Bajaj Finserv Loan Against Property
Bajaj Finserv Loan Against Property (LAP) has emerged as a preferred choice for those looking to get some financial help by mortgaging a property. The NBFC offers LAP with several compelling advantages such as competitive interest rates, flexible repayment options, and swift loan processing. Borrowers can get a Bajaj Finserv Property Loan at an interest rate starting at 10.10% per annum for as long as 15 years of a repayment period.
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Bajaj Finserv Loan Against Property Interest Rate
Bajaj Finserv offers competitive and affordable interest rates on Loan Against Property (LAP), making it an attractive option for borrowers looking to leverage their property for financial needs. These rates are designed to be competitive in the market, ensuring cost-effective borrowing solutions while providing flexible repayment options tailored to suit individual financial situations. The Bajaj Finserv loan against property interest rate starts at 10.10% per annum.
Mentioned below is the Bajaj Finserv LAP 2024 for a better understanding of a prospective customer:
| Rate Package | Rate of Interest |
|---|---|
| Fresh LAP | 10.10% - 18.00% per annum |
| Balance Transfer LAP | 10.20% - 18.00% per annum |
Bajaj Finserv Loan Against Property Eligibility Criteria
Checking eligibility for a Loan Against Property ensures that borrowers understand the maximum loan amount they can avail based on their property's value and their financial profile, helping them plan their finances more effectively and avoid unnecessary rejections.
Make sure to go through the given table to understand the Bajaj Finserv loan against property eligibility:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | Minimum Age: 25 years (18 years for non-financial property owners) | Maximum Age: 85 years (at the time of maturity for non-financial property owners) | Minimum Age: 25 years (18 years for non-financial property owners) | Maximum Age: 85 years (at the time of maturity for non-financial property owners) |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Nothing specific | Nothing specific |
| Credit Score | 700 or above (preferred) | 700 or above (preferred) |
Bajaj Finserv Loan Against Property Fees and Charges
Banks and NBFCs charge fees and charges on Loans Against Property to cover administrative costs associated with processing the loan application and documentation. These fees also mitigate the risk involved in offering secured loans by assessing property valuations and legal aspects. The Bajaj Finserv loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | Up to 4% of the loan amount + applicable taxes |
|---|---|
| Penal Charges | Rs. 1000 + GST |
| Cheque Bounce Charges | Rs. 1,500 per instance |
| EMI Bounce Charges |
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| Repayment Instrument Dishonour Charges | Rs. 500 + GST |
| Stamp Duty | As per actuals + GST |
| Foreclosure Charges |
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| Part Prepayment Charges |
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| Switch Charges for Rate of Interest Change | Up to 2.36% of the principal outstanding |
| CERSAI Charges | Up to Rs. 118 (including taxes) |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
Comparing interest rates on Loan Against Property across top banks and NBFCs ensures you secure the most competitive deal tailored to your financial needs. It helps in identifying potential savings on interest costs over the loan tenure and making informed financial decisions. This comparison also allows you to assess additional features, like repayment flexibility and customer service, ensuring a comprehensive evaluation before committing to a lender, so check out the table below:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Bajaj Finserv Housing Finance | 10.10% - 18.00% p.a. | Up to 4% of the loan amount + applicable taxes |
| Bajaj Housing Finance | 9.75% - 18.00% p.a. | Up to 4% of the loan amount + GST |
| Axis Bank | 10.40% - 12.75% p.a. | 1% of the loan amount or Rs. 10,000 (whichever is higher) |
| ICICI Bank | 10.85% - 12.50% p.a. | 1.50% of the loan amount or Rs. 11,000 (whichever is higher) |
| Bank of India | 11.35% - 12.85% p.a. | 1% of the loan amount |
| Piramal Housing Finance | 11.50% p.a. onwards | Up to 3% of the loan amount + applicable taxes |
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Documents Required For Bajaj Finserv Loan Against Property
No financial institution will lend you money for any reason without verifying the KYC documents. Hence, it is important to go through the Bajaj Finserv loan against property documents required list given below and arrange for the same before applying for a LAP scheme from the lender:
1. For Salaried Loan Applicants
- Proof of Identity: Voter ID Card, Aadhaar Card, Passport PAN Card, etc
- Proof of Address: Recent Electricity Bill, Phone Bill, Ration Card
- Proof of Income: Salary Slips for 3 months, Bank Account Statements for 6 months, Recent ITR/ Form 16
- Property Documents: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Duly-Filled Application Form with recent passport-size photograph, Processing Fee Cheque, Appointment Letter
2. For Self-Employed Loan Applicants
- Identity Proof: Voter ID Card, Aadhaar Card, PAN Card, Passport
- Address Proof: Latest Electricity Bill, Phone Bill, Ration Card
- Income Proof: ITR/ Form 16 for 3 years, 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, Form 26AS
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
- Other Documents: Duly-filled Application Form with recent passport-size photograph, Processing Fee Cheque, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
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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
At the moment, the rate of interest for a Bajaj Finserv Loan Against Property ranges between 10.10% - 18.00% per annum.
The maximum loan against property offered by Bajaj Finserv is up to Rs. 10.50 crores.
Bajaj Finserv offers loan against property on both fixed and floating rate basis.
If the borrower fails to repay the Bajaj Finserv Loan Against Property as per schedule, he/ she may get penalised by a fine or the property may get auctioned.
The applicant will get to know about the approval of a Bajaj Finserv Loan Against Property application through an email, SMS, or call from the NBFC.
The minimum credit score required for a Bajaj Finserv Loan Against Property is 700. However, in case the applicant meets other eligibility requirements, even a lesser score can be considered.