Your property can serve as a financial asset when you need funding for business expansion. One practical way to unlock its value is by availing of a loan against property. Whether you need capital for business growth, asset purchase, or long-term project funding, a loan against property can offer access to a sizeable amount at a competitive interest rate.
Estimating your EMIs before applying for a loan against property is prudent. This is where a loan against property EMI calculator proves helpful. It allows you to estimate your monthly obligations and plan the loan in line with your financial profile.
What Is a Loan Against Property?
A loan against property is a secured loan that allows you to borrow funds by mortgaging a residential or commercial property. When you your lender assesses the value of the property and your financial profile before sanctioning the loan.
A loan against property can be used to meet diverse expenses. For example, a Loan Against Property from Bajaj Housing Finance Limited can be used for business expansion, home renovation, or debt consolidation.
Why Use a Loan Against Property EMI Calculator?
A loan against property EMI calculator is a free-to-use online tool that can help you estimate your EMIs based on the loan amount, interest rate, and tenure. You can use the Loan Against Property EMI Calculator by Bajaj Housing Finance Limited to access a detailed amortisation schedule, which can help you better understand how each EMI contributes towards your principal and interest.
Use the calculator in just 3 easy steps:
Input the loan amount you want to borrow
Enter the interest rate offered by the lender
Select or enter the tenure
Once you enter these details, the calculator will instantly display your estimated EMI amount, along with the total interest and amount payable.
Understanding Loan Against Property Eligibility
You need to meet the determined by your lender to apply for a loan. While the criteria may vary based on the lender, usually, the following factors are considered:
Age: Applicants are generally required to be between 23 and 70 years (70 being the age at the time of loan maturity)
Employment: Salaried individuals with stable jobs or self-employed professionals with consistent business history are preferred (with over 3 years of experience)
Credit Score: A CIBIL score of 750 or above can improve your chances of approval and being sanctioned better terms
Property Ownership: You must be the legal owner of the residential or commercial property being mortgaged
Loan Against Property Documents Required
Here’s a tentative list of loan against property documents required:
Identity and Address Proof:
Aadhaar Card
PAN Card or Form 60 (mandatory)
Passport or Voter ID
Utility bills or rental agreement
Income Documents:
For Salaried Individuals:
Salary slips (last 3 months)
Form 16 or IT returns
Six months’ bank statements
For Self-Employed Individuals:
Income Tax Returns (last 3 years)
Audited Profit & Loss statement and balance sheet
Proof of business ownership or registration
Property Documents:
Title deed
Sale deed or property registration papers
Property tax receipts
Choosing the Right Loan Against Property
Once you have assessed your eligibility and calculated your EMIs, you can proceed to choose the right loan option. When comparing different options, keep the following factors in mind:
Interest Rate: Look for competitive rates so that your EMI amount remains feasible
Repayment Flexibility: If you’re looking to repay the loan over a longer period, opt for a lender who offers a long repayment tenure
Processing Time: Timely access to funds can be essential, especially for urgent needs; choose a lender that offers quick approval and disbursal
Beyond these, responsive customer service and easy loan management facilities can also contribute to a smoother borrowing experience. Bajaj Housing Finance Limited, for instance, offers a range of self-service options on its Customer Portal / App, which help you manage your loan with ease.
A loan against property can offer substantial funding at a competitive interest rate. It is wise to use a loan against property EMI calculator for better financial planning.
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