Eligibility Criteria for Debt Consolidation Loans

Loans Against Property, or LAP, is a financial product through which one can avail of funds against their commercial or residential property. LAP comes with several benefits such as sizeable funding at a competitive interest rate. Further, these loans offer flexible end-usage. The loan amount sanctioned can be used to renovate your home or expand your business. One can also avail of Loans Against Property for debt consolidation.

Let’s first know what debt consolidation means and understand the Loan Against Property eligibility criteria for debt consolidation.

Debt consolidation is the simple process of seeking a loan to pay all your existing debts in one go. Further, when borrowers take a Loan Against Property for debt consolidation, they can save on the total interest outgo. If the prospect of juggling several EMI schedules makes you weary, debt consolidation may be the right choice for you.

Before knowing how to avail of a Loan Against Property for debt consolidation, its eligibility criteria, and the documents required, let’s first walk you through the advantages of availing a Loan Against Property for debt consolidation from us.

Here are some of the benefits of taking a Loan Against Property for debt consolidation with Bajaj Housing Finance.

• We offer Loans Against Property of Rs.5 Crore* and higher to eligible applicants with strong credit profiles.
• We disburse all funds within 72 hours* from the time of approval and document submission.
• Our Loan Against Property for debt consolidation eligibility criteria are simple. We ask for very few documents and offer a doorstep pickup service to make the entire process simple and easy for you.
• We offer a flexible repayment tenor ranging up to 17 years.

Now that you are aware of the benefits of taking a Loan Against Property for debt consolidation, let us look at the list of documents you will be required to furnish while applying.

If you are planning to apply for a Loan Against Property to consolidate your debt, know that Bajaj Housing Finance has different document requirements for salaried and self-employed individuals.

Documents required for salaried applicants:

• Identity proof documents such as Aadhaar Card, Passport, and Voter ID
• Mandatory documents such as PAN Card or Form 60
• Address proof documents such as Ration Card and Utility Bills
• ITR documents
• Salary slips as well as bank statements of the past three months
• Property-related documents

Documents required for self-employed applicants:

• Identity proof documents such as Aadhaar Card, Passport, and Voter ID
• Mandatory documents such as PAN Card or Form 60
• Address proof documents such as Ration Card and Utility Bill
• Last six months' bank statements
• Business-related documents such as P&L statement
• Property-related documents

Note: This list is indicative. Additional documents may be needed during loan processing.

With us, availing of a Loan Against Property for debt consolidation is simple:

• Go to our official website and fill up an online Loan Against Property application form
• Once we receive your application, a representative will get in touch with you within 24 hours* of receiving your application. Our representative will also tell you about the documents you are required to furnish. If you want, you can avail of our doorstep pick-up service and we will have the documents collected from your home.
• Once we have received your documents and verified them and find that you meet all our eligibility criteria, we will disburse the loan amount within 72 hours* of loan approval.

*Terms and conditions apply.