Bajaj Housing Finance Loan Against Property

Bajaj Housing Finance Loan Against Property Highlights
Interest Rate	8.50%-18.00% p.a.
Tenure	Up to 30 years
Processing Charges	Up to 1%

Note: Rates as of 18 September 2023

Bajaj Housing Loan Against Property Interest Rates

LAP Interest Rate for Salaried & Self–Employed Professionals

Loan Type	Interest Rates (p.a.)
Loan Against Property	10.10%-18.00%
Balance Transfer	10.20%-18.00%

LAP Interest Rate for Self–Employed Borrowers

Loan Type	Interest Rates (p.a.)
Loan Against Property	9.75%-18.00%
Balance Transfer	9.85%-18.00%

Interest Rate for Developer Finance/Lease Rental Discounting

Loan Type	Interest Rates (p.a.)
Developer Loan	9.75%-18.00%
Lease Rental Discounting	8.50%-15.00%

Compare Interest Rates on Loan Against Property for Top Banks & HFCs

Name of the Lender	Interest Rate (% p.a.)
State Bank of India	10.60-11.30
Bank of Baroda	10.85-16.50
PNB Housing Finance	9.25-15.00
IDFC First Bank	9.00-16.50
HDFC Bank Limited	9.50-11.00
L&T Housing Finance	9.50 onwards
LIC Housing Finance	9.50-11.55
Godrej Housing Finance	9.75 onwards
ICICI Bank	10.85-12.50
Tata Capital	10.10 onwards
Bajaj Housing Finance	8.50-18.00
Axis Bank	10.50-10.95
Kotak Mahindra Bank	9.15 onwards

Types of Bajaj Housing Loan Against Property

Loan against Residential/Commercial Property

This loan facility is a Regular LAP facility for funding any financial obligation.

Loan against property for self-employed

This LAP facility is offered to self-employed applicants in the age group of 28-60 years

Loan against property for salaried employees

This loan against property facility is offered to salaried employees in the age group of 23 to 62 years of any public/private/MNC to meet diverse expenses like travel expenses, wedding costs, medical fees, home renovation costs, etc.

Loan against property for home renovation

This LAP facility is offered to applicants for up to 20 years to meet home renovation expenses such as installation of the latest lighting systems. remodel kitchen entirely or put in a false ceiling.

Loan against property for education

This LAP facility is offered to finance the borrower’s child education including tuition fees, travel and food expenses, accommodation charges, flight tickets, etc.

Age: For salaried individuals: 28-60 years

For self-employed individuals: 25-70 years

Loan Amount: Up to Rs 5 crore

Tenor: Up to 18 years

Loan against property for a wedding

This LAP facility is offered to applicants in the age group of 23-62 years to cover costs such as food and beverage expenses, venue bookings, exotic honeymoons, pre-wedding photo-shoot, and all marriage expenses.

Tenor (for salaried borrowers): 18 years

Tenor (for self-employed borrowers): 14 years

Loan against property for debt consolidation

This loan facility allows existing borrowers to have multiple loans to save on interest costs. Such borrowers can avail LAP at lower interest rates than the rates charged on their existing loans and use the LAP proceeds to repay those existing loans. Such borrowers can also reduce their EMI burden by opting for longer tenures than the residual tenure of their existing loans. Borrowers should note that the loan against property interest rate differs on the basis of tenure, loan amount, and the property used as collateral.

Loan against property balance transfer

This loan facility allows existing LAP borrowers to transfer their LAP availed from other lenders to Bajaj Housing at lower interest rates.

Loan against property for chartered accountants

This LAP facility is offered to chartered accountants to meet professional requirements such as the renovation of their existing offices, the opening of new branches or purchasing or leasing new premises.

Loan against property for doctors

This LAP facility is offered to doctors to renovate their clinics, purchase/install new medical equipment, hire trained staff, etc

Lease Rental Discounting

This LAP facility allows applicants to take loans against rental receipts. It also offers high-value financing for tenures of up to 11 years based on the residual lease of the property.

Bajaj Housing Loan Against Property Fees & Charges

Processing Fees & Charges

LAP for salaried applicants	0.3%-0.4%
LAP Balance Transfer/Fresh for self-employed applicants	1%

 

Types of Fees	Charges Applicable
Property loan statement charges	NIL
Interest & principal statement charges	NIL
Mortgage EMI bounce charges	Up to Rs 3000/-
Penal interest	Up to 2% per month
Mortgage origination fee	Up to Rs 4999 (one time)

Foreclosure charges and part payment charges

Floating rate loans: NIL

Flexi rate loans: All borrowers (including individuals) and the time period is under a month

Loan Type	Foreclosure charges	Part-prepayment charges
Term Loan	4% on principal outstanding	2%* on the part-payment amount
Flexi Loan	4% on available flexi loan limit	NIL
Flexi Hybrid Loan	4% on sanctioned amount during flexi interest only loan repayment tenure; and 4% on the available flexi loan limit during flexi term loan tenure	NIL

Notes:

1. Charges will be calculated on outstanding principal in case of a term loan
2. Charges will be calculated on sanctioned limit in case of Flexi Interest (only loan)
3. Charges will be calculated on current dropline limit in case of Flexi Term Loan
4. Part -prepayment made should be more than one EMI
5. The above charges are not applicable for Flexi Term loan facilities and Flexi Interest-only loan

Eligibility Criteria of Bajaj Housing Loan Against Property

For salaried applicants:

• Resident Indian citizens
• Age: 23 to 62 years at the time of the loan maturity
• Working in public companies/private companies/MNCs with at least 3 years of experience

For self-employed individuals:

• Resident Indian citizens
• Age: 25 to 70 years at the time of the loan maturity
• Applicant should have a steady source of income

Documents Required for Bajaj Housing Loan Against Property

For Salaried Individuals

• Latest salary-slips
• Last 3 months Bank Account Statements
• PAN card or Form 60 of all applicants
• ID Proof
• Address Proof
• Copy of the documents of the property that is to be mortgaged
• IT Returns
• Title documents

For Self Employed Individuals

• Previous 6 months primary bank account statements
• PAN card or Form 60 of all applicants
• ID Proof
• Address Proof
• Income documents like financial statements/ITR, etc
• Copy of the documents of the property that is to be mortgaged
• Title documents

Apart from the above-mentioned documents, the housing finance may also ask for additional loan aganist property documents of the applicants based on their credit profiles.