Loan Against Property Eligibility: Overview
Loans Against Property, also known as mortgage loans or property loans, are a secured type of loan. You can avail of a sizeable loan amount at a competitive property loan interest rate with Bajaj Housing Finance.
Our eligibility criteria are easy to meet, and the documentation requirements are minimal. Once you meet the mortgage loan eligibility criteria and submit the necessary supporting documents, your loan application can be approved in just 24 hours*. You can utilise the loan amount to address an array of housing and business expenses. It can also be used for debt consolidation.
Loan Against Property Eligibility Criteria
Bajaj Housing Finance extends a Loan Against Property to salaried, professional, and self-employed applicants at attractive interest rates. Ensure that you meet the Loan Against Property eligibility criteria to benefit from all that the loan has to offer.
| Eligibility Parameters | Salaried Applicants | Professional and Self-Employed Applicants |
|---|---|---|
| Nationality and Citizenship | Applicants must be residing Indian citizens with a property located in a city we operate in | Applicants must be residing Indian citizens with a property located in a city we operate in |
| Age | Applicants must be aged between 23 to 60 years** | Applicants must be aged between 23 to 70 years** (professional) Applicants must be aged between 23 to 70 years** (self-employed) |
| Employment Record | Applicants should be employed by a public/private firm or an MNC for at least 3 years | Applicants should have a vintage of at least 5 years at their current business or practice (for self-employed professional appllicants) |
**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Note that the eligibility requirements are indicative and can include additional criteria.
All Loan Against Property Calculators
Documents Required for a Loan Against Property
Just like the eligibility parameters of a property loan, the documentation is also minimal. Here are some required documents for a Loan Against Property that will be needed at the time of processing your paperwork. Post verification and approval, the loan amount will be disbursed within 72 hours*
- Proof of identity and residence: Voter’s ID/Driving License/Passport
- Mandatory documents: PAN Card or Form 60
- Proof of income: Bank account statements, Income Tax Returns, etc.
- Property-related: Buyer agreement/title deed/property tax receipts, etc.
- Other documents: Documents related to the declared businesses and ventures (in the case of self-employed applicants)
Note that this list is only indicative and may change based on your loan application.
Factors Affecting Mortgage Loan Eligibility
Your eligibility for a property loan is determined on the basis of a number of factors related to your profile and the property in question, such as:
- Age: Age is a vital parameter. It determines the number of years you have left in the work force, i.e., the number of years you are likely to be able to repay the loan. It is also one of the fields in a Loan Against Property (LAP) Eligibility Calculator. Individuals near their retirement are likely to be offered a shorter tenor than younger applicants
- Credit Score: Individuals with a 750+ credit score are more likely to get better terms on their property loan
- FOIR: An individual’s monthly obligations reduce their disposable income, which could otherwise be counted towards their ability to repay a loan. The lower your FOIR, the higher your eligibility, subject to other factors in your profile.
- Financial Stability: Your income or job stability plays an important role in deciding your eligibility for the loan
You can use a Loan Against Property Eligibility Calculator to check the loan amount you can qualify for. It factors in your property location, date of birth, monthly income and obligations while calculating the eligible loan amount.
Step-by-Step Guide to Apply for a Loan Against Property
Applying for a Loan Against Property with Bajaj Housing Finance is easy, and hassle-free. Follow the steps listed below to complete your online application in minutes:
- Chick on the Loan Against Property application form and provide personal details, such as name, contact number and employment type.
- In the first part of the form, you will be requested for your basic identification information and financial details such as your name, mobile number and monthly income among others.
- You will also be asked to select your preferred loan type – choose between Loan Against Property and Loan Against Property Balance Transfer and proceed to fill the rest of the form, i.e. pin code and required loan amount.
- Generate and submit the OTP in the next part.
- In the last leg of the journey, you will be asked to share the details of your property, your work experience and PAN card details.
- Once you’ve submitted the online form successfully, you will be contacted by our representative within 24 hours* to walk you through the next steps.
*Terms and conditions apply.
Loan Against Property Eligibility Criteria FAQs
The eligibility for a Loan Against Property is based on a range of factors, such as the property market value and the borrower’s income, nature of work, credit history, age, and current fixed obligations, among others. These factors present a picture of an applicant’s repayment capacity.
Aspiring Loan Against Property aspirants can easily check their LAP eligibility and the feasible loan amount based on their salary using the mortgage loan EMI calculator. You can try various permutations and combinations of your preferred loan amount, tenor and interest rate offered to you to forecast your potential EMI and gauge whether it fits your repayment capacity.
To enhance loan against property eligibility, consider paying off existing obligations, including all income sources, and maintaining a healthy credit score.
Loan Against Property is a secured loan wherein you pledge your property with a lender for a loan sanction to address expenses that you may have. The final loan amount is determined by several factors, such as the applicant’s profile and repayment capacity, the property’s market value and the lender’s FOIR. Here are the types of properties that can be mortgaged for a loan:
- Residential properties (self-occupied or rented)
- Commercial properties (self-occupied or rented)
Upon conducting the inspection of your property and verifying your application, the next step is the disbursal of your funds. Bajaj Housing Finance processes and disburses funds within 72 hours* of approving the loan.
