What Types of Property are accepted by lenders for providing Loan Against Property?

Loans against property are secured financing options lenders provide by keeping a property as security. Different lenders list down various mortgage property types that classify as collateral to avail this loan.

Although the mortgage requirements vary between lenders, a few general property types classify as a mortgage for majority of lenders. Bajaj Finserv also provides you Loan Against Property on a mortgage of these possession types.

Mortgage Property Types Eligible for Availing Loan on Mortgage

i. Residential Property

  • Self-occupied
    A self-occupied residential house is eligible as collateral to avail thisMortgage Loan.
  • Rented
    You can avail a Loan Against Property by providing a rented residential house as a mortgage.
  • Vacant
    A vacant residential house also qualifies as a mortgage to avail this loan.
    Mortgage of residential house or building attracts the lowest Property Loan rates, which makes them affordable.

ii. Commercial Property

  • Rented Out
    A commercial property that has been rented out can be used as a mortgage to avail this loan.
  • Vacant
    A vacant commercial property also serves as security, by which you can avail a loan of high-value with easy-to-meet mortgage eligibility criteria and document. In all of the above, the property must be owned by individuals having no-dispute ownership of same.

iii. Property With Multiple Owners

A property with multiple owners is also usable as a mortgage to avail this credit. However, the ownership must be shared among family members with the following relations.

  • Father and son
  • Mother and son
  • Brothers
  • Parents and unmarried daughter

Both self-employed and salaried individuals can apply for a property loan and enjoy credits tailor-made for their specific needs.

Additional Read: Can you sell your Property under Debt

Hassle-free application procedure and loan disbursal within four days of approval offered by Bajaj Finserv makes it one of the fastest Property Loans. Fill up the online form to apply for this loan in a few minutes.