Loan against property is a convenient borrowing option for individuals who require substantial funds for big-ticket spending. This is why potential borrowers keep looking for a secured credit variant that requires minimum eligibility and simple documentation. Applicants usually select a lender who offers an easy repayment option.
To comply with these needs, many reputed HFCs are offering reasonable terms and customised features to borrowers. For instance, the Bajaj Housing Finance loan against property is suitable as the lender offers swift processing and quick disbursal.
Applicants with a steady source of income and good CUBIL score can also avail of a reasonable interest rate on loan against property, among several additional features. Having a clear idea about these benefits can help borrowers make the most out of the options available to them.
Why avail a loan against property from a reputed HFC?
Here are some features of the Bajaj Housing Finance loan against property that makes it a perfect borrowing solution.
Life runs on uncertainty, where fulfilling urgent need of funds is challenging. A LAP can be an efficient fund source when facing medical, working capital emergencies, and others of the sort. Being a high-value loan, eligible borrowers can gain substantial credit by mortgaging their property. This further helps them make the most of their property’s equity without selling the property off. Moreover, the flexibility of spending makes it an ideal borrowing option. A borrower can utilise the advance to make big-ticket spending without hassle.
Competitive interest rates
The interest rate on loan against property is feasible due to its secured nature. Moreover, mortgaging property in a prime location equipped with modern amenities convinces lenders to offer a feasible interest rate.
Typically, lenders prefer individuals with a remarkable repayment history and 750+ CIBIL score. These borrowers can negotiate for better rates and terms. Hence, it is essential to check the factors that influence LAP interest rate and EMIs.
A loan against property accompanies a substantial amount. Bajaj Housing Finance loan against property offers a flexible tenor that reduces the repayment pressure of borrowers.
Individuals can evaluate their financial capability and select a suitable tenor to pay off the debt without compromising other fixed liabilities. In this regard, using a loan against property EMI calculator would be a smart solution.
Balance transfer facility
Borrowers can also opt for loan against property balance transfer facility if the current EMI outgo is high. They can transfer the outstanding balance to another lender who offers feasible interest rates and EMI structures. It will also help them to secure better services terms and customised features.
For instance, selected HFCs provide pre-approved offers to existing borrowers. These offers ensure hassle-free and prompt loan applications. These offers are available on financial products like loan against property, home loans, etc. Check your pre-approved offer online by entering your name and contact number online.
Simple eligibility and documentation
The best part about LAP is the simple eligibility and documentation. Due to its secured nature, lenders are flexible in terms of eligibility. Some of the basic requirements include-
- Age – Criteria varies across lenders, but typically ranges from 25–30 years to 65–70 years.
- Employment – A salaried applicant must be working for a private, public or MNC. At the same time, a self-employed applicant has to prove a regular income flow.
- Residency – Individuals must have Indian citizenship and must be residing in the country.
In terms of documentation, applicants need to submit the papers mentioned below.
- Salary slips
- Documents related to the property to be mortgaged
- Bank account statements of 3–6 months
- Income Tax Returns, etc.
- Personal documents (Aadhaar Card, PAN Card, etc.)
Apart from the mentioned documents, lending institutions may require additional documents as per their rules. Individuals who need immediate funds can use a loan against property eligibility calculator before initiating an application. This would streamline the entire process and help them evaluate the monthly income and conveniently repay the loan.
These are some of the features of Bajaj Housing Finance loan against property that makes it an ideal financial option. Having a clear idea about these benefits would help a borrower make the most of the disbursed credit. It is suggested to research the tax benefits available on the said credit form to leverage the saving scale.