Overview of a Loan Against Property in Bangalore
Bengaluru, also known as Bangalore, serves as the capital of Karnataka and hosts India's vibrant IT sector. It is a thriving hub for biotechnology, manufacturing, aviation, and space technology, making it a highly desirable location for property ownership among Indians. A Loan Against Property can be an option for realising the dream of owning property in Bangalore.
A Loan Against Property is a secured loan that financial institutions provide against fully constructed, residential and commercial properties. It is also called a mortgage loan. A mortgage loan can be used for housing and business-related needs. Additionally, you can use it for debt consolidation.
Features and Benefits of a Loan Against Property in Bangalore
Given its secured nature, Loans Against Property can come at competitive interest rates. It is a long-term commitment and borrowers can take up to 17 years to repay the loan at their own pace. There are several benefits that a mortgage loan offers.
End-Use Flexibility
A Loan Against Property gives you the freedom to spend the loan amount for housing or business purposes. You can use the funds for debt consolidation as well. It offers a sizeable loan amount and flexible repayment tenure.
Minimal Documentation
To avail of a mortgage loan, you need to submit minimal documents and can complete the loan process from the comfort of your home.
Flexi Loan Facility
Borrow as many times as you need from a pre-sanctioned credit limit and pay interest only on the amount utilised.
Competitive Interest Rate
Salaried, professional, and self-employed applicants who meet the eligibility criteria can benefit from the competitive interest rates offered on Loans Against Property.
Calculate Your Loan Against Property EMI
Repayment Schedule
Documents Required for a Loan Against Property in Bangalore
To get a Loan Against Property, you need to have the following documents:
For Self-Employed Applicants:
- PAN Card or Form 60 (mandatory), Aadhaar Card, or Voter’s ID Card.
- P&L statement
- Latest ITR
- Property documents
For Salaried Applicants:
- PAN Card or Form 60 (mandatory), Aadhaar Card, or Voter’s ID Card.
- Last 3 months’ salary slips
- Property documents
Note: This list is indicative. Additional documents may be needed during loan processing.
Eligibility Criteria for a Loan Against Property in Bangalore
Your loan eligibility depends on your repayment capacity, age, and several other criteria. To avail of funding from Bajaj Housing Finance, you should fulfil the following Loan Against Property eligibility criteria:
For Self-Employed Applicants:
- Applicants should ideally have a CIBIL score of 750 or higher
- Should be a residing citizen of India
- Should be between 23 and 70 years** of age
- Should prove a minimum of 3 years of business continuity
For Salaried Applicants:
- Applicants should ideally have a CIBIL score of 750 or higher
- Should be a residing citizen of India
- Should be between 23 and 60 years** of age
- Should be employed with a public, private or a multinational organization with at least 3 years of experience
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
How to Apply for a Loan Against Property in Bangalore?
You can apply for a Bajaj Housing Finance Loan Against Property in Bangalore online. Follow the steps given below:
- Go to our Loan Against Property application form and enter your personal details, including your name, contact number, and employment status.
- Specify the loan type you wish to avail of.
- Provide your net income to help us suggest the best loan offers based on your financial profile.
- Enter your PIN code along with the loan amount you wish to apply for.
- Click on ‘Generate OTP’ and enter it.
- Proceed to enter the financial and property-related information.
- Click on the 'Submit' button to submit your application.
Our representative will contact you within 24 hours* to guide you through the next steps, including document submission and verification.
*Terms and conditions apply.
Loan Against Property in Bangalore: FAQs
Bajaj Housing Finance offers Loans Against Property in Bangalore with flexible end-usage, competitive interest rates, and substantial loan amounts. For added convenience, we provide a user-friendly online application process to ensure a seamless and hassle-free experience.
You can apply for a Loan Against Property in Bangalore online, and once your documents are verified, the funds will be disbursed into your account within 72 hours*.
Here is an indicative list of documentation required to apply for a Loan against Property in Bangalore:
For Salaried Applicants
- PAN Card or Form 60 (mandatory)
- KYC documents
- Address proof
- Last 3 months’ salary slips
- ITR documents
- Bank account details of the last 3 months
- Documents of the property to be mortgaged
For Self-Employed Applicants
- PAN Card or Form 60 (mandatory)
- KYC documents
- Address proof
- Bank account details of the last 6 months
- Business vintage proof
- Documents of the property to be mortgaged
Our housing loan eligibility calculator lets you calculate your Loan Against Property eligibility in Bangalore. Enter your city, date of birth, monthly income, and financial obligations to get an instant estimate of the loan amount.
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