Property Loan for Pensioners

Why dip into savings? When you can unlock up to Rs. 10.50 crore* with a loan against property and take control of your financial needs while keeping your savings untouched. Whether it is for medical emergencies, business growth, or personal goals, your property empowers you to access the resources you need with ease. Don’t wait—Get our loan against property of up to Rs. 10.50 crore and turn your asset into a solution!

If you are a pensioner in need of funds to purchase a new property, renovate an existing one, cover medical expenses or address any other financial needs, you can apply for the Bajaj Finserv Loan Against Property for Pensioners. Once you meet the loan against property eligibility criteria, you can avail up to Rs. 10.50 crore* as a mortgage Loan from Bajaj Finserv within 72 hours* of approval.

Enjoy the benefits of an adjustable tenor ranging from two to 15 years, attractive interest rates, and easy balance transfer and top-up. Opt for our Flexi facility to borrow and pay as you go. Choose to pay interest-only EMIs for the initial tenor to reduce your EMIs by up to 45%*. When you have surplus funds, you can make a part-prepayment to bring down your future instalments or foreclose your loan account at low to zero charges.

Also read: Reverse mortgage loan

Eligibility criteria of mortgage loan for pensioners

The eligibility criteria for a pensioner’s loan on house typically include the following:

1. Age limit: Applicants must be within the certain age range, depending on the lender’s policies.
2. Pension income: A regular and stable pension income is essential, as it will be considered for loan repayment capacity.
3. Property ownership: The applicant must be the legal owner of the property, with clear title documents.
4. CIBIL Score: A good credit score may be required for approval, though it is often less stringent for pensioners.
5. Repayment capacity: Proof of ability to repay the loan through pension or other income sources.

Documents required for pensioners loan on house

To apply for a pensioner’s loan on house, the following documents are typically required:

1. Proof of identity: Government-issued ID such as Aadhaar card, voter ID, or passport.
2. Proof of age: Birth certificate, Aadhaar card, or pension order to confirm eligibility based on age.
3. Pension proof: Pension slip or bank statement showing regular pension income.
4. Property documents: Title deed, sale deed, or property tax receipts to verify ownership of the house.
5. Address proof: Utility bill or bank statement with the applicant’s address.
6. Income proof: Any other supplementary income documents, if applicable.

Benefits of property loan for pensioners

1. Easy access to funds: A pensioner loan against property allows pensioners to quickly access a significant sum of money by leveraging their property. This can be especially helpful when they need funds for emergency medical expenses, home repairs, or other urgent financial needs.

2. Higher loan amount: Unlike personal loans, which are often limited by income, a loan against property allows seniors to borrow a larger amount based on their property’s value. The loan amount is determined by the property’s market value, providing them with more financial flexibility.

3. Lower interest rates: Loan against property generally comes with lower interest rates compared to unsecured loans, making it a more affordable option for pensioners looking to secure funds without heavy financial strain.

4. Helps maintain financial independence: By using the property as collateral, pensioners can maintain their financial independence and avoid relying on family or friends for support after retirement.

5. Multiple uses for the loan: The loan amount can be used for various purposes, from managing healthcare costs to funding travel or even ensuring that dependents’ educational or marriage expenses are taken care of.