Senior citizens may occasionally require quick access to funds to address urgent financial needs. In such situations, a Loan Against Property can be a viable solution. Whether it's for covering medical expenses, managing daily living costs, funding education or marriage, or other essential needs, the loan amount can be utilized for various purposes. This can enable seniors to maintain financial independence and security after retirement.
Loan for Pensioners and its features
Loan against property for pensioners can be availed against property collaterals by pensioners who require urgent funding. Since the repayment tenor can stretch up to 15 years, pensioners can repay the loan at a pace that is comfortable by opting for a tenor that fits their repayment capacity.
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Attractive interest rate
Starting from 9% to 12% (Floating rate of Interest), Bajaj Finserv offers applicants an affordable funding options that leaves their savings untouched.
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Money in account in 72* hours
No more long waits for loan sanctions with Bajaj Finserv. Find your loan amount in your bank account in just 72* hours from approval.
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Big value funding
Bajaj Finserv provides loan amount of up to Rs. 10.50 crore* to eligible candidates to boost your spending desires.
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External benchmark linked loans
By opting for the Bajaj Finserv Loan Against Property linked to an external benchmark, applicants can enjoy reduced EMIs when the market conditions are favourable.
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Digital monitoring
Now keep a close eye on all your loan developments and EMI schedules through My Account – the Bajaj Finserv online platform.
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Convenient tenor
The Bajaj Finserv Loan Against Property tenor stretches up to 15 years allowing borrowers a buffer period to plan out their EMI payments, and service their debt with ease.
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Low contact loans
Experience a truly remote loan application from anywhere in India by applying online and getting an easy approval.
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No prepayment and foreclosure charge
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.
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Easy balance transfer with top-up loan
Transfer your existing loan to Bajaj Finserv as part of our loan against property balance transfer facility and avail a top-up loan without additional documentation.
If you are a pensioner in need of funds to purchase a new property, renovate an existing one, cover medical expenses or address any other financial needs, you can apply for the Bajaj Finserv Loan Against Property for Pensioners. Once you meet the loan against property eligibility criteria, you can avail up to Rs. 10.50 crore* as a mortgage Loan from Bajaj Finserv within 72 hours* of approval.
Enjoy the benefits of an adjustable tenor ranging from two to 15 years, attractive interest rates, and easy balance transfer and top-up. Opt for our Flexi facility to borrow and pay as you go. Choose to pay interest-only EMIs for the initial tenor to reduce your EMIs by up to 45%*. When you have surplus funds, you can make a part-prepayment to bring down your future instalments or foreclose your loan account at low to zero charges.
Also read: Reverse mortgage loan
Benefits of loan against property for pensioners
- Easy access to funds: A pensioner loan against property allows pensioners to quickly access a significant sum of money by leveraging their property. This can be especially helpful when they need funds for emergency medical expenses, home repairs, or other urgent financial needs.
- Higher loan amount: Unlike personal loans, which are often limited by income, a loan against property allows seniors to borrow a larger amount based on their property’s value. The loan amount is determined by the property’s market value, providing them with more financial flexibility.
- Lower interest rates: Loan against property generally comes with lower interest rates compared to unsecured loans, making it a more affordable option for pensioners looking to secure funds without heavy financial strain.
- Helps maintain financial independence: By using the property as collateral, pensioners can maintain their financial independence and avoid relying on family or friends for support after retirement.
- Multiple uses for the loan: The loan amount can be used for various purposes, from managing healthcare costs to funding travel or even ensuring that dependents’ educational or marriage expenses are taken care of.
How to apply
Apply online for the Bajaj Finserv Loan Against Property for Pensioners with just a few steps.
- 1 Fill up the online application form
- 2 Fill in your personal information and property details
- 3 Enter your income-related data for the best offer
After submitting the form, wait for our relationship manager to call and guide you with the next steps.
*Conditions Apply
Frequently asked questions
Yes, pensioners can apply for personal loans, though approval depends on their income, credit score, and age. Lenders may also require proof of pension or other regular income sources.
Yes, age restrictions apply, though they vary by lender. Most lenders set an upper age limit for loan applicants, typically up to 85 years.
Pensioners typically need to provide proof of identity, proof of income (pension statement), address proof, bank statements, and property documents. Specific requirements may vary by lender.
Yes, pensioners can obtain unsecured personal loans if they meet income and other eligibility criteria.
