When it comes to securing funds, a loan against property in Bihar is one of the most versatile and reliable financing options available. In Bihar, this loan type is gaining popularity as it enables individuals to leverage the value of their property to address financial needs. Whether for business expansion, education, medical emergencies, or other purposes, a Loan Against Property provides flexibility and financial ease. This article explores what a Loan Against Property entails, its benefits, and how to avail it in Bihar.
What is a loan against property?
A loan against property is a secured loan in which you pledge your residential or commercial property as collateral. It is an excellent financing solution for property owners requiring significant funds. The loan amount is based on the property's market value and the lender’s eligibility criteria, offering high-value loans with competitive interest rates compared to unsecured loans.
By leveraging your property as collateral, you can access a loan amount significantly higher than personal loans. This can be a game-changer for meeting financial goals, such as funding a child’s education abroad or expanding your business. A loan against property not only unlocks the hidden value of your asset but also provides lower interest rates for maximum savings. Check your eligibility in just 2 steps!
Benefits of loan against property in Bihar
Loan against property in Bihar offers high-value funding, competitive interest rates, flexible repayment, and quick approval, making it an ideal financing solution for personal, business, or educational needs.
Lower interest rates: Being a secured loan, it offers interest rates lower than those of unsecured loans such as personal loans.
Flexible tenure: Borrowers have the option of longer repayment tenures, making monthly EMIs manageable.
High loan amount: The loan amount is higher, determined by the property’s value and borrower eligibility.
Versatile usage: The loan can be used for various purposes, including education, medical needs, or personal goals.
Quick processing: Reputed lenders ensure a streamlined application process and faster disbursal of funds.
If you are planning for a significant milestone like a wedding or need funds for higher education, a loan against property can provide immediate financial assistance. This flexible financing option ensures you do not have to dip into your long-term savings or investments. By using your property as collateral, you can unlock access to large funds of up to Rs. 10.50 Crore*—it is a smart way to manage your finances with ease! Get funds within 72 hours* of approval.
Eligibility criteria to apply for loan against property in Bihar
To qualify for a Loan Against Property in Bihar, you need to meet the following 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.
Curious about how your credit score impacts your loan eligibility? A healthy credit score not only increases your chances of approval but can also help you secure a higher loan amount with more favorable terms. Reviewing your credit report before applying ensures you make the most of your loan against property. This secured loan lets you access substantial funds while retaining ownership of your property—perfect for business growth, education, medical needs, or consolidating debt. With competitive interest rates and flexible repayment options, a loan against property is a smart way to unlock your property's value.Enjoy lower EMIs starting from Rs. 750/lakh* and longer repayment tenures.
Documents required for loan against property in Bihar
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
Keeping all your property-related documents in order not only speeds up the loan against property approval process but also strengthens your application. A well-organised application can lead to faster disbursal, allowing you to access funds without unnecessary delays. Get a loan of up to Rs. 10.50 Crore* with the option of interest-only EMIs during the initial tenure.
Loan Against Property Interest Rate
Loan Against Property interest rates generally vary depending on the borrower’s profile, property type, income stability, and credit score. Competitive interest rates make it easier to manage repayments with affordable EMIs. Lower rates are usually offered to individuals with strong credit histories and stable incomes. Comparing different lenders before applying helps borrowers choose the most cost-effective option, ensuring better savings and manageable long-term repayment.
Loan against property interest rates
Employment Type |
Effective ROI (p.a.) |
Salaried |
8% to 20% per annum (fixed or floating rate of Interest) |
Self-employed |
8% to 20% (fixed or floating rate of interest) |
How to apply for a loan against property in Bihar?
To apply for a loan against property in Bihar, submit property documents, income proof, and ID details online or offline. Lenders verify eligibility, process applications quickly, and disburse funds seamlessly.
Step 1: Evaluate your property
Assess the market value of your property to determine the loan amount you may qualify for.
Step 2: Check your eligibility
Review the lender’s eligibility criteria, including income, age, credit score, and property ownership.
Step 3: Submit your application
Visit the lender’s branch or website to submit your loan application along with the required documents.
Step 4: Verification process
The lender verifies your application details, credit score, and property documents. A physical inspection of the property may also be conducted.
Step 5: Loan disbursal
After successful verification, the loan amount is promptly disbursed, enabling you to address your financial needs.
Unlock the financial power of your property with loan against property
Whether you own a residential or commercial property, Bajaj Finserv Loan Against Property enables you to tap into the value of your real estate to meet various financial needs, such as business expansion, wedding expenses, education funding, or medical emergencies. Benefit from competitive interest rates, flexible repayment options, fast approvals, and straightforward eligibility criteria with Bajaj Finserv.
Key benefits of Bajaj Finserv Loan Against Property
Competitive interest rates:Enjoy affordable borrowing with attractive interest rates.
Quick approvals and disbursals:Get access to funds promptly to address urgent financial needs.
Simple eligibility criteria:Our hassle-free process ensures you can qualify for a loan easily.
Did you know?With Bajaj Finance, you can avail of a loan against property at low-interest rates. Enjoy lower EMIs starting from Rs. 750/lakh* and longer repayment tenures and unlock the potential of your property today!
Conclusion
A loan against property in Bihar is a practical financial solution for property owners requiring substantial funds. With benefits such as lower interest rates, flexible repayment options, and high loan amounts, it serves as a preferred choice for many. Understanding the eligibility criteria and following the application process allows you to leverage your property’s value effectively and meet your financial goals with ease.
State-wise loan against property
State-wise loan against property options help borrowers access tailored financing solutions based on local property values, regulations, and lender policies, ensuring flexibility and convenience across different regions in India.
