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Bajaj Housing Finance Loan Against Property Highlights |
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| Interest Rate | 9.75%-18.00% p.a. |
| Tenure | Up to 30 years |
| Processing Charges | Up to 1% |
Note: Rates as of 11 June 2024
Table of Contents
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% |
Compare Interest Rates on Loan Against Property for Top Banks & HFCs
| Name of the Lender | Interest Rate (% p.a.) | |
| State Bank of India | 10.00-11.30 | |
| Bank of Baroda | 10.85-18.60 | Apply Now |
| PNB Housing Finance | 9.25-15.00 | Apply Now |
| IDFC First Bank | 9.00-16.50 | Apply Now |
| HDFC Bank Limited | 9.50-11.00 | Apply Now |
| L&T Housing Finance | 9.50 onwards | Apply Now |
| LIC Housing Finance | 9.50-11.55 | Apply Now |
| Godrej Housing Finance | 9.75 onwards | Apply Now |
| ICICI Bank | 10.85-12.50 | Apply Now |
| Tata Capital | 9.00 onwards | Apply Now |
| Axis Bank | 10.50-10.95 | Apply Now |
| Punjab National Bank | 10.40-12.75 | Apply Now |
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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.
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Bajaj Housing Loan Against Property Fees & Charges
Processing Fees
| LAP for salaried applicants | 0.3%-0.4% |
| LAP Balance Transfer/Fresh for self-employed applicants | 1% |
Other Charges
| 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:
- Charges will be calculated on outstanding principal in case of a term loan
- Charges will be calculated on sanctioned limit in case of Flexi Interest (only loan)
- Charges will be calculated on current dropline limit in case of Flexi Term Loan
- Part -prepayment made should be more than one EMI
- 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
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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.