A Loan Against Property is a secured loan which borrowers can avail of by pledging any property – residential or commercial – as a collateral. Availing of a Loan Against Property with Bajaj Housing Finance enables you to meet funding requirements related to business, housing, or debt consolidation. Our property loan comes with a flexible repayment tenor, which ensures convenient loan repayment.
When applying for a Loan Against Property, selecting the appropriate tenor is important to align with your financial requirements. It is essential to consider factors such as your ability to manage EMIs and the overall interest payout when choosing the tenor. It determines the duration over which you will repay the loan amount in full. Opting for a longer tenor can make EMIs more manageable and reduce the risk of default. Timely repayments safeguard your financial stability and help maintain a positive credit profile.
Loan Against Property Tenor for Bajaj Housing Finance
The loan repayment tenor means the time period a borrower takes to repay the loan amount considering the principal amount and the accumulated interest. With Bajaj Housing Finance, the maximum tenor of Loan Against Property is Rs.5 Crore* years, based on eligibility.
Certain factors determine the loan amount one can be eligible for. You can use the Loan Against Property Eligibility Calculator to figure out the approximate loan amount you can avail of depending on various factors like your monthly income, age, and city of residence.
Read Also: How to Prepay a Loan Against Property
Below is a list of factors that we consider before deciding the tenor for a Loan Against Property:
- Your age
Applicant's age indicates the remaining earning years and determines the ability to repay over a long tenor. Young applicants can have a better chance at securing longer repayment tenors while older may need to go for a shorter tenor, depending on their retirement age.
- Your Credit Profile
Bajaj Housing Finance Loan Against Property offers a sizeable loan amount against your collateral. If you have a high credit score, the chances of loan approval increase. However, other factors, such as the location and value of the property also play a key role in determining the loan amount you can get.
- Your Financial Obligations
Having multiple financial obligations such as credit card bills, EMIs, and other liabilities can lower your eligibility for a loan. Thus, before applying for a Loan Against Property with Bajaj Housing Finance, make sure to close your other ongoing debts to make the most of our benefits.
Bajaj Housing Finance offers substantial property loans at attractive interest rates, basis eligibility. Our minimal documentation requirement and swift processing ensure that the loan amount is disbursed into your account within 72 hours* after you submit your necessary documents.
Read Also: Loan Against Property Eligibility
*Terms and conditions apply.
