Loan Against Property in Chennai Overview
Chennai, which is the capital of Tamil Nadu is also a popular tourist destination - famous for its premium healthcare facilities, cultural contributions, and economic activities.
To address the city's housing needs, Bajaj Finserv offers loans against property with exclusive features in Chennai. Enjoy amiable interest rates and lenient loan terms with Bajaj Finserv. Apply online today or visit your local branch to get started.
Features & Benefits of Loan Against Property Chennai
Applicants interested in availing a loan against property in Chennai can read more to know about the features of the Bajaj Finserv Loan Against Property.
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Interest rate starting 9% to 12% (Floating rate of Interest)
Starting from 9% to 12% (Floating rate of Interest), Bajaj Finserv offers borrowers the option to avail affordable loan against property interest rate.
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Speedy disbursal
The loan amount is credited shortly after the loan processing, approval, and finally, verification.
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Tall loans against property
Eligible applicants with a strong credit profile can avail of sizeable loan amount to meet their expenses and planned costs.
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Digital monitoring
Bajaj Finserv lets you monitor all your loan movements, details and schedules online with zero hassles.
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Easy tenor
Take your time in repaying your Bajaj Finserv Loan Against Property as the tenor spans up 15 years allowing borrowers a buffer period to plan out their EMI payments.
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No-touch loans
Experience a truly remote loan application from anywhere in India by applying Bajaj Finserv online loan against property and getting an easy sanction.
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Ease of prepayments
If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges. However, apart from above situation part pre-payment charges are applicable for term Loan up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment. Part pre-payment charges are not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi.
One of the leading NBFCs of India, Bajaj Finserv comes with feature-rich loan against property in Chennai. Eligible borrowers can address unforeseen monetary needs or planned expenditures effortlessly with funds of up to Rs. 10.50 crore*, basis eligibility. With minimal documentation and simple application process online, you can get the loan in 72 hours* only.
Eligibility Criteria for Loan Against Property Chennai
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Age
Minimum age: 25 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.
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Nationality
Indian (resident)
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Employment status
Either employed at a MNC, private or public limited company, or self-employed
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CIBIL Score
750+
***The upper age limit is considered as age at the time of loan maturity
Check your maximum loan eligibility with the help of Bajaj Finserv Loan Against Property Eligibility Calculator. Accordingly, apply with the necessary documents online for hassle-free loan processing.
Apart from eligibility fulfilment, Bajaj Finserv requires basic documents that vary for self-employed and salaried borrowers. These include address proof, identity proof, financial documents, IT returns and property documents.
Documents Required Loan Against Property in Chennai
Salaried Employee
When applying for a loan against property in Chennai, salaried employees typically need to submit the following documents:
- Identity Proof: Aadhaar card, PAN card, passport, voter ID.
- Address Proof: Utility bills, rental agreement, Aadhaar, or passport.
- Income Proof: Latest salary slips (last 3-6 months), Form 16.
- Bank Statements: Last 6 months' bank statements.
- Property Documents: Title deed, property tax receipts, etc.
- Employment Proof: Appointment letter or employment certificate.
Self-Employed
For self-employed individuals, the following documents are generally required:
- Identity Proof: PAN card, Aadhaar card, passport, voter ID.
- Address Proof: Aadhaar, utility bills, rental agreement, etc.
- Business Proof: GST registration, business registration certificate, partnership deed (if applicable).
- Financial Statements: Profit and loss statements, balance sheets for the last 2-3 years.
- Income Tax Returns (ITR): ITRs for the last 2-3 years.
- Bank Statements: Last 6 months' bank statements.
- Property Documents: Title deed, tax receipts, NOC (if applicable).
Advantage of Loan Against Property in Chennai
A Loan Against Property (LAP) in Chennai offers several key advantages for individuals seeking access to funds while leveraging the value of their property. Here are the top benefits:
- Lower interest rates: Since a Loan Against Property is a secured loan, lenders typically offer lower interest rates compared to unsecured loans like personal loans. This makes LAP a cost-effective borrowing option.
- Higher loan amount: Borrowers can avail a substantial loan amount, often up to 60-70% of the property's market value. This is particularly helpful for large financial needs such as business expansion, medical emergencies, or education.
- Flexible repayment tenure: Lenders offer longer repayment tenures, sometimes extending up to 15-20 years. This allows borrowers to repay comfortably through manageable EMIs.
- Utilise idle assets: Properties, whether residential or commercial, that may not generate immediate cash flow can be used to obtain funds. This turns idle assets into financial resources without selling them.
- No restrictions on usage: One of the major advantages of LAP is that the loan amount can be used for various purposes, from business investments to personal expenses, with no restrictions imposed by lenders.
- Continuous ownership of property: Even though the property is mortgaged, the borrower retains ownership. This means you continue to live in or use the property as usual while enjoying the loan benefits.
- Fast processing: With established lenders and streamlined processes in Chennai, Loan Against Property applications are processed swiftly, ensuring timely disbursement of funds.
- Potential tax benefits: If the loan is used for business purposes, borrowers may be eligible for tax deductions on the interest paid, as per Section 37(1) of the Income Tax Act.
Chennai’s robust real estate market and growing financial institutions make Loan Against Property an ideal option for those seeking liquidity with attractive terms.
Loan Against Property in Chennai Interest Rates and Charges
Read the loan against property interest rates and nominal associated charges to assess your cost of borrowing beforehand. Above all, we do not levy any hidden charges. Enjoy a truly hands-free borrowing experience by applying online today from the comfort of your home.
*Terms and conditions apply
Loan Against Property in other Cities
City |
Loan Against Property |
Delhi |
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Bangalore |
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Hyderabad |
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Kolkata |
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Nagpur |
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Mumbai |
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Noida |
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Ahmedabad |
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Udaipur |
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Babra |
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Pune |
Frequently asked questions
No, lenders generally do not provide 100% of the property’s value as a loan. Most financial institutions offer loans up to 60-70% of the market value of the property. The exact percentage depends on the lender’s policies, property type, and borrower profile.
Yes, tax benefits on a Loan Against Property can be claimed in specific cases. If the loan is used for business purposes, interest paid can be claimed as a business expense under Section 37(1) of the Income Tax Act. However, if the loan is used for personal reasons, no tax deductions are available.
The loan amount you can get against a property in Chennai depends on several factors, including the market value of the property, your income, and your credit score. Typically, banks and financial institutions offer loans ranging from 50% to 70% of the property’s current market value. For instance, if your property is valued at ₹1 crore, you could be eligible for a loan of ₹50 lakhs to ₹70 lakhs. Lenders also consider the property’s legal status and your repayment capacity before deciding the loan amount.
Getting a loan without any income proof can be challenging, as lenders typically require evidence of regular income to ensure the borrower’s ability to repay the loan. However, some banks or NBFCs may provide loans against property to individuals without formal income if they can offer valuable collateral, such as real estate, and have a strong credit history. These loans may come with stricter conditions or higher interest rates to mitigate the risk. It's essential to consult with the lender for specific eligibility criteria in such cases.
No, you generally cannot get a 100% mortgage loan. Lenders typically offer loans covering only a percentage of the property's market value, usually ranging between 70% to 90%. For mortgage loans (also known as loans against property), the maximum loan-to-value (LTV) ratio depends on the lender's policy and the type of property offered as collateral. The remaining 10% to 30% must be covered by the borrower. A 100% mortgage loan is considered highly risky for lenders, and hence, they require borrowers to contribute some equity.
The interest rate for a mortgage loan in Tamil Nadu typically ranges between 8% and 14% per annum, depending on various factors such as the borrower’s credit score, income, loan amount, and the lender’s terms. Interest rates can also fluctuate based on market conditions and whether the loan is taken from a bank or an NBFC. Fixed-rate and floating-rate options are often available, and the rate you receive will also depend on your repayment tenure and property valuation.
A loan against property (LAP) and a home loan are different in their purpose and structure. A home loan is specifically taken to purchase or construct a house, while a loan against property is a secured loan where the borrower pledges an existing property to raise funds for any personal or business needs. Home loans generally have lower interest rates than LAPs because they are intended for a specific purpose. In contrast, LAPs allow flexibility in fund usage, and the loan amount is determined by the value of the pledged property.
