Personal Loan Against Property

Personal Loan Against Property

We know that the worst will soon be over because our country has a resilient economy but you may need an adequate supply of credit to meet your needs and fulfill your desires during a slowdown. As personal loan interest rates are at an all-time low owing to monetary measures taken by the RBI, this is the perfect opportunity to take advantage of a personal loan against property.

With a Bajaj Finserv loan against property available on Bajaj Markets, you can avail up to Rs. 1 Crore.

But you may ask – Why take a personal loan against property instead of a regular personal loan? There are several advantages and we’ll be explaining them below. But first, what is a personal loan against property?

What is a personal loan against property?

A personal loan against property is one where you mortgage your residential or commercial property as security to avail a loan of a specific amount from the lender. Generally, a personal loan is called an unsecured loan but a personal property loan is a secured loan because you are pledging your property against the loan. Therefore, you are eligible for attractive interest rates, offers, customized tenures and flexibility in payments, especially when you apply for a loan against property on Bajaj Markets.

Why take a personal property loan?

No restriction on credit utilization

When you take a wedding loan, travel loan, online home loan or consumer durable loan, you are bound to spend the money only for that particular purpose. But with a personal property loan, that money is literally your “personal property” and you don’t have to worry about following spending guidelines.

Attractive personal loan against property interest rates

While regular personal loan interest rates range from 12 -24%, personal loans against property are relatively cheaper; ranging from 9-13% based on your creditworthiness.

Longer repayment tenure and lower EMIs

While traditional personal loans are available for a maximum tenure of 60 months or 5 years, a personal loan against property can have a long repayment tenure of up to 20 years. The longer tenure also helps bring down the EMI value considerably, thus making it easier for borrowers to repay the loan.

Faster loan approvals

If you are looking for an emergency fund to meet a medical emergency, carry out a repair, or pay your employees during a slow business phase, a loan against property is your best option. As this is a personal loan against collateral, you can expect swift approval and disbursal.

For instance, if you apply for a Bajaj Finserv loan against property, your loan will be approved in minutes and you can receive the money in your account within just 4 days.

What kind of properties can be mortgaged for personal LAP?

A personal loan against property can be availed against a commercial or residential property. You can avail the loan against a house, commercial space, under-construction house or vacant land. If there is more than one owner of the property, all the co-owners have to consent for mortgaging the property.

Eligibility criteria for personal loan against property

To be eligible for applying for a personal property loan, you need to meet a few conditions, such as:

• You must be a citizen of India

• You must be the owner or co-owner of the mortgaged property

• The loan applicant must have a regular source of income as salary, business income, rental income, etc.

• The loan applicant shouldn’t have a high debt-to-income ratio

• A good CIBIL credit score and history helps get good deals on personal loans against property

Documents Required for Personal Loan Against Property

In financially uncertain times, if you are looking for funds to expand your business, consolidate your debt, renovate your home, pay for your child’s higher education, look no further than personal loans against property from Bajaj Finserv available on Bajaj Markets.

At Bajaj Markets, you can avail loan against property up to Rs. 1 crore with affordable interest rates, flexible repayment options and quick loan disbursal. Apply today and get surprised with amazing loan offers and discounts!