Loan Against Property for Higher Education

Pursuing higher education overseas is a significant investment. You may experience unexpected expenses like travel costs, fees for additional classes, daily living expenditures, housing rent and more. Our Loan Against Property takes care of these expenses rarely covered under an Education Loan. You can get a loan of up to Rs. 10.50 crore* against your residential or commercial property to fulfil your unplanned financial needs.

Visa and Flight

VISA AND FLIGHTS

Apart from college application fees, the cost of visa, insurance, and flight ticket add up to a substantial expense. A loan against property enables you to pay for alike costs, thanks to the no end-use restrictions.

Elective Courses

ELECTIVE COURSES

Education loans are likely to cover just the cost of tuition. But if your child wants to opt for an elective course for extra credits, you should not have to worry about the additional capital.

Living Expenses

LIVING EXPENSES

In addition to paying your rent, there are other overheads like groceries, transportation, phone bills, and internet. These can set you back by an enormous amount. These substantial costs are often not covered by an education loan and require additional finances.

Course Material

COURSE MATERIAL

You may require study materials, equipment, gadgets, special software, and similar supplies throughout your course. These expenses are typically unanticipated and can arise at any point. So, it is wise to arrange for additional loans to offer your child the finest education.

Emergency Fund

EMERGENCY FUND

It is critical to keep aside some money for unforeseen circumstances such as accidents or illnesses. While insurance can be beneficial in some instances, it does not always cover all expenses.

Features and benefits of our loan against property

Features and benefits of a Loan Against Property 00:44

Features and benefits of a Loan Against Property

Understand the features and benefits of availing the loan against property.

  • Loan amount

    Loan amount of up to Rs. 10.50 crore*

    Manage your urgent financial needs with a sizeable loan amount of up to Rs. 10.50 crore* sanctioned based on your mortgaged property.

  • Low interest rates

    Low interest rates

    Our loan against property comes with affordable interest rates starting from 8% to 14% (Floating rate of Interest) p.a.

  • Disbursal in 72 hours*

    Disbursal in 72 hours*

    Get money in your bank account within 72 hours of the approval & subject to receipt of all applicable documents and basis risk policy.

  • Tenure of up to

    Tenure of up to 15 years

    You can repay your loan amount conveniently with a repayment tenure ranging up to 15 years.

  • Multiple end-use options

    Multiple end-use options

    With no end-use restrictions, use the loan amount for an emergency or pay for wedding expenses, higher education or business expansion.

  • No foreclosure charges*

    no foreclosure charges*

    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.

  • Externally benchmarked interest rates

    Externally benchmarked interest rates

    You can opt for an interest rate linked to the Bajaj Floating Reference Rate (BFRR). This offers a transparent interest rate process and allows you to benefit from favourable market conditions, as the BFRR is periodically reviewed and approved by internal committees. Any existing loan agreements held by Bajaj Finance customers linked to external benchmarks will remain unaffected.

  • *Terms and conditions apply.

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EMI Calculator

Loan against property EMI calculator 

Enter a few details and check your loan against property EMIs.

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.

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

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

Eligibility Calculator

Check your loan against property eligibility

Find out how much loan amount you can get.

Loan against property application process

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Step-by-step guide to apply for a loan against property

  1. Click on the 'APPLY' button on this page.
  2. Enter your pin code and click Proceed.
  3. Provide basic details like your full name and mobile number.
  4. Now select the type of loan that you wish to apply for, your net monthly income, your area pin code, and the required loan amount.
  5. Generate and submit your OTP to verify your phone number.
  6. Enter further details like your property location, your current EMI amount/ monthly obligation, and your PAN number.
  7. Click on the ‘SUBMIT’ button.

That is it! Your loan request is submitted. Our representative will connect with you and guide you through the next steps.

What is the interest rate on mortgage loans?

The interest rate on a mortgage loan is the cost that a lender charges for borrowing money, expressed as a percentage of the loan amount. It is either fixed, staying constant over the loan tenure, or variable, fluctuating in line with changes in the market rate. In India, mortgage rates typically range from 8.75% to 14%, varying widely due to factors such as the borrower's credit score, loan-to-value ratio, and the nature and location of the property being mortgaged. Be aware that the interest rate plays a significant role in determining the cost of your loan, so shopping around for the best rate is crucial.

Mortgage Loan Interest Rates: Applicable Fees and Charges

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

Type of fee

Applicable charges

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

Rs. 1,500/- per bounce.
“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.

Penal charge

Penal Charge is applicable in the following scenarios:

a. Penal Charge:
Any payment default shall attract penal charge of Rs. 190/- per day for period of such delay from the respective due date and continue to apply until the date of receipt of amounts under the said default.

b. Covenant Perfection Charge:
i) Rs. 800/- per day for non-submission of critical documents after 90 days of disbursement. Levy from the date when due on non-compliance of any one or all heads in the category.
ii) Rs. 500/- per day for non-submission of non-critical documents after 120 days of disbursement. Levy from the date when due.

Stamp duty (as per respective state)

Payable as per state laws

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) charged upfront.

Note - In case of re-valuation of the property then MOF will be levied again and shall be deducted from loan disbursement amount.

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
Cash collection handling charges Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs.
Cash deposit charges Customers will incur a cash deposition charge of Rs. 50 (inclusive of applicable taxes) when making cash payments at our branch offices.
PG facility charges Rs. 11 (inclusive of applicable taxes) will be charged for utilising the payment gateway to make part or full payments towards the loan through digital properties.
Commitment fee
Maximum up to total PF amount.


Still haven’t found what you are looking for? Click on any of the links at the top of this page.

Frequently asked questions

Who can get a loan against property?

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.

Am I eligible for a loan against property?

If you are a salaried Indian citizen residing in India, between the age group of 25 years to 85 years, or a 25 years to 85 years old self-employed Indian, 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

How much loan will I get against my property?

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.

What is the maximum repayment tenure for a loan against property?

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

What should be my CIBIL Score if I want to apply for a loan against property?

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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