Loan Against Property in Coimbatore: Overview
A Loan Against Property (LAP), a type of mortgage loan, is useful for availing of sizeable funds by pledging one’s property as a collateral. Banks and financial corporations lend substantial loan amounts under LAP schemes at relatively low interest rates, which makes Loan Against Property a preferred credit option in Coimbatore, among other cities.
The loan amount depends on multiple factors, such as the age and value of the property, credit score and credit history of the borrower, source of income, loan tenor, etc. A Loan Against Property can be leveraged for various end-uses, such as expanding a business, undertaking a home renovation project, and debt consolidation.
Loan Against Property in Coimbatore: Features and Benefits
Multiple Collateral Options
Lenders accept residential and commercial types of properties as a collateral for granting Loans Against Property, allowing you easy access to sizeable funds.
Top-up and Balance Transfer Facility
Most lenders provide facilities such as Loan Against Property Balance Transfer and a top-up to attract borrowers. This facility allows the borrowers to transfer the outstanding loan amount to a new lender for a lower rate of interest or change their borrowing terms.
Funds in Bank in 72 hours*
A Loan Against Property is the ideal solution for all urgent financial needs. Apply today and receive the funds in just 72 hours* from when you submit the documents.
Easy Eligibility Criteria
The Bajaj Housing Finance Loan Against Property has easy-to-meet eligibility criteria. This helps applicants meet the eligibility parameters with any additional hassles.
Loan Against Property in Coimbatore: Eligibility Criteria
Following are the eligibility criteria for salaried and self-employed applicants seeking to avail of a Loan Against Property with Bajaj Housing Finance:
For Self-Employed Applicants
- Should ideally have a CIBIL score of 750 or above
- Indian resident with the age between 23 and 70 years**
- Establish a minimum of 3 years of business vintage
For Salaried Applicants
- Should ideally have a CIBIL score of 750 or above
- Indian resident with the age between 23 and 60 years**
- A minimum of 3 years of working experience
**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.
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