Types of Loan Against Property-Banner_WC
Meet all your big-ticket expenses with a Loan Against Property from Bajaj Housing Finance. Secure a sizeable loan at a competitive interest rate, with exclusive benefits such as disbursal in 72 hours* from document submission, minimal documentation, and doorstep service.
Based on the Property Type
1. Loan Against Residential Property:
It is the most common type of mortgage loan. Individuals can avail of funds against their home or any other residential property they own. It may be self-occupied, rented out, or vacant.
2. Loan Against Commercial Property:
This option lets individuals mortgage their owned commercial property, be it an office space or an industrial unit, to obtain funds against its present market value.
In this type of Loan Against Property, you put a property that you have leased as a collateral. The fixed rentals earned act as the EMIs, and the eligible loan amount is determined accordingly.
Based on an Applicant’s Employment Type
A Loan Against Property can also be classified on the basis of an applicant’s employment type.
1. Loan Against Property for Salaried:
Salaried individuals are eligible for funds against their property. For this, he/she should be aged between 28 to 58 years** and employed with an MNC, or any public or private sector company.
2. Loan Against Property for Self Employed:
Self-employed borrowers too can obtain an advance with Loan Against Property. He/she should be from 25 to 70 years of age** and be able to showcase a stable income source with a business continuity of 5 years or more.
Note: The upper age limit is considered as age at loan maturity
Based on Usage
A Loan Against Property comes with zero end-use restriction. Thus, it can be used for any purpose as the borrower sees fits. To further help borrowers, Bajaj Housing Finance offers a range of customised Loan Against Property types. These are:
1. Loan Against Property for Education:
Cover higher education expenses such as tuition fee and the cost of study materials with a Loan Against Property for education. Borrowers can also use the funds to cover travel costs, accommodation expenses, etc.
2. Loan Against Property for a Wedding:
A wedding entails a number of expenditures, from catering to decoration and bridal makeup. Use a Loan Against Property for wedding to handle those expenses with ease
3. Loan Against Property for Debt Consolidation:
Combine all your existing debts into one with a Loan Against Property for debt consolidation. It reduces the interest outgo and hassle of managing multiple repayments.
BHFL also offers mortgage loans for home renovation and other high-ticket expenses. The process to apply is simple and digitalised.