Unlock the potential of your property with Overdraft Against Property. This innovative financing solution allows you to leverage your property's value to access a flexible credit line, providing funds precisely when needed. Unlike traditional loans, the overdraft facility offers the freedom to withdraw and repay funds multiple times within the sanctioned limit, ensuring you pay interest only on the amount utilized. With competitive interest rates, swift approvals, and the convenience of online account management, this option is ideal for managing short-term financial needs, whether for business expansion, medical emergencies, or personal expenses. Experience financial flexibility while keeping your property's ownership intact.
What is an overdraft loan against property?
An overdraft loan is a secured form of credit that combines features of both a secured loan and an overdraft facility. The overdraft against property option allows you to withdraw funds from your approved credit line, just like an overdraft. By using your property as collateral, you can access a flexible credit limit and withdraw funds as needed. This option is commonly referred to as OD against property and is ideal for individuals or businesses seeking short-term funds while leveraging the value of their property. It provides a convenient and secure way to manage cash flow needs.
Manage your cash flow with ease! Bajaj Finserv Loan Against Property offer funds of up to Rs. 10.50 Crore* *, when you need it and apply to get the funds you need in your bank account.
Another loan feature that is similar to an overdraft is the Bajaj Finserv Flexi facility. This feature has its own attractive features to ensure that you have a cost-effective and comfortable experience all through repayment.
Required documents for overdraft against property
To apply for an overdraft against property, ensure you have the following documents ready:
Identity Proof: Aadhaar card, PAN card, passport, or voter ID.
Address Proof: Utility bill, passport, or rental agreement.
Income Proof: Salary slips for the last three months or Income Tax Returns (ITR) for self-employed individuals.
Bank Statements: Last six months’ bank statements.
Property Documents: Sale deed, property registration papers, and proof of property ownership.
Photographs: Passport-sized photographs of the applicant(s).
Application Form: Duly filled and signed application form provided by the lender.
Features of flexi facility
Bajaj Finserv Flexi Loan is a feature you can opt for when you avail a property loan. It allows you to withdraw any amount you require from the sanctioned loan against property freely. With this provision, you can prepay at any time during the loan tenor and you pay interest only on the amount you borrow.
Why let your property’s potential sit idle? With our loan against property, access substantial funding for business growth or personal needs—your property is the key! Check your eligibility in seconds.
Further, you can opt to pay interest-only EMIs during the tenor and lower your monthly outgo by up to 45%*. Mortgage Loan interest rates from Bajaj Finserv are one of the lowest in the market, which makes it further convenient to avail.
Opt for the part-prepayment or foreclosure facility to repay the loan at any time before the tenure ends the tenor ends. Individuals availing the loan at a floating rate of interest can prepay at nil charges.
Big dreams need solid backing. Get up to Rs. 10.50 Crore* with our loan against property at competitive rates and flexible terms. Start building your tomorrow, today! Check if you are eligible and see how much you can borrow in just two simple steps!
Other features that this facility brings include online withdrawal and payments at any time and from anywhere via Bajaj Finserv’s customer portal My Account.
How to apply for overdraft against property?
Applying for an overdraft against property is a straightforward process. Follow these steps:
Check eligibility: Ensure your property and income meet the lender's eligibility criteria. Confirm age limits, property type, and required documentation.
Gather documents: Prepare documents like property papers, income proof, identity proof, and address proof.
Choose a lender: Research and select a lender offering competitive interest rates and favorable terms.
Submit application: Complete the application form online or visit the branch. Attach all required documents.
Verification process: Allow the lender to verify property details and your financial background.
Approval and limit sanction: Once approved, receive the sanctioned overdraft limit and access funds as needed.
Advantages of Bajaj Finserv Loan Against Property
- Competitive interest rates: Bajaj Finance offers lower interest rates on loan against property, ensuring affordability for borrowers.
- Flexible repayment plans: With Bajaj Finance, you can select from a range of repayment periods and adjust your EMIs to suit your financial situation. Also, you can use our loan against property EMI calculator for effective repayment planning.
- Swift approval: We prioritise quick processing of loan against property requests, ensuring you get access to funds when you need them.
- Simple eligibility: Our eligibility requirements are straightforward, making our loan easily accessible.
- Substantial loan amounts: Access funding of up to Rs. 10.50 Crore* to manage your big or small expenses or even grow your business.
Need instant funds? Unlock the power of your property with a loan against property! Flexible repayments, low EMIs, and swift approvals await you. Explore our offers on loan against property today.
Additional Read: How Much Loan Can You Get Against Your Property
Did you know you may be eligible for our offers on loan against property with low-interest rates? Check your loan against property offer in just 2 clicks!
*Conditions apply
Frequently asked questions
Yes, you can get an OD against property by using your property as collateral. Lenders approve a credit limit based on the property’s value, offering flexible access to funds.
OD in property refers to an overdraft facility where you can borrow funds against the value of your property. It provides flexible access to money without a fixed repayment schedule.
The maximum OD limit depends on the value of your property and the lender’s policies. Typically, lenders offer up to 60-70% of the property’s market value as the OD limit.
An overdraft facility against loans is a credit line where you can borrow funds using existing assets or property as collateral. It allows flexible withdrawals, subject to your approved credit limit.
Yes, the withdrawal limit depends on the sanctioned overdraft amount, typically determined by the property’s value and the lender’s policies. Minimum withdrawal limits may also apply.
Prepayment and foreclosure charges vary by lender. Some lenders offer zero charges, while others may apply nominal fees, especially for non-individual borrowers or under fixed-rate schemes.
Interest paid on an overdraft loan against property may qualify for tax deductions under Section 24(b) of the Income Tax Act if funds are used for property-related purposes.
Interest is calculated on the utilised amount of the sanctioned overdraft limit and not the entire approved amount, ensuring cost-effective repayment options.
