What is a mortgage loan?

• The loan amount depends on the property's value and the borrower's repayment capacity.
• The property remains with the borrower, subject to the lender's mortgage terms.
• The loan can be used for various personal or business-related financial requirements.
• Repayment is made through regular EMIs over the selected tenure.

A mortgage loan works by allowing a borrower to pledge an eligible property as security against the loan. The lender evaluates the property, the applicant's income, credit profile, and repayment capacity before approving the loan. Once approved, the loan amount is disbursed to the borrower. The borrower then repays the principal and interest through EMIs over the agreed repayment tenure. The property continues to remain with the borrower, subject to the terms of the mortgage agreement.

If the borrower fails to repay the loan as agreed, the lender may take action against the mortgaged property as per applicable laws and the terms of the loan agreement.

A mortgage is a legal arrangement in which a property is pledged as security for a loan. The borrower retains possession and use of the property while repaying the loan.

The mortgage provides security to the lender. If the borrower defaults on repayment, the lender may have rights over the mortgaged property as per the loan agreement and applicable laws.

• A mortgage is created against an eligible property.
• The borrower can generally continue using the property.
• The mortgage remains in place until the loan is repaid as agreed.
• The terms may vary depending on the lender and type of loan.

A loan against property is a type of mortgage loan that allows property owners to raise funds by pledging an eligible residential or commercial property as collateral. The loan amount can be used for various financial requirements, such as business expansion, education, medical expenses, debt consolidation, or other planned needs, subject to the lender's terms.

The documents required may vary depending on the lender and applicant profile. Below are the documents required for a Bajaj Finance Loan Against Property:

• Identity proof
• Address proof
• Income proof
• Bank account statements
• Property ownership documents
• Property tax receipts, where applicabl

Applicants should keep accurate and updated documents ready to support faster processing.

A loan against property is a type of mortgage loan that allows property owners to access funds by pledging an eligible residential or commercial property as collateral. The loan amount can be used to meet various financial requirements, such as business expansion, education, medical expenses, debt consolidation, or other planned needs, subject to the lender’s terms and conditions.

Step-by-step guide to applying for a loan against property with Bajaj Finance

1. Click on the ‘CHECK ELIGIBILITY’ button on the loan against property page.
2. Enter the 10-digit mobile number and verify it using the OTP.
3. Complete the application form by providing the required personal, business, employment, professional, and property details.
4. Enter the required loan amount and select one of the available loan variants: Flexi Term (Dropline) Loan, Flexi Hybrid Term Loan, or Term Loan.
5. Select a suitable repayment tenure ranging from 12 to 180 months and click on ‘PROCEED’.
6. Review the application details and submit the form to complete the application process, subject to applicable eligibility criteria and lender terms.

• Nationality: You must be an Indian citizen residing in India with property in a city we operate in.

• Age: Minimum age: 21 years (18 years for non-financial property owners)

          Maximum age: 85 years (including non-financial property owners)

  *Age of the individual applicant/ co-applicant at the time of loan maturity.

  *Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure.

• The CIBIL Score is an important indicator of your creditworthiness. To get a loan against property, it is preferable to maintain a CIBIL Score of 650 or higher.
• Occupation: Salaried, self-employed professionals like doctors, and self-employed non-professionals are eligible to apply.

A mortgage loan is a secured borrowing option that allows individuals and businesses to access funds by pledging an eligible property as collateral. The loan amount, interest rate, and repayment tenure depend on the lender's policies and the borrower's financial profile. Before applying, compare the applicable mortgage loan interest rates, processing fees, repayment terms, and eligibility requirements. Use a loan against property EMI calculator to estimate the monthly instalment and plan the repayment schedule effectively.