loan against property

Avail Loan Against Property at Lowest Interest Rates from Bajaj Housing Finance

Bajaj Housing Finance is a subsidiary of Bajaj Finance Limited, one of the most reputed NBFCs across the country, catering to more than 38.6 million people. With a credit rating of AAA by CRISIL, the company provides several services, one of which is the Bajaj Housing Finance loan against property for personal needs.

Bajaj Housing Finance’s LAP (Loan Against Property) is your gateway to avail of a high-value loan for personal purposes. The loan amount disbursed holds no restrictions, and you can use it for any purpose you wish. With quick processing, a flexible repayment tenor, and instant disbursal, LAP is a popular secured borrowing option for many.

Avail of Bajaj Housing Finance loan against property at lowest interest rate

Existing property owners can collateralise their property to acquire a substantial amount of funds. However, one must consider loan against property interest rate before opting for the financial instrument. The following factors play a crucial role in determining LAP rates:

  • Applicant’s profile

The interest levied on the loan depends on various factors, such as the applicant’s income and age. Typically, salaried applicants enjoy attractive interest rates because of their fixed source of income. Therefore, interest rates on loan vary depending upon the applicant’s profile.

  • Loan tenor

Since LAPs are a long-term commitment, one should remember that opting for a short tenor would mean higher EMIs and vice versa. However, the interest outflow remains low for loans with shorter tenors.

  • CIBIL score

Maintaining a good CIBIL score is important to avail of a LAP at low-interest rate. An individual with a credit score of more than 750 is viewed as creditworthy by lending institutions. Hence, try to improve your credit score, so you may get the advantage of availing a high-value loan at a low-interest rate.

  • The type of property

The property that is to be mortgaged also plays a vital role in determining the interest rate. The interest rate for residential and commercial properties might not be the same as their values will be different. Similarly, if a property is too old and poorly maintained, the interest would be higher.

Loan against property eligibility criteria

Individuals must meet the loan against property eligibility before applying for the loan. The eligibility for:

Salaried individuals

  • The age of the applicant must be between 28 and 60 years
  • He/she must be employed in a private, public, or multinational organisation
  • He/she must be a resident of India and own a property in one of the cities listed with Bajaj Housing Finance

Self-employed individuals

  • The applicant’s age must be between 25 and 70 years
  • He/she must be self-employed with a steady and regular income from a business with a minimum of 5 years of business continuity
  • He/she must be an Indian resident with property in one of the cities listed with Bajaj Housing Finance

To determine the eligibility in a much simpler and hassle-free method, one can use the online loan against property calculator. The tool will provide you with the loan against property amount that you can borrow based on the following details:

  • Age
  • Profile
  • Property value
  • Minimum monthly income
  • City of residence

Moreover, after meeting the eligibility criteria, one can also enjoy benefits such as a flexible repayment tenor and the option of a top-up loan with a balance transfer. You can also avail of your pre-approved offer to further simplify the application process. To check your pre-approved offer, you simply need to enter your name and contact details. 

With interest rates for LAP already on the lower side, this is an ideal time for borrowers to apply for such credit. Submit the requested documents and coordinate with the identity proof and property verification to enjoy a hassle-free and quick Bajaj Housing Finance loan against property processing and curb your financial needs.