Bajaj Finance Loan Against Property
Bajaj Finance loan against property is a convenient solution for individuals looking to leverage their property’s value for various needs, such as funding a business, medical emergencies, and education. By utilizing their property as collateral, borrowers can unlock substantial financial resources while benefiting from the flexible loan terms. The Bajaj Housing Finance loan against property can be availed for a repayment period of up to 15 years.
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Bajaj Finance Loan Against Property Interest Rate
The interest rate is the cost of borrowing the money and affects how much you pay back each month and in total. The Bajaj Finance loan against property interest rate starts at 9.75% per annum and may go up to 18.00% per annum for self-employed and it ranges between 10.10% - 18.00% p.a. for salaried applicants.
The Bajaj Housing Finance LAP interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Fresh LAP | 9.75% - 18.00% per annum |
| LAP (Balance Transfer) | 9.85% - 18.00% per annum |
Bajaj Finance Loan Against Property Eligibility Criteria
Understanding the eligibility criteria for a LAP scheme is a vital procedure for prospective borrowers to assess their qualifications and improve their chances for loan approval. Usually, lenders consider criteria such as the age, income, credit score, work status, and nationality of the borrower before approving a LAP.
Feel free to check out the updated Bajaj Finance loan against the property eligibility criteria given below:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 23 - 62 years | 23 - 62 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Steady Income | Steady Income |
| Credit Score | 750 or above (preferred) | 750 or above (preferred) |
Bajaj Finance Loan Against Property Fees and Charges
Understanding and setting the fees and charges for an LAP helps in transparent financial planning, allowing you to accurately assess the total cost of the loan and manage your finances effectively. The Bajaj Finance loan against property processing fees and other similar charges are listed below for a quick reference:
| Processing Fee | Up to 4% of the loan amount + GST |
|---|---|
| Interest and Principal Statement Charges | Nil |
| Property Loan Statement Charges | Nil |
| Mortgage Origination Fee | Up to Rs. 4,999 (one time) |
| Mortgage EMI Bounce Charges | Up to Rs. 3,000 |
| Penal Interest | Up to 2% per month |
| Foreclosure Charges | 4% on the principal outstanding amount |
| Part Prepayment | 2% of the part-payment amount |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing the interest rates and processing fees on Loan Against Property from top banks and Non-Banking Finance Companies is essential to knowing the cost of borrowing, and make an informed decision. So, if you are planning to apply for Bajaj LAP, here is your chance to compare its rate of interest with 5 leading competitors:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Bajaj Housing Finance | 9.75% - 18.00% p.a. | Up to 4% of the loan amount + GST |
| Tata Capital | 9.00% - 14.25% p.a. | Up to 1.25% of the loan amount + GST |
| LIC Housing Finance | 9.50% - 11.55% p.a. | 1% of the loan amount |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Bank of Baroda | 10.85% - 18.60% p.a. | 1% of the loan amount |
| Bank of India | 11.35% - 12.85% p.a. | 1% of the loan amount |
Get Home Loan Starting at 8.5%*
Documents Required For Bajaj Finance Loan Against Property
By ensuring all the necessary paperwork is complete and accurate, you can enhance your chances of securing the loan swiftly and with favorable terms. Mentioned below is the list of required Bajaj Finance bank loan against property documents:
1. For Salaried Loan Applicants
- Address/ Identity Proof: Aadhaar Card, Passport, Voter ID Card, PAN Card, etc.
- Income Proof: Salary Slips for 3 months, Bank Account Statements for 3 months, Latest ITR/ Form 16
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form with recent passport size photograph, Appointment Letter
2. For Self-Employed Loan Applicants
- Address/ Identity Proof: PAN Card, Aadhaar Card, Passport, and Voter ID Card
- Income Proof: ITR/ Form 16 for 3 years, Form 26AS, Profit and Loss Account Statements and Balance Sheets for 3 years, Savings Account Statement/ Current Statement of the Business Entity for 6 months, Business Profile
- Documents of Property: Copy of all the Property Documents such as the Approved Plan, Title Deeds, etc
- Other Documents: Processing Fee Cheque, Duly Filled Application Form with a recent passport-size photograph, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
Find SBI Home Loan Offices Near You
SBI has a vast network of over 16,000+ home loan branches across the country. You can easily search online for an SBI home loan branch near me or fill in the Free Consultation Form, and the BASIC Home Loan team will assist you in applying for an SBI bank home loan.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Yes, Bajaj Housing Finances offers hassle-free loan against property schemes to eligible borrowers, who can be both salaried or self-employed individuals.
Yes, a borrower can opt for a part-prepayment on a Bajaj Finance loan against property but the NBFC may charge up to 2% of the part-prepayment amount as a fee for doing so.
Yes, you can be imposed a fine for not paying your Bajaj Finance loan against property EMI, and at worst, the NBFC may do an auction of your property.
Yes, you can top-up your Loan Against Property (LAP) with Bajaj Finance under certain conditions such as a decent repayment track record, decent income, and other terms and conditions associated with the top-up facility.
Bajaj Finance generally accepts residential, industrial, commercial properties and vacant land as collateral for a loan against property.
Yes, borrowers can easily get a Bajaj Finance Loan Against Property for almost all locations in India.