Loan Against Property in Bangalore: Overview
Bengaluru (also called Bangalore) is the capital Karnataka and houses India’s bustling IT sector. It is also a booming centre for biotechnology, manufacturing, aviation, and space technology. It’s an area where many Indians desire to own properties. A Loan Against Property is a preferred way to fulfill the dream of owning a property in Bangalore.
A Loan Against Property is a secured loan that financial institutions provide against fully constructed, residential and commercial properties. It is also called a mortgage loan. A mortgage loan can be used for personal and business needs such as wedding, educational and medical expenses with zero end-use restrictions.
Loan Against Property in Bangalore: Features & Benefits
Given its secured nature, Loans Against Property can come at competitive interest rates. It is a long-term commitment and borrowers can take up to 18 years to repay the loan at their own pace. There are several benefits that a mortgage loan offers.
Simple Eligibility
Salaried applicants must be between 28 years and 58 years of age**, and self-employed applicants must be between 25 to 75 years of age**. Other eligibility criteria will include your employment, financial profile and repayment capacity.
** The maximum age is considered as age at the time of loan maturity.
End-Use Flexibility
A Loan Against Property gives you the freedom to spend the loan amount for any purpose you wish. You can use it for various expenses such as debt consolidation and to fund a property purchase, among other things.
A Loan Against Property is the ideal financing solution for big expenses due to its sizeable amount and a flexible repayment tenor.
Minimal Documentation
To avail of the loan, you need to submit minimal documents and can complete the loan process from the comfort of your home.
Flexi Loan Facility
Borrow as many times as you need from a pre-sanctioned credit limit and pay interest only on the amount utilized.
Competitive Interest Rate
Salaried and professional applicants who meet the eligibility criteria can benefit from the competitive interest rates offered on Loans Against Property.
Loan Against Property in Bangalore: Documents Required
To get a Loan Against Property, you need to have the following documents:
For Self-Employed Applicants:
- PAN Card, Aadhar Card or Voter’s ID Card.
- P&L statement
- Latest ITR
- Property documents
For Salaried Applicants:
- PAN Card and Form 60, Aadhar Card or Voter’s ID Card
- Last 3 months’ salary slips
- Property documents
Note: This list is indicative. Additional documents may be needed during loan processing.
Loan Against Property in Bangalore: Eligibility Criteria
Your loan eligibility depends on your repayment capacity, age, and several other criteria. To avail of funding from Bajaj Housing Finance, you must fulfill the following Loan Against Property eligibility criteria:
For Self-Employed Applicants:
- Applicants should ideally have a CIBIL score of 750 or higher
- Should be a residing citizen of India
- Should be between 25 and 70 years** of age
- Should prove a minimum of 5 years of business continuity
For Salaried Applicants:
- Applicants should ideally have a CIBIL score of 750 or higher
- Should be a residing citizen of India
- Should be between 25 and 70 years** of age
- Should be employed with a public, private or a multinational organization with at least 5 years of experience
** The maximum age is considered as age at the time of loan maturity.
*Terms and conditions apply
