along with the loan application.
4. Fill the application form
You have two options to apply for a loan against property - online or offline. If you wish to apply offline, you need to visit the nearest branch office of your lender with all the required documents. For online application, fill the application form of loan against property with the relevant documents, and the lender will get in touch with you.
Post submission of the application form and the supporting documents, lenders evaluate the risk associated with lending by analysing the market value of the mortgaged asset, payment record of existing liabilities, income, savings and employment or business risk.
Once they complete the necessary evaluation, the loan amount is disbursed into your account. At Bajaj Finserv, processing your loan against property request takes up to 72* hours, resulting in quick disbursal of funds.
*Terms and conditions apply
Frequently asked questions
Benefit from Bajaj Finserv’s high-value funds, flexible tenor, nominal fees, and top-up facility when you apply for a loan against property.
Before you apply online, you can check the criteria specific to your employment type or use the loan against property eligibility calculator.
You can use it to cover anything from business expenses to wedding costs. There is no restriction over what you use your loan amount.
Yes, the property must be insured for the entire tenor of the mortgage loan.
In such a case, all co-owners are considered co-applicants for the loan against property.
With our Flexi facility, you can borrow from your approved loan amount as needed and prepay when you have surplus funds.