A Complete Guide of Loan Against Property: Advantages, Eligibility & Documents

All About Loan Against Property

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Loan Against Property Overview Loan against property is also known as mortgage loan in which you can keep both residential and commercial property on collateral for multiple purposes like: 1. Fund your child’s education abroad 2. For funding any medical emergency 3. For funding child's marriage 4. Funding the dream vacation 5. Business expansion 6. For funding new home construction and more

It is a secured loan, as your property is kept as collateral with the bank/NBFC. The lender have the right to auction your commercial/residential property and recover the money.

Such types of loans have competitive interest rate as compared to the unsecured ones and can be used for both individual or business purpose.

The lender mostly provides up to 60% of the property’s value in mortgage loan.

Visit here for more info https://www.bajajfinserv.in/loan-against-property-contact-details

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Bajaj Finserv’s Loan Against Property Eligibility Criteria For Salaried Individuals:

For Self-Employed Individuals:

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One should be between 33 to 58 years of age.

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One should be between 25 to 70 years of age.

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One should be a salaried employee in an MNC, a private company or the public sector.

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One should be a self-employed individual with a regular source of income.

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One should be a resident of India.

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One should be a resident of India.

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Bajaj Finserv’s Loan Against Property Documents Required

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For Self-Employed Individuals ▰ ▰ ▰ ▰

Bank account statements of the previous 6 months PAN Card/Aadhaar Card Address proof Copy of the documents of the property to be mortgaged

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For Salaried Individuals ▰ ▰ ▰ ▰ ▰

Latest Salary Slips Bank account statements of the previous 3 months PAN card/Aadhaar card IT returns Copy of the documents of the property to be mortgaged ▰ Address proof

Visit here for more info https://www.bajajfinserv.in/loan-against-property-contact-details

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What are the Benefits of LAP? - Lower interest rates - Easy to get - Long repayment tenure - Lower EMI - No prepayment charges

- Simple approval process - Continuous ownership of property - Complete use of property - Multiple use flexibility

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What is Reverse Mortgage Loan?

In such type of mortgage loan, senior or retired person don’t have to make repayments every month.

They will get the loan amount on a lump sum or monthly basis to meet monthly expenses by mortgaging their property without giving up ownership.

Reverse mortgage loan is a great credit option for such individuals.

Visit here for more info https://www.bajajfinserv.in/loan-against-property-contact-details

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