When it comes to applying for a loan to cover your diverse financial needs, many options are available in the market. You can apply for a personal loan, credit card and others.
However, even if most of the people are eligible for a loan, not all apply for it fearing managing the higher interest rate and EMIs for a longer time.
Nonetheless, some loan options are beneficial as well that do not demand a higher interest rate. One of the significant out of those is the loan against property facility.
Since you get to borrow against your property, the loan against property facility interest rate is lower. As a result, you can easily manage it by repaying it in smaller EMIs over a tenor.
If you are unaware of the concept and property loan interest rates and eligibility, then this post will help you know more.
What is the Loan Against Property facility?
A loan against property (LAP) is a unique facility that lets you borrow a higher sum to fulfill many financial goals in life. Yes, right from funding your child’s education to an upcoming wedding, managing hospital bills and other needs, LAP can cover all.
The biggest benefit of availing it is that you get to enjoy a lower loan against property interest rate as the collateral is your property. What’s more, the loan against property facility eligibility and processing time is hassle-free to help you borrow easily.
High Value Loans at your Disposal
Opting for the loan against property facility helps you get higher loan amount at the affordable interest rate. If you are salaried, you can get up to Rs.1 crore and up to Rs.3.5 crore if you are self-employed.
Hassle-free Application and Disbursal Procedure
The loan against property eligibility criteria is simple to meet with minimal documentation. Most of the leading lenders complete the process in 72 hours. You also don’t need to visit the lender to complete documentation. There is mostly a doorstep service for submitting your documents.
If you are a salaried borrower, you can get a tenor ranging from 2 to 20 years. On the other hand, self-employed personnel can get a tenor up to 18 years to repay the loan.
Enjoy Lower Interest Rates
When it comes to the interest rate part of the loan, the loan against property is a profitable option to go. The loan against property interest rate is always lower than any personal loan and credit cards. As a result, you can enjoy paying a lower EMI over a tenor and grab the higher amount of loan shortly.
You can Avail it for Diverse Reasons
Applying for the loan against property facility lets you use the borrowed sum to use it for numerous financial needs. Be it expanding your business, renovating your house, managing the funds for marriage and beyond; you can use it as per your needs.
Loan Against Property Eligibility Factors at a Glance
You can avail the LAP facility easily if you meet the following criteria:
- Your age should be between 33-58 years
- You should be working for a private, public or MNC company
- You should be an Indian citizen
- You should possess property in cities as specified by your lender only
Loan Against Property Documents Required
The loan against property documents required list is also simple to furnish. Have a look:
- PAN Card/Aadhaar Card
- Address proofs
- Property’s valid documents that you wish to borrow against
- Last 3 months bank account statements
- Latest Salary Slips
- ITR (Income Tax Returns) proofs
If you were keen to apply for the loan against property facility, going through would have given you more insights. You can apply for the LAP online at a lender’s website.
Bajaj Finserv offers pre-approved offers on loan against property, personal loans, home loans, business loans and beyond. It is to make your entire loan procedure less complicated and faster.