Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Frequently asked questions
The Loan Against Property Calculator is a type of calculator that helps you calculate your monthly instalments for the repayment of your loan against property.
EMI, or equated monthly instalment, is the total amount payable every month until the loan has been fully repaid. Every EMI consists of a principal component and an interest component. You can calculate your EMI in advance by using our EMI calculator.
LAP EMI calculator needs three key inputs to work; loan amount, tenure, and loan against property interest rate. Once you enter these details, the online calculator will help you calculate your EMI, total interest, and total amount payable.
A Property Loan Calculator or a Mortgage Loan EMI Calculator is easy to use. All you need to do is enter the following information:
- The loan amount
- Tenure
- Rate of interest
You can move the sliders to your left or right to adjust the values or directly type them in.
Now that you have all the information you need, go ahead and calculate your eligibility using the loan against property eligibility calculator or even schedule the full repayment of your loan using the loan against property foreclosure calculator.
For a loan against property, the loan amount is determined by the value of the property you are planning to mortgage. Your chosen lender will employ a valuer to evaluate your property's worth based on market trends, location, and property condition. This valuation, along with your income and repayment capacity, will determine the maximum loan amount. Typically, in India, you can expect to receive anywhere from 40% to 75% of the property's market value as a loan.
The valuation of property for a loan against property is determined by employing a qualified valuer. The role of the valuer is to provide an estimate of the property's market value. This valuation influences the amount of loan that you are eligible to receive. The process of property valuation usually includes several factors such as the size, location, vicinity to amenities like hospitals, schools, supermarkets, and the overall condition of the property. Moreover, the valuer will scrutinise the legal documents of the property to ensure it is free from disputes or legal issues. It also takes into account current market trends, property age, future development prospects in the area, and comparison with similar properties. Typically, the loan amount sanctioned by lenders in India ranges between 40% - 75% of the property’s market value. It is important to remember that different banks may use different criteria for valuation and have diverse terms and conditions.
A home loan and a mortgage loan are both secured loans offering comparatively lower interest rates. However, they serve different purposes. A home loan is specifically used to purchase or construct a new house. A mortgage loan, also known as a loan against property, can be used for any purpose, ranging from business expansion to education or medical expenses, but requires the borrower to mortgage a property they own. The suitability of either depends entirely on your requirements and resources.
The interest rates for a mortgage loan, or a loan against property, fluctuate based on various factors such as the lender, prevailing economic conditions, loan amount and the tenure of the loan. In India, the current rate of interest rate for a mortgage loan usually lies between 8.50% and 24%. The exact rate would depend on the financial institution and your individual credit rating.
The maximum tenure for a mortgage loan varies from lender to lender and it is contingent on factors such as the borrower's age, property value, and repayment capacity. However, in most cases in India, the maximum tenure for a mortgage loan ranges between 15 to 20 years.
Yes, it is certainly possible to opt for a 10-year mortgage loan. In fact, a shorter tenure like this can be beneficial, as overall you may end up paying less in interest. However, bear in mind that a shorter duration would carry higher monthly instalments, so it is important to choose a tenure that aligns comfortably with your financial capability. Remember to discuss this with your chosen lender before applying.
