Whether it is financing your child’s education, investing in the business, dealing with unexpected medical expenses or any other financial emergency that you may have, the most reliable option is to get a loan against property. Easy disbursal and a quick turnaround time allow customers to get financial assistance when most needed.
What Is Loan Against Property?
As the name suggests, a loan against property is extended to a customer when he or she is able to pledge any property to the bank. This includes any residential or commercial property or can even be a piece of land in case of some financial institutions.
The loan amount provided to the customer depends upon the valuation of the property. Another factor that determines the loan amount is the employment status of the individual. Depending upon this, it is possible to get a loan against the property for up to 90% of the valuation of the property that the customer is willing to pledge. The valuation depends upon the location, the type of property, and the year in which it was constructed.
Features and Benefits of Bajaj Loan Against Property
Bajaj Finserv Loan Against Property is designed to provide easy solutions during any financial emergency. This loan plan not only makes funds available when needed but also provides easy repayment option to ensure that the customer is not burdened with EMIs each month.
Some of the most beneficial features and benefits of this loan plan are as follows:
- Extremely Affordable Loan: A loan against property is a high-value loan. With Bajaj Finserv, you have the advantage of a high loan amount at the extremely affordable interest rate. The interest rates offered vary between 10.10% p.a and 11.50% p.a for salaried individuals. For self -employed individuals, the rate of interest is between 10.50% and 14.50% p.a. These interest rates are based on Bajaj Finance Limited Floating Reference Rate, which is currently 20.90%.
- It is possible to get a good principal amount: For salaried individuals, the loan amount available is up to Rs.1 crore. For self-employed individuals, the loan amount available is up to 3.5 crores. This value, of course, depends upon the valuation of the property that is mortgaged against the loan.
- The repayment tenure is flexible: One of the best features is that you can get repayment tenure between 2 years and 20 years. This allows you to repay the loan easily. For self-employed individuals, a repayment tenure of up to 18 years is available. During the loan tenure, it is also possible to make part payment charges or even pre-close the loan at the lowest charges.
- Easy disbursal: With Bajaj Finserv, you do not have to worry about lengthy documentation procedures. This makes it extremely easy to apply for a loan and also to get an approval on one. This is the ideal loan in case of an emergency because you can get a loan disbursal within 4 days of approval.
- Easy balance transfer options: You can now transfer any existing loan against property to Bajaj Finserv in simple steps. The documentation is minimal, and the processing of the loan is swift quick. You also have the advantage of a top-up loan in case you need any additional funds in the future.
- Enjoy a flexi hybrid option: You can choose the type of repayment that you make on your loan. You have the option of borrowing money as you need it and pay interest only on the sum that you have used from the actual loan amount approved. You can also manage your finances easily by paying interest only EMIs. This reduces the monthly burden considerably.
- Manage your account online: You can have access to your loan account whenever you need with the online access option. The customer portal allows you to get all the details of your loans and even make repayments anywhere and anytime.
- Minimal processing fees: The processing fees on these loans are also extremely low making them even affordable. You have to pay only 1.5% of the approved loan amount as fees.
- Calculate your EMI in advance: You can use online EMI calculator and plan your finances better. It will help you know if the loan is truly affordable based on your current income.
- Eligibility Criteria
Besides pledging a property, it is also important for individuals to fulfill certain eligibility criteria in order to avail a loan against property with Bajaj Finserv. The eligibility criteria are as follows:
For Salaried Individuals:
- The applicant should be between 33 and 58 years of age.
- He or she must be an employee in a private company, an MNC, or any public sector company.
- He or she must reside in Hyderabad, Delhi, NCR, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Pimpri, Chinchwad, Ahmedabad, Bangalore or Chennai.
- For Self-Employed Individuals:
- The applicant should be between 25 and 70 years of age.
- He or she should have a regular source of income.
- He or she must reside in Ahmedabad, Amravati, Aurangabad, Baroda, Bhubaneshwar, Cochin, Indore, Jaipur, Jamnagar, Jodhpur, Kolkata, Lucknow, Madurai, Nagpur, Nasik, Raipur, Rajkot, Salem, Solapur, Surat, Udaipur, Vapi, Vizag, Bangalore, Chennai, Hyderabad, Mumbai, Delhi or Pune.
- How to Apply for Bajaj Finserv Loan Against Property
You can Apply for a Loan Against Property by filling up an online form. Once the form has been submitted, a loan representative will contact you within 24 hours. After the documents have been assessed, the loan will be approved based on the property pledged. The loan amount is disbursed within 4 days of approval.
The following documents should be submitted for approval:
For Salaried Individuals
- Latest salary slip
- Bank account statements from the last three months
- Pan Card or Adhaar Card
- Valid Address Proof
- A copy of the documents for the property that will be mortgaged
- IT Returns
- For Self-Employed Individuals
- Bank account statements for the last six months.
- Pan Card or Adhaar Card
- Valid address proof
Copy of the documents of the property that will be mortgaged