Bajaj Finserv Loan Against Property

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :22/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :22/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 22/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :22/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 22/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :22/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :22/02/2020

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Updated: 07-02-2020 10:20:43 AM

Bajaj Finserv is an Indian financial service company focused mainly on assets management, wealth management, insurance and lending. It is a part of the larger Bajaj Holdings and Investment Limited. This financial organization through its subsidiaries and joint ventures have extended its business and established a nationwide presence across India with over 1,400 locations and more than 20,000 employees.

Bajaj Finserv offers Loan against Property for self-employed individuals and for firms and companies. The finest thing about this property loan from Bajaj Finserv is that you can use it for anything you want. Loan from Bajaj Finserv is your way out during times when you are low on cash. So if there’s a family wedding coming up or you are planning to send your child for higher studies abroad, you can avail a Bajaj Finserv property loan and meet all your monetary requirements .However, you might be wondering why Bajaj Finserv when there are plenty of other financial organisations available in the market. This is because Bajaj Finserv is one of the most trusted lenders in the market whom you trust.

  • Bajaj Finserv offers you instant end-to-end approval on your loan against property scheme and transfers the money in your bank account within just 72 hours.
  • Bajaj Finserv has the most hassle free way of availing loans
  • Loan from Bajaj Finserv is given to customers at more competitive interest rates as compared to any other lending institution or bank.

The loan from Bajaj Finserv allows you to avail a great product from a company that has a diversified portfolio and multiple features and benefits. Let us look at the features and benefits of the loan in details.

Types of Loan Against Property Offerings from Bajaj Finserv

This loan from Bajaj Finserv has a range of features to cover your diverse needs. You can avail one from the many of the below options when you are looking for a property loan from Bajaj Finserv:

  • Loan against residential property
  • Loan against commercial property
  • Loan for purchase of another commercial property
  • Lease rental discounting
  • Loan against certain plot
  • Flexi saver loan

Features of Loan Against Property offerings from Bajaj Finserv

  • A property loan from Bajaj Finserv is the most secured and multipurpose loan which can be availed by the customer to meet any kind of monetary requirements
  • The loan is offered to individuals including self-employed people as well as to firms and companies. Salaried individuals cannot avail of this loan
  • Loan is granted under different categories including Mortgage Loan against Property, Loan against Plot, Loan against Commercial or Residential Property and for Purchase of Plot, Loan for purchase of Commercial Property, Lease Rental Discounting and Flexi Saver Loan.
  • The loan allows for prepayment facility wherein any amount of loan can be prepaid provided that each prepaid amount is at least equal to 3 times the monthly EMIs or more. There is no ceiling on the maximum amount that can be paid as prepayment.
  • There are no foreclosure charges applicable for closing the loan against property before the tenure after paying off the entire loan with interest
  • The loan offers a unique facility of Flexi Saver which combines the features of a Term Loan and Credit Line facility under one thus enabling the borrowers to save interest and to manage the cash flow efficiently
  • Ease of accessing the loan information regarding the tenure remaining, interest payable, etc. through online access facility provided by the company
  • The company also offers customized insurance schemes to both self-employed individuals and companies to protect against unfortunate events. For self-employed individuals, a level term plan is offered covering the individual for the entire amount of loan sanctioned for the entire loan duration subject to a maximum of 18 years. For companies, a Non-Medical Loan and Life Insurance of up to Rs. 100 lakh is allowed as a level term plan with coverage of the complete loan tenure subject to a maximum of 30 years.
  • Moreover, Bajaj Allianz’s SFSP Policy is also available which offers an exhaustive coverage for the residential building against unforeseen damages
  • The company provides 3 free EMI months wherein EMIs are not required during the first 3 months after availing the loan offering the customer relief from paying off the loan immediately after acquiring the loan
  • The bank provides for Property Search Services to help the customer to get the best property. The advantages of the search service includes access to real estate market information through newsletter and reports, property search through trained sources, periodic updates on the properties which are newly launched, funding options for the property from Bajaj Finserv, special offers for existing customers, ‘Property Helpline’ number to answer all property related queries and property valuation services at preferential rates
  • The company offers a unique value added service to its customers in the form of a Property Dossier which contains a customized report guiding the customer through the legal and technical aspects of owning a property with useful tips. The report contains a legal report outlining the property’s legal aspects, valuation report containing the fair market value of the property, property credit history which contains information of the list of owners of the property and the mortgages taken. The Property credit history reports contain two reports which are property CIBIL report and CERSAI check report. The other reports in the Property Dossier include the market dynamics report which provides the report on the real estate market and the loan documents required to avail the loan

Eligibility for Bajaj Finserv Loan Against Property

The following eligibility criteria should be met when availing the Bajaj Finserv Loan against Property:

Following Self-employed Individuals are eligible for a loan against property:

  • The individual must be an Indian resident
  • The age of the individual should be at least 25 years at the time of availing the loan
  • The individual should be self-employed with a regular source of income
  • The minimum amount of loan allowed is Rs. 60 lakh for Mumbai and Delhi and Rs. 30 lakh for other cities. The maximum amount of loan is Rs. 21 crore

For Firms & Companies

  • The individual must be an Indian resident
  • The age of the individual should be at least 25 years at the time of availing the loan
  • The individual should be self-employed with a regular source of income
  • The minimum amount of loan allowed is Rs. 60 lakh for Mumbai and Delhi and Rs. 30 lakh for other cities. The maximum amount of loan is Rs. 21 crore

Documents Required for Bajaj Finserv Loan Against Property

The following documents are required to avail of the Bajaj Finserv property loan

For Self-employed Individuals:

  • Application Form
  • Photograph
  • Identity Proof
  • Address proof
  • Signature Proof
  • Date of Birth Proof
  • IT Returns and Balance Sheet and Profit & Loss Account Statement of the last 2 years
  • Business Continuity Proof for the last 5 years
  • Bank account statements of the last 6 months
  • Copy of the property paper which is to be mortgaged

For Firms & Companies

  • Application Form
  • Director’s Photograph
  • Identity Proof
  • Address proof
  • Signature Proof
  • Certificate of Incorporation
  • IT Returns and Balance Sheet and Profit & Loss Account Statement of the last 2 years
  • Business Continuity Proof for the last 5 years
  • Bank account statements of the last 6 months
  • Partnership Deed in case of a Partnership Firm
  • Memorandum of Association and Articles of Association of the company

Fees and Charges for Availing LAP from Bajaj Finserv

Bajaj Finserv offers very attractive features and interest rates on its mortgage loans including LAP. The property loan from Bajaj Finserv is serviced at a floating rate of interest. The following fees and charges are levied by the company while sanctioning the loan from Bajaj Finserv:

Description Charges
Processing FeesNot exceeding 2% of loan sanctioned
Loan Statement ChargesZero
Interest and Principal Statement ChargesZero
PDC Swap ChargesZero
PDC Bounce ChargesRs.1000 for every instance of cheque bounce
Penal Interest Rate2% each month
Foreclosure ChargesNone
Part- Prepayment chargesZero

Note: Effective from June 2016, foreclosure charges and prepayment charges will be applicable on loan against property. These charges will not apply on loans in which all the borrowers are individuals and a loan is serviced at floating interest rate.

Foreclosure charges for Bajaj Finserv LAP

Borrower / interest typeTime periodForeclosure charges
Individual with floating rateMore than 1 monthNIL
Non individual with floating rate1-24 months4% plus other applicable taxes on outstanding principal amount
All borrowers with fixed rate25-48 months2% plus applicable taxes on principal outstanding

Note: Charges for line of credit and flexi loans will be calculated on the current principal outstanding.

Part prepayment charges for LAP from Bajaj Finserv

Interest/ borrower typeTime periodPart payment charges
Non-individual: floating rate1-24 months2% plus all other applicable taxes on the part payment amount paid
Individual : floating rateMore than 1 monthNIL
All borrowers: fixed rate25-48 months2% plus applicable taxes on the part payment amount paid

Note: Part payment should be more than one EMI. Nil part payment charges are for flexi loans

Mortgage Loan EMI Calculator

The company provides the facility of EMI on property loan. Loan against property EMI Calculator is used to calculate the Equated Monthly Instalments (EMI) payable under the loan. Following are some of the instances of calculated EMIs using the company’s available calculator.

  • Ram has an ancestral home which is lying idle as there are no inhabitants. He decides to avail a Loan against Property on the home and for the purpose approaches Bajaj Finserv. After the necessary valuation, the company decides to sanction a loan of Rs. 30 lakh. Ram agrees to the sanctioned amount and undertakes to repay the loan within 36 months or 3 years. The corresponding EMI payable by Ram for the said amount and tenure is Rs.99, 643 per month at an interest rate of 12% per annum
  • M/S ABC Company Limited, a private sector firm decides to avail of a Loan against Property from Bajaj Finserv against their office building to avail funds required to manage the working capital requirement of the business. The bank offers a loan of Rs. 50 lakh and the firm decides to repay the loan in 120 equated instalments over a course of 10 years. The respective EMI generated at a rate of interest of 12.50% per annum is Rs.73, 188 payable every month
  • Mr. Sharma decides to mortgage his two-story building to avail a loan against property in Bajaj Finserv which he intends to use for buying a new plot of land. He approaches Bajaj Finserv which after the necessary valuation process offers a loan of Rs. 75 lakh. Mr. Sharma promises to pay off the loan in 12 years through 144 equated instalments. The applicable rate of interest charged by the company is 12.75% for which Mr. Sharma is required to pay an EMI of Rs.101,940 per month.

The following table records the EMI of each of the above-mentioned cases for easy understanding:

Applicant Loan AmountInterest Rate TermEMI
Ram30 lakh12%3 years99, 643
M/S ABC Co. Ltd.50 lakh12.50%10 years73, 188
Mr. Sharma75 lakh12.75%12 years101, 940

Applying Online for Bajaj Finserv Property Loan

Keeping pace with the trend of online applications, the company offers Loan against Property applications online through its website. The process is simple and all you need to do is visit the company’s website then choose LAP from the available options and fill out the applicable fields.

After doing the necessary checks like credit worthiness, etc. loan against property will be granted by the NBFC. So, the customer does not have put up hassles to avail a loan. He or she simply needs to log on to Paisabazaar.com, choose the relevant tab, fill up the asked details; supply the necessary documentation and the company’s representative will call the customer back with the required assistance. So the applicant needs to provide his personal details like name, age, address, occupation, income, etc. which the company uses to match to the eligibility criteria laid down for availing the loan.

Alternatively, the applicant can call get in touch with a Bajaj Finserv representative via phone in order to get the LAP application processed. An existing customer can dial the toll-free IVR number and enter the 7-digit BFL Customer Id, select from the list of various IVR options and access all the relevant loan related details from the convenience of work or home. The applicants can also visit the branch of the company and apply for the loan.

Loan Against Property Customer Care

Existing customers can use the available toll-free number to connect with the company. Others can either visit the branch of the company call the toll-free number or SMS ‘LAP’ to the designated number and the company’s representative will get back to the customer with the required assistance. Customers can also mail their queries to the registered email address.

FAQs on Property Loan

Q. How to submit a fresh set of post dates EMI cheques?

A. You can submit your post dated EMI cheque at your nearest Bajaj Finserv branch. You can locate the branch which is nearest to your place and submit the cheques.

Q. How much time will it take to change the payment mode / account of your loan?

A. It will take approximately 25 working days to activate the revised instructions. In case your next instalment falls due prior to this period, an instruction is already lodged with Bajaj Finserv and will be presented for payment.

Q. What will happen to post dated cheques if mode of payment is changed?

A. Security cheques / post dated cheques (or PDCs as they are more commonly called) – if submitted earlier – will be dispatched to your mailing address within 15 days, on the condition that revised instruction are verified and found to be in order.

Q. Why is a property loan better than a personal loan?

A. To explain this we will make a comparison between personal loan and loan against property.

With the vast variety of loans available out there, it is not always easy to choose between loans, especially when two are almost similar in their nature with minute variations. However, these minimal disparities sometimes may prove highly beneficial or highly detrimental in your long-term future. Property loan and home loan are two of most preferred loan among customers. However, you need to know few things about both these forms of credit before you make a decision.

Personal loan

Loan against property

A personal loan is an unsecured type of loan. This means that you do not need to put your own collateral to avail one.A mortgage loan is a secured loan with the property that you pledge to the lender.
This loan is relatively easy to obtain if you have a clean credit history.To avail a loan against property, the procedures become a bit complex as it requires the history of your property against which loan is to be sanctioned
A personal loan is not a cheap loan as its interest rates start from 11.49% however usually interest is charged at around 16%.Loan against property is known to be one of the cheapest retail loans available with interest rate of the loans fluctuating from 12% onwards but in most cases they are less than 16%.
The personal loan amount which is sanctioned to you depends mainly upon your level of incomeThe property loan amount is dependent upon the value of mortgage you pledge

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