Features and benefits of mortgage loan
Reasonable rate of interest
Starting from 9.85%*, Bajaj Finserv offers allows you to access a higher loan amount at affordable Mortgage Loan Interest Rate.
Money in account in 72* hours
No more long waits for mortgage loan amounts with Bajaj Finserv. Find your sanction amount in your bank account in just 72* hours from approval.
High value funding
Bajaj Finserv provides mortgage loan amounts as much as Rs. 5 Crore*, or higher to eligible candidates and even more, to boost your home buying journeys.
Now keep a close eye on all your mortgage loan developments and EMI schedules through the Bajaj Finserv online platform.
Long tenor stretch
The Bajaj Finserv mortgage loan tenor stretches up to 18 years allowing borrowers a buffer period to plan out their EMI payments.
Low contact loans
Experience a truly remote loan application from anywhere in India by applying online and getting an easy approval.
No prepayment and foreclosure charge
Bajaj Finserv allows you to foreclose the loan or make part-prepayments at no extra costs or prepayment penalty – making way for maximum savings.
Easy balance transfer with top-up loan
Transfer your existing loan to Bajaj Finserv as part of our loan against property balance transfer facility and avail a top-up loan without additional documentation.
Mortgage Loan: Introduction
Mortgage loan is a type of secured loan that you can avail by keeping an immovable asset as mortgage with the lender. The asset can be a residential/ commercial property or other immovable properties like heavy machinery.
This type of loan is secured on the borrower's property as per process which is called mortgage origination. Such loans are long-term advances with repayment tenors ranging to 18 years and interest rates much lower compared to unsecured advances. You can utilise the loan amount to meet diverse funding needs involving big-ticket expenditures.
Overseas education, a grand wedding, growing business needs, or unforeseen medical expenses – no matter what your need may be, finance them easily with a Bajaj Finserv Mortgage Loan. Bajaj Finserv now offers mortgage loans customised to the needs of salaried and self-employed individuals.
How to apply for mortgage loan
Mortgage loan is a reliable financial solution for those who require ample funding. These come with ample funding, nominal interest rates and lengthy tenors to facilitate comfortable repayment. Unlike other secured loans, mortgage loan in India have no spending restrictions. You can use the funds for any financial obligation or expense.
This offering is available to both salaried and self-employed individuals. To know more about the process of availing of a mortgage loan, read on.
- Fill the application form
The first step of the mortgage loan process is to fill the loan application form. Depending on the lender, you may have to do this at a branch or you may be able to fill the form online. Online provisions are generally a lot more convenient and easier to carry out.
Generally, you will have to fill in the following information:
- Personal details
- Employment details
- Income information
- Loan requirements
- Await loan processing
After you submit the application form, the lender will assess your eligibility for the mortgage loan. Based on the eligibility, you will be offered terms or the lender may ask you to add a co-applicant to increase your eligibility.
- Arrange all documents
Upon completing initial loan processing, you must submit the required documentation. Here is a general list of documents required to process the loan.
- Property documents
- Income documents
- Await loan verification
Once the documents are submitted, lenders will initiate a technical and legal verification. At this stage, a property evaluation will be conducted and the lender will check the authenticity of the property title. Based on these assessments, the lender will then confirm eligibility and proceed with approval.
At the final step, the lender will issue a sanction letter and you will be able to authorise disbursal based on the approved terms. Do note, you will have to submit all the original property documents to the lender and these will be held until repayment is complete.
With tools like mortgage loan eligibility calculator and mortgage loan EMI calculator, you can manage your loan easily. Read the step-by-step process to know how to apply for mortgage loan.
Mortgage loan eligibility
The following mentioned are criteria to apply for mortgage loan:
For salaried applicants
- Nationality: Resident of India, with a property in any of the locations where we operate
- Age: 28 to 58 years**
- Employment: Should be employed at any private, public or multinational organisation
For self- employed
- Nationality: Resident of India, with a property in any of the locations where we operate
- Age: 25 to 70 years**
- Employment: Should be able to establish the required business vintage in the existing venture, along with a steady source of income
FAQs about mortgage loan
One of the prominent NBFCs in India, Bajaj Finserv offers the most affordable interest rates and additional fees on loans against property. Borrowers can enjoy a repayment-friendly mortgage loan charges thanks to a transparent policy with no hidden fees.
Bajaj Finserv imposes nominal mortgage loan processing fees of up to 7%*. Apart from these, you need to meet the following charges:
- Loan Against Property interest rates (for salaried borrowers): 9.85%**
- Penal interest per month – up to 2% including the taxes applicable
Enjoy comparatively lower property loan rates with Bajaj Finserv and find the funds disbursed in 4 days of approval.
Typically, a mortgage loan is a long-term credit advance with a flexible tenor ranging to 18 years. However, the maximum tenor depends on applicant’s profile, employment, age, etc.
For instance, self-employed applicants have the flexibility to select a loan tenor of up to 18 years. Note that borrowers have the option to prepay or part-prepay the loan amount against nominal charges which may vary from lender to lender. Post such payments, the borrower may choose to reduce the EMI amount or curtail the tenor keeping the EMIs constant.
When you avail a loan against property or mortgage loan from Bajaj Finserv, you need to select a convenient repayment tenure. If you wonder what a mortgage loan repayment is, it means to pay off the borrowed principal along with the payable interest. Borrowers can easily make the repayments as manageable EMIs over a longer tenure of up to 18 years.
However, if you have excess funds in hand, you can opt for property loan repayment ahead of the tenure’s end. Bajaj Finserv offers both part-prepayment and foreclosure facilities at nominal to zero charges. Reduce the outstanding principal easily along with the EMI amount or the loan tenure.
The primary meaning of a mortgage loan stands as a loan disbursed against a property as collateral.
Avail a property loan up to Rs. 5 Crore from Bajaj Finserv against any of the following properties.
- Any type of industrial property
- Apartments, house and other residential properties
- Office, hotel, and other commercial properties
Another definition of what a loan against property, is that it is a secured loan with no end-usage restriction. The process of how to get a Property Loan is simple via an online application form.
Co-applicants are co-borrowers for loan against property. A co-owner of a specified property must always be a co-applicant for a loan against that residence. However, financial institutions entertain only specific relatives to co-apply for mortgage loan. Individuals under 18 years cannot be considered co-applicant.
Parents can co-apply for such a loan with their sons or unmarried daughters. Two brothers can also avail credits in such a manner. Similarly, spouses can opt for a joint home loan or loan against property. Nevertheless, some relatives, such as a brother-sister or two sisters, cannot avail joint loans.
Friends are also disqualified from applying for joint mortgage loan. Joint loans lead to hefty benefits, such as enhanced eligibility. Both the borrowers’ credit score and history are considered before loan processing occurs. Additionally, joint property loan also let the applicants avail tax deductions, enabling all the co-borrowers to claim tax benefits on principal repayment and interest payment.
The different types of mortgage loans in India are listed below.
- Loan against property
- Home loan for house purchase or construction
- Loan against property for home renovation
- Loan against property for debt consolidation
- Loan against shop
- Loan against machinery
- Loan against property for marriage
- Loan against property for higher education
The property on which you want to take mortgage loan should be comprehensively insured for an amount not less than the value of the property and it should cover all risks.
No, there is not prepayment penalty while taking mortgage loan from Bajaj Finserv. While many prepayment processes include provisions for customers to pay off up to a certain percentage of their mortgage without encountering a fee. Get in touch with your lender to get details the procedure and requirements.
Difference between a mortgage and a reverse mortgage loan are as follows:
- A mortgage loan provides finances against the mortgage of an immovable asset. A reverse mortgage loan provides funds against a residential property’s equity build-up
- The regular mortgage loan can be availed by mortgaging either a residential or a commercial property or machinery. But only a residential property, where the borrower resides, can be used for reverse mortgaging
- Mortgage loans can be availed by all types of borrowers. Reverse mortgages are only meant for senior citizens
- Mortgage loans are repayable over a decided tenor. But under reverse mortgages, no repayment is required until the demise of the borrower or nominee
- Repayment liability under mortgage loans includes the principal plus interest. Under reverse mortgages, repayment liabilities can never exceed the reverse mortgaged property’s value