Bajaj Finance Loan Against Property
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.
Bajaj Finance EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
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 8% per annum and may go up to 14% per annum for self-employed and salaried applicants.
The Bajaj Finserv Finance LAP interest rate 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Home Loan | 7.25% - 20% per annum |
| Loan Against Property | 8% - 14.00% 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:
For Salaried Individuals
Age Range (in years)
21 - 85 years
Nationality
Indian Residents
Minimum Income Earned
Steady Income
Credit Score
650 or above (preferred)
For Self-Employed Individuals
Age Range (in years)
21 - 85 years
Nationality
Indian Residents
Minimum Income Earned
Steady Income
Credit Score
650 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 3.54% 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 | Rs. 1,500 plus GST |
| Penal Interest | 36% PA |
| Foreclosure Charges | 4% on the principal outstanding amount |
| Part Prepayment | 4.72% of the part-payment amount |
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:
- Rate of Interest - 8% - 14.00% p.a.
- Processing Fee - Up to 3.54% of the loan amount + GST
- Rate of Interest - 9.00% - 14.25% p.a.
- Processing Fee - Up to 1.25% of the loan amount + GST
- Rate of Interest - 9.50% - 11.55% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.00% - 11.30% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 10.85% - 18.60% p.a.
- Processing Fee - 1% of the loan amount
- Rate of Interest - 11.35% - 12.85% p.a.
- Processing Fee - 1% of the loan amount
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:
| 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 |
| 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 |
How to Apply for Bajaj Finance Loan Against Property
Finally, if you have made the comparisons and have decided to proceed with the Bajaj Finance loan against property apply online procedure, then follow these easy steps:
Apply Now on the BASIC Website
Go to the official website of BASIC Home Loan and click on the Apply Now section
Choose ‘Loan Against Property’
Choose ‘Loan Against Property’ under ‘Tell us about your requirements’ on the next displayed page
Enter Your Details
Fill in the required details on the online form, and then click ‘Next’
Our Expert Will Reach Out to You
The BASIC Home Loan team will then contact you for further process in applying for a Bajaj Finance Home Loan Against Property
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