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How to Finance the Purchase of New Home Using Loan Against Property

· Mortgage Loan,Loan Against Propert,LAP Self Employed,LAP Interest Rates,LAP Tax Benefits

Buying a home of their own is every humans’ dream. However, how do they prepare for this endeavour, especially in terms of finance, is completely up to them. We all know buying a home can be an expensive task and would require nothing less than a fortune. Some choose a simple home loan, some save a bit of their income every month and buy a house using it. However, there are people who would like to take a home loan but wouldn’t want to risk losing their property in case of non-repayment of loan. Thus, they go for a loan against property to finance the purchase of their new homes.

Loan against property is a credit scheme which allows people to mortgage their pre-owned residential or commercial property and avail a loan against it. The loan so borrowed comes with end-usage flexibility and hence, can be used for multiple things. However, if you are to use this facility for purchasing your first home; below are some things you need to keep in mind.

The eligibility for loan against property:-

  • You must be aged between 33 and 58 years

  • You must be an Indian resident

  • You must own a property in the cities mentioned in the list of approved cities by Bajaj Finserv

  • You must be an employee in a private company, the public sector, or an MNC

The documentation required for loan against property

  • Salary slips

  • 3 months’ bank account statements

  • Identity proof such as PAN card, Aadhaar card

  • Address proof such as election card, driving license

  • Copies of property documents to be pledged

  • Income tax returns

You can apply online using the online application facility on the lenders’ website.

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