Mortgage Loan Eligibility and Documents Required

Mortgage Loan: Eligibility & Documents Required

Documents Required for Mortgage Loan

  • Salaried individuals

  • Latest Salary Slips

  • Bank account statements of the previous 3 months

  • PAN card/Aadhaar card

  • Address proof

  • Copy of the documents of the property to be mortgaged

  • IT returns

  • Self-employed individuals

  • Bank account statements of the previous 6 months

  • PAN Card/Aadhaar Card

  • Address proof

  • Copy of the documents of the property to be mortgaged

Mortgage Loan Eligibility Criteria

For Salaried individuals

You can easily avail a Bajaj Finserv Mortgage Loan, if you meet the following criteria:

  • You should be between 33 to 58 years of age.
  • ou should be a salaried employee in an MNC, a private company or the public sector.
  • You should be a resident of India.
 

For Self-employed individuals

You are eligible for a Self-Employed Mortgage Loan if you meet the following criteria

  • You should be between 25 to 70 years of age.
  • You should be a self-employed individual with a regular source of income.
  • You should be a resident of India.

Bajaj Finserv brings you the fastest Loan Against Property with disbursal of the loan in 4 days post approval.

 

List of Cities:

Hyderabad, Delhi, Kolkata, Mumbai, Thane, Pune, Ahmedabad, Chennai, Bangalore, Vizag, Udaipur, Surat, Indore, Cochin, Aurangabad

Meet the following mortgage loan eligibility criteria to avail the advance.

Eligibility Requirements For Self-employed Individuals For Salaried Individuals
Age limit Between 25 and 70 years Between 33 and 58 years
Employment status Must have a regular income source Must be a salaried individual employed with an MNC, a private company or a public sector company
Residential status Should be a resident Indian citizen Should be a resident Indian citizen
Maximum loan eligibility Up to Rs.3.5 crore Up to Rs.1 crore
Availability of loan tenor Tenor flexibility of up to 18 years Tenor flexibility between 2 and 20 years

Mortgage Loan Eligibility Criteria FAQs

Do you need to go to a Bajaj Finserv branch to get a Mortgage Loan?

The Bajaj Finserv Loan Against Property is available to eligible borrowers via an easy and less-complicated process. You don’t need to visit any branch physically to apply for the loan. Instead, complete the entire process online.

Process to avail a Mortgage Loan

  1. Fill up the online application form on Bajaj Finserv’s website.
  2. Our representatives shall reach you in 24 hours.
  3. Enjoy fast approval of your loan application within 48 hours.
  4. Hand over all the necessary documents to complete the process.

Make sure to meet all the eligibility criteria before applying for the Bajaj Finserv Mortgage Loan.

How much time is needed to get a Mortgage Loan?

Bajaj Finserv, being a reputed NBFC in the country, prioritises customer service and convenience. Eligible applicants can enjoy the fastest loan disbursal within 4 days post approval.

The entire procedure is available online and easy-to-follow, viz. –

  1. Apply through the application form on our site.
  2. Once submitted, Bajaj Finserv representatives shall contact you within 24 hours.
  3. Expect an approval within 48 hours.
  4. Post this, submit the necessary documents to our representatives and wait for loan disbursal within 4 days.

The maximum tenure for a Loan Against Property is 20 years for salaried borrowers. For self-employed individuals, the maximum Loan Against Property tenure is 18 years.

Enjoy such attractive Loan Against Property benefits only with Bajaj Finserv.

What are the Documents Required to get a Mortgage Loan from Bajaj Finserv?

You need to furnish a few necessary documents to avail a Mortgage Loan from Bajaj Finserv. Apart from the basic documents, the income document requirement for salaried and self-employed individuals differs.

So, check out the Loan Against Property documents required –

  • Identity proof like PAN Card, Aadhaar Card, Voter ID card, etc.
  • Address proof like Voter ID Card, Aadhaar Card, Utility bills, etc.
  • Property documents.

Additionally, a self-employed applicant needs to furnish the last 6 months’ account statement as proof of income. For the salaried individual, it includes IT Returns, latest salary slips and account statement of last three months.

Apply for Bajaj Finserv’s Loan Against property and furnish these documents required for Mortgage Loan to enjoy quick loan disbursal.

Which factors affect mortgage loan eligibility?

Multiple factors work in to determine mortgage loan eligibility. Check out the following list of criteria that affect eligibility requirements.

  • Age of the applicant.
  • Employment status, i.e., salaried or self-employed.
  • The organisation of employment for salaried employees.
  • Source of income for self-employed individuals.
  • Residential status of the applicant.
  • City of residence.

The mortgage loan amount available for an applicant further depends on the current market value of property to be mortgaged and the Loan to Value (LTV) ratio extended by the lender.

How can I get a mortgage loan without proof of income?

Check out the following ways by which you can avail a mortgage loan without income proof.

  • Include a co-applicant.
  • Hold savings at least twice the EMIs estimated.
  • Opt for a lower LTV and finance the remaining amount on your own.

Note that the ultimate decision to sanction a mortgage loan without income proof lies at the lender’s discretion.

Am I eligible to get a mortgage loan against owned house to buy a new property?

Yes, you can avail a mortgage loan against an owned house for the purchase of a new property. As per the mortgage loan eligibility criteria, you must be a resident of the cities listed by your lender and own a residential or commercial property therein to avail the loan.