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FEATURE & BENEFITS OF HOME LOAN
Overview 

Loan Against Property

Rate of Interest stars from 7.50% to 8.50% P/A.

The Home Loan EMI Starts from Rs. 649/ Lakh* to 749/ Lakh* , Apply affordable home loan with us online

Repay your loan with the tenor up to 20 to 30 years

The majority of the Banks offer 5 years to 30 years depending on the customer's affordability 

Get your home loan sanctioned within 24 hour

To guarantee a problem-free encounter, Our loan gets disbursed soon after we get confirmation.

Financing up to Rs 5 crore*

One can benefit from stays uncapped for qualified candidates with a decent CIBIL record and consistent paying EMIs.

Avail maximum Top-up

At the time of transferring your existing home loan through us, you can benefit from a maximum top-up loan amount.

Nil part payment foreclosure charges

Floating rate home loans can be foreclosed or can make part payments  before the end of the tenor

Hassle free home loan processing

we endeavor to offer the ideal experience through handling and then some. Our qualification standards are basic and documentation necessities are insignificant

Repo linked lending rate

The Repo rate is the rate at which banks acquire momentary benefits from RBI.

Eligibility criteria and documents required

Anyone can apply for our loan against property as long as they meet the criteria mentioned below.

Eligibility criteria
  • Nationality: You must be an Indian citizen residing in India with property in a city we operate in.

  • Age: Minimum age: 25 years* (18 years for non-financial property owners)

Maximum age: 85 years* (including non-financial property owners)

*Age of the individual applicant/ co-applicant at the time of loan maturity.

*Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure.

  • CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property.

  • Occupation: Salaried, self-employed professionals like doctors, and self-employed non-professionals are eligible to apply.

Note: This is an indicative list that may change based on your actual loan application.

Documents required:
  • Proof of identity/ residence - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card

  • Proof of income

  • Property-related documents

  • Proof of business (for self-employed applicants), and

  • Account statements for the last 6 months

Rate of interest (floating rate of interest)

8% to 14% per annum

Processing fee

Up to 3.54% of the loan amount (inclusive of applicable taxes)

Documentation charges

Up to Rs. 2,360/- (inclusive of applicable taxes)

Flexi fee

Term Loan - Not applicable

Flexi Variant - Not applicable

Prepayment charges

Full prepayment

Term Loan:  Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment

Flexi Term Loan (Flexi Dropline):  Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Flexi Hybrid Loan:  Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part-prepayment

Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.

Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

Note: If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline):  Not applicable

Flexi Hybrid Loan:  Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during Initial loan tenure. Not applicable for subsequent loan tenure.

Bounce charges

In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied

Penal interest

Penal interest is applicable in the following scenarios:

1. Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum on the monthly instalment outstanding, from the date of default until the receipt of monthly instalment.

2. Default of other condition(s): In case of breach of terms of the loan agreement and/ or sanction letter terms, including but not limited to non-submission of requisite documents to BFL, it shall attract penal interest at the rate of 1% per annum on the loan amount till the date of rectification of such default to the satisfaction of BFL. The effective date of levying of penal interest shall commence from the date of committing the default, unless otherwise communicated to the borrower(s) in writing before the penal interest is levied.

Stamp duty (as per respective state)

In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied

Mandate rejection charges

Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered

Broken period interest/ pre-EMI interest

Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 –

More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods:

  • For Term Loan: Deducted from the loan disbursement

  • For QDP process and disbursement mode is cheque: Added to the first instalment

  • For Flexi Term Loan: Added to the first instalment

  • For Flexi Hybrid Loan: Added to the first instalment

Scenario 2 –

Less than 30 days from the date of loan disbursal till the first EMI is charged:

  • In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

Mortgage origination fees

Up to Rs. 6,000/- per property (inclusive of applicable taxes)

Property insight (if availed)

Rs. 6,999/- (inclusive of applicable taxes)

CERSAI charges

Up to Rs. 118/- (inclusive of applicable taxes)

Conversion fee (floating to fixed)

For Term Loan:  Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan:  Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note:

a) The company would charge additional interest rate risk premium of 200 bps over the applicable rate of interest on the borrower's loan account as on that date.

b) Three conversions are permissible throughout the entire tenure

Conversion fee (fixed to floating)

For Term Loan:  Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan:  Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note: Three conversions are permissible throughout the entire tenure.

Switch fee for ROI change

Up to 2.36% (inclusive of applicable taxes) of principal outstanding

Commitment fee

Maximum up to total PF amount.

Applicable fees and charges

We advise you to read about our fees and charges thoroughly before applying.

Frequently asked questions

  • Any salaried or self-employed individual can apply for a Loan Against Property with Bajaj Finserv as long as you meet our eligibility criteria. Your age, employment status and city of residence are other key criteria.

  • If you are a salaried or a self-employed Indian citizen residing in India, between the age group of 25 years to 85 years, you are eligible. Other factors like your income profile, your CIBIL Score, etc. are also considered when you apply for a loan against property.

    *Terms and conditions apply

  • Loan Against Property is a secured loan in which you mortgage your property to a lender in exchange for a substantial sanction to cover your expenses. Several factors influence the final loan amount, including the individual's profile and repayment capacity, the property's market valuation, and the lender's loan to value ratio.

  • You can repay the total sum borrowed over a convenient repayment tenure of up to 15 years.

  • The CIBIL Score is an important indicator of your creditworthiness. To get a loan against property, it is preferable to maintain a CIBIL Score of 700 or higher.

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