Loan Against Property of up to Rs.35 Lakh: Overview
A Loan Against Property allows borrowers to access substantial loan amounts by pledging their property as a collateral. Also known as property loans or mortgage loans, a Loan Against Property is offered at a lower rate of interest as compared to other kinds of credit. Applicants can easily obtain a Loan Against Property of up to Rs.35 Lakh with swift loan processing and disbursal for funding home or business expenses.
Loan Against Property of up to Rs.35 Lakh: Features and Benefits
Opting for a Loan Against Property of up to Rs.35 Lakh offers numerous benefits, such as:
End-Use Flexibility
The loan amount can be utilised to fund a range of expenditures for housing, debt consolidation, or business purposes.
Easy Approval
The documentation and approval process is straightforward since the mortgaged property serves as security, reducing the lending risk.
Secured Loan
A Loan Against Property is a secured loan. Hence, it is offered at lower interest rates with longer repayment tenors of up to 17 years, ensuring pocket-friendly EMIs.
Loan Against Property of up to Rs.35 Lakh: Eligibility Criteria
Both salaried and self-employed individuals need to fulfil certain requirements to qualify for a Loan Against Property. At Bajaj Housing Finance, we determine eligibility on the basis of:
Nationality of Applicant
Salaried and self-employed applicant must be an Indian citizen residing in India.
Applicant’s Age
Salaried applicants should be between 28 and 60 years** of age if and self-employed individuals must be aged between 25 and 70 years**.
Employment Type
Salaried applicants are required to have at least 3 years of work experience in the public or private sector or a multinational firm. Self-employed persons should show a business continuity of at least 5 years.
Property Location
The property that you seek to pledge as a collateral should be located in any of the cities where the Bajaj Housing Finance has its branch offices.
**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.
Loan Against Property of up to Rs.35 Lakh: Documents Required
When you apply for a Property Loan of Rs.35 Lakh, you will be asked for a set of documents*** that must be furnished along with the loan application form. The documentation for a Loan Against Property includes:
- Proof of identity – PAN Card, Aadhaar Card, Voter’s ID Card, Driving License, Passport, or any other government-approved photo identity proof
- Address proof – PAN Card, Aadhaar Card, Passport, or Utility Bills, such as electricity bills
- Income tax returns
- Property documents – Sale Deed and other legal documents concerning the property to be mortgaged
- A PAN Card or Form 60 is mandatory for all applicants
For Salaried Applicants
- Employer-issued identity card
- Latest salary slips
- Bank account statements for the last three months
For Self-Employed Borrowers
- Proof of business ownership – Partnership agreement, registration certificate
- Primary bank account statements for the last six months
- Audited financial documents – Balance sheets, profit and loss statements
***Additional documents may be requested at the time of loan processing.
Loan Against Property of up to Rs.35 Lakh: Interest Rates and Fees
Bajaj Housing Finance offers interest rates as low as 10.10%* p.a. for salaried and professional applicants. The rate of interest charged on a Loan Against Property determines your cost of credit. The interest rates usually depend on several factors such as:
-
Loan Tenor
A longer repayment tenor may fetch you lower interest rates, while a shorter tenor could mean a higher interest rate. -
Credit Score
Applicants should ideally have a credit score of 750 and above if they wish to secure loans at low rates of interest with favourable terms and conditions. In case you possess a low credit score, you may be offered loans at higher rates with stringent terms. -
Property Type
The market valuation and type of the mortgaged property are significant indicators of loan interest rates. A higher valuation will fetch better interest rates. -
Applicant Profile
An applicant’s age, income, and occupation prove decisive for property loan interest rates. Younger applicants with regular salaries stand a better chance of securing a loan with a long repayment tenor than older applicants nearing retirement.
Steps to Apply for a Rs.35 Lakh Loan Against Property
You can apply for a property loan online by following these simple steps:
- Click on the ‘Apply Now’ button present on the top right corner of this page.
- Fill in the requested details, such as your name, phone number, monthly income, and employment type.
- Generate OTP and enter it.
- Proceed by filling in the requested financial and property-related details.
- Submit the completed form.
Once done, a representative will get in touch with you soon for further processing.
A Loan Against Property of up to Rs.35 Lakh enables you to make optimal use of your self-owned property, be it residential or commercial. At the same time, you can retain the use of the property without foregoing ownership rights while you repay the loan.
*Terms and conditions apply.
