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What Type of Properties can I Pledge for a Loan Against Property?

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mortgage loan interest rates

To cater to the financial requirements like starting a new business, the higher education of your child, medical treatment or wedding expenses, a mortgage loan may be your most feasible option as it offers ample finances. You can avail this loan by pledging your property with a lender. The lender will sanction a loan as a certain percentage of the market value of the property.

For availing this loan, you can either mortgage a commercial property or a residential property that you own. That means that whether your property is a self-occupied residential, a rented residential or commercial, a vacant residential or commercial or shared property, you can attach it as a mortgage loan security and avail a loan. If the property has co-owners or more than one owner, all need to be co-applicants in your loan against property application.

With the help of a mortgage loan calculator, you can compare different lenders on the basis of the interest you pay and select the one that is most affordable. By availing a Loan Against Property from lenders like Bajaj Finserv, you can get a high sanction of up to Rs.1 crore if you are salaried and up to Rs.3.5 crore if you are self-employed. Here you will also enjoy customized loan deals competitive interest rates, comfortable repayment tenors and a Flexi facility that allows you to borrow as you go and decrease your EMIs considerably.

Here is how you can benefit from a mortgage loan and apply for it with ease.

  • Documents Required for Mortgage Loan

             For availing a mortgage loan, you have to conform to the eligibility criteria set by your chosen lender and make sure that all the documents required to apply for the loan are kept ready with you. As a loan applicant, you will have to submit bank account statements for 3 months, PAN card, Aadhaar card, address proof, property documents, and IT returns. If you are salaried, you also have to submit your latest salary slips as proof of income.

  • Key Features of Home Mortgage Loans

              Some of the most important features that are likely to attract you towards home mortgage loans are:

  • High-value loans at affordable rates
  • Quick loan disbursal within 72 hours
  • Easy balance transfer facility to move your existing loan to lenders like Bajaj Finserv
  • Flexi Hybrid Loan facility so that you can borrow money as you go and repay only what you have borrowed; pay interest-only EMIs to manage your cash flow better
  • Online account management to get access to your loan account from anywhere, anytime.
  • How to Apply for this Loan

             You can easily apply for this loan by following these simple steps:

  • Fill up an online application form.
  • As soon as you submit your application, your loan application will go in to processing.
  • You will get an approval for your loan within the next 48 hours.
  • Once your application is approved, your lender’s representatives will get in touch with you within 24 hours.
  • Submit all the mortgage loan documents to the representative.
  • After you are done with the whole procedure, the loan amount will be disbursed to your account within 72 hours.

Now that you know how to apply, compare different mortgage loan interest rates and select the one with the lowest interest as well as other beneficial features. To get instant mortgage loan approval, check your pre-approved offer. Select a customized offer that best suits you and addresses your financial goals hassle-free!

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Amdee Hi, I’m Amdee and I’m a passionate Blogger, Freelancer, Writer, and Digital Marketer. And also I’m good at Drawing and Designing. I started from a young age and most of the design skills and knowledge are self-taught. Techissue
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