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Loan Against Property Interest Rates

Loan Against Property Interest Rates and Fees

Avail the fastest Bajaj Finserv Loan Against Property at affordable interest rates, with money in bank in 4 days. There are no hidden charges involved.

Here is a list of the rates and charges of Loan Against Property.

Property Loan Interest Rates For Salaried

  • LAP (Loan Against Property) = BFL-SAL FRR* – Margin = 10.10% to 11.50%

*BFL-SAL FRR (Bajaj Finance Limited Floating Reference Rate for Salaried customers) – 20.90%

Property Loan Interest Rates For Self Employed

  • LAP (Loan Against Property) = BFL-SE FRR* – Margin = 10.50% to 14.50%

*BFL-SE FRR (Bajaj Finance Limited Floating Reference Rate for Self Employed customers) 20.90%

BHFL FRR for cases booked prior to April 2018 was 12.95%

Loan Against Property Interest Rates in India
Types of Fees on Property Loan Charges Applicable
Loan Against Property Processing fees Up to 1.5%
Property Loan statement charges Rs. 50
LAP Interest and principal statement charges NIL
Mortgage EMI bounce charges Up to Rs.3,000/-
Penal interest Up to 2% per month
Mortgage origination fee Up to Rs.4,999 (One time)

*Applicable following 1st EMI clearance.

 

Loan Against Property Foreclosure Charges
 

Borrower type: Interest type Time (Months) Foreclosure charges
Individual: Floating rate >1 Nil
Non-individual: Floating rate >1 4% + applicable taxes
All borrowers: Fixed rate >1 4% + applicable taxes

- For Term Loan, charges will be calculated on the outstanding principal.

- For Flexi Interest-only Loan, charges will be calculated on the sanctioned limit.

- For Flexi Term Loan, charges are calculated on the current dropline limit.

Loan Against Property Part-Prepayment Charges

Borrower type: Interest type Time (Months) Part-prepayment charges
Individual: Floating rate >1 Nil
Non-individual: Floating rate >1 2% + applicable taxes
All borrowers: Fixed rate >1 2% + applicable taxes

- Part-prepayment made should be more than 1 EMI.

- These charges are not applicable for the Flexi Interest-only Loan and Flexi Term Loan facilities.

Loan Against Property Interest Rates and Fees FAQs

Does The Property Against Which Loan Is Being Taken Have To Be Insured?

Yes, you should have the property to be mortgaged insured against fire & other calamities during the loan tenure. You need to provide proof of the same to Bajaj Finserv when required.

It is also advisable to avail an insurance cover for the Loan Against Property availed. Know why do you need Mortgage Loan insurance below.

  • It guarantees Mortgage Loan repayment in case of the policyholder’s unfortunate disability or death.
  • Section 80C of Income Tax Act declares the premium on loan mortgage insurance tax deductible if you utilise the amount for a residential property purchase or for construction.

So, have an insurance policy in place for your property when you apply for a Loan Against Property with Bajaj Finserv for maximum liability coverage.

What is the meaning of Mortgage Loan?

The Mortgage Loan meaning implies credits or advances financial institutions provide to borrowers against property kept as mortgage. Bajaj Finserv provides this loan against mortgage of residential, commercial or industrial property.

You can avail two types of mortgage credit with Bajaj Finserv, Home Loan and Loan Against Property. While the former’s use limits to purchase of residential property, the latter comes with no restriction to end-usage and can also be availed for particular purposes as well.

  • Marriage advance
  • Advance for debt consolidation
  • Advance against machinery
  • Education Loan on Property, etc.

Apply for a mortgage credit as per your need with Bajaj Finserv. Submit documents to complete the marriage, debt consolidation or education loan procedure and avail the finance applied for easily.

Who is eligible for a Loan Against Property from Bajaj Finserv?

Whether you need to finance your child’s education abroad or invest a lump sum amount towards business growth, the Bajaj Finserv Loan Against Property is designed for every purpose. You can apply for this feature-rich secured loan once you meet the simple eligibility criteria as below.

1. Employment status
Either be a salaried individual with an MNC, private or public concern or be a self-employed individual with a stable income.

2. Age group
You should be within 25 – 70 years if salaried applicant and 33 – 58 years if self-employed.

3. Nationality
Be an Indian citizen, residing in the country.

If you qualify for the Bajaj Finserv Mortgage Loan, apply online with our application form easily.