Bajaj Finserv Loan Against Property 2020
|Interest Rate||10.10% onwards|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Loan Tenure||Up to 20 years|
|Processing Fees||Up to 6%|
Bajaj Finserv offers Loan Against Property (LAP), also known as Mortgage Loan, at a competitive interest rate starting from 10.10% per annum. Availing a LAP from Bajaj Finserv provides the flexibility to use the loan amount for any personal or business purpose except speculative purposes. Bajaj Finserv also offers Balance Transfer facility and Flexi dropline feature to LAP customers.
Features & Benefits of Bajaj Finserv Loan Against Property
- Flexible repayment tenure
- No hidden charges
- Low to no prepayment charges
- Affordable interest rate
- High loan amount availability
- Quick disbursal in 4 days
- Availability of Balance Transfer facility
- Easy Documentation
Bajaj Finserv Loan Against Property Interest Rate
The interest rate offered by Bajaj Finserv on a Loan Against Property is linked with the Bajaj Finance Limited Floating Reference Rate. The table below shows the ROI applicable to LAP for salaried and non-salaried customers.
|Nature of Profession||Applicable ROI (per annum)|
|Salaried||10.10% to 11.50%|
|Non-Salaried||10.50% to 14.50%|
Bajaj Finserv LAP Processing Fees & Other Charges
|Types of fees||Charges applicable|
|Processing fee||Up to 6%|
|Property loan statement charges||NIL|
|LAP interest and principal statement charges||NIL|
|Mortgage EMI bounce charges||Up to Rs.3,000|
|Penal interest||Up to 2% per month|
|Mortgage origination fee||Up to Rs.4,999 (payable one-time)|
|Part-prepayment charges||● For floating rate loans: NIL|
● For fixed-rate loans: 2% of the amount paid
Note: The part-prepayment amount should be more than 1 EMI.
|Foreclosure charges||● For floating rate loans: NIL|
● For fixed-rate loans: 4% on the principal outstanding
* Applicable Goods and Services Tax (GST) will be levied in addition to the mentioned charges.
Note: Other applicable charges will be levied as and when required.
Bajaj Finserv Loan Against Property EMI Calculator
Loan against property EMI calculator is a free and easy-to-use online tool to find an estimate of the monthly instalments to be paid towards loan repayment. Customers can use Paisabazaar’s Loan Against Property EMI calculator any time, as it is available 24/7 on the Paisabazaar website.
Follow the below-mentioned steps to calculate EMI using Paisabazaar’s LAP EMI Calculator.
- Visit Paisabazaar’s Loan Against Property EMI Calculator page
- Enter the following details, manually or by using the movable slider available on the page:
- Loan Amount: This is the principal amount borrowed from the bank or NBFC by the customer. Higher the loan amount, higher the EMI
- Rate of Interest: This is the most critical factor that determines your ability and the ease to repay the loan. Different banks and housing finance institutions offer different interest rates which keep changing from time to time. Higher interest rate on your loan means a higher EMI amount to be paid
- Loan Tenure: This is the time within which the borrower needs to repay the loan amount fully. The loan tenure depends on the borrower’s current age and the retirement age. Longer the tenure, smaller the EMIs and vice versa
Upon filling all the relevant details, the monthly instalment amount will show up instantly in the right panel.
Bajaj Finserv LAP Eligibility Criteria
The minimum requirements that a customer must meet in order to avail a mortgage loan from Bajaj Finserv are as follows:
|Eligible Profiles||Salaried and Non-Salaried Individuals|
|Eligible Cities||Hyderabad, Delhi, Kolkata, Mumbai, Thane, Pune, Ahmedabad, Chennai, Bangalore, Ahmedabad, Vizag, Udaipur, Surat, Indore, Cochin, Aurangabad|
|Employment status||● For Salaried: Should be a salaried individual employed in a public sector company, private company, or an MNC|
● For Others: Should be self-employed having a regular source of income
|Type of Property||● Residential properties (both self-occupied and rented)|
● Commercial properties (both self-occupied and rented)
● Residential plot with no construction
● Industrial properties
|Maximum Loan Amount||● For Salaried: Rs.1 crore|
● For Others: Rs. 3.5 crore
|Maximum Repayment Tenure||● For Salaried: 20 years|
● For Others: 18 years
|Age||● For Salaried:|
○ Minimum: 33 years
○ Maximum: 58 years
● For Non-Salaried:
○ Minimum: 25 years
b>○ Maximum: 70 years
Check Also: Loan Against Property Eligibility Criteria
Documents Required for Bajaj Finserv Loan Against Property
The table below shows the list of documents required to apply for a Loan Against Property with Bajaj Finserv.
|Salaried Individuals||Self Employed Individuals|
|● Identity proof like PAN card, Aadhaar Card, Voter ID Card, Passport, or any other government ID|
● Address proof like Voter ID Card, Aadhaar Card, Passport, Utility bill, Ration Card, or any other address proof issued by the government
● Salary slip – latest
● Last 3 months’ bank account statement
● Income Tax returns
● Documents of property to be mortgaged
|● Voter ID Card, Aadhaar Card, Passport, or any other government ID for Identity proof.|
● Utility bill, Voter ID Card, Aadhaar Card, Passport, or any other address proof issued by the government.
● Last 6 months’ bank account statement.
● Documents of property to be mortgaged
Check Also: Loan Against Property Documents Required
Apply for Bajaj Finserv LAP on Paisabazaar.com
Customers can apply online for Bajaj Finserv LAP through Paisabazaar.com by simply following the below-mentioned steps.
- Visit Loan Against Property page
- Fill in the following information:
- desired loan amount
- employment type
- annual income
- contact details
After this, various LAP offers, which you are eligible for, will appear on your screen from multiple banks. Select ‘Bajaj Finserv’ from the list and click on the ‘Submit’ button. Soon, a representative from Paisabazaar will connect with you on the provided contact number to process your application.
Bajaj Finserv Customer Care Details
Customers can reach out to Bajaj Finserv through the below-mentioned contact details to get their loan-related queries addressed.
- Phone: 08698010101
- E-mail: email@example.com
Q1. Who can be a co-applicant?
Brother/spouse/parents and any other close relative can join as a co-applicant for Loan against Property.
Q2. Is LAP available to NRIs?
No, Bajaj Finserv does not provide LAP to NRIs.
Q3. For what purposes can a Loan Against Property be used?
A Loan Against Property from Bajaj Finserv can be used for personal and business purposes mentioned below.
|● Healthcare and medical issues,|
● Higher education,
● Downpayment of a high-value purchase, etc.
|● Overseas business trip,|
● Business expansion,
● Stock inventory,
● Marketing and promotion, etc.
Q4. Is it mandatory to have property Insurance?
Yes. It is essential to insure the property being mortgaged. The insurance cover should cover damages caused by fire and such calamities and must be valid throughout the loan tenure. Every borrower has to submit a proof of the insurance policy annually or when needed.
Q5. What is Flexi dropline feature?
This feature is available with the Overdraft facility. It enables you to borrow as you go and pay interest only on the amount utilize, which helps in managing finances effectively.