Mortgage Loan Eligibility and Documents Required

Mortgage Loan Interest Rates & Charges

Mortgage Loan Interest Rates and Charges

Mortgage loans are secured loans that an eligible applicant can avail by keeping an owned property as collateral to the financial institution. Lenders generally offer attractive mortgage loan interest rates which makes loan repayments affordable and convenient.

Mortgage loan interest rates for self-employed individuals ranges between 10.50% and 14.50%. As for salaried borrowers, the general property loan interest rate remains between 10.10% and 11.50%.

A borrower can avail up to Rs.3.5 crore as a mortgage loan with the repayment tenor extending up to 20 years.

Maximum loan amount a borrower is eligible to avail depends on the Loan to Value (LTV) ratio offered by the lender among other factors. With the best lenders, the LTV can range between 70 and 80% of the property’s market value.

Avail the fastest Mortgage Loan 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 Mortgage Loan .

Mortgage Loan 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 + applicable taxes
Mortgage origination fee Up to Rs.4,999 (One time)

Mortgage Loan Foreclosure Charges

 
Mortgage Loan Foreclosure Charges in India
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

Mortgage Loan Pre-Payment Charges

 
Mortgage Loan Pre-Payment Charges in India
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

Bajaj Finserv also brings you the fastest Loans against Property with disbursal of loan amount within 4 days.

Mortgage Loan Interest Rates and Charges FAQs

What is the difference between a Personal Loan and a Mortgage Loan?

Personal Loan and Mortgage Loan are two different types of advances Bajaj Finserv provides with different purposes, features and more. Difference between Personal Loan vs Mortgage Loan include –

  • Personal Loans are unsecured credit offered to individuals with high creditworthiness. Mortgage Loans are secured advances provided against property mortgage.
  • You can avail mortgage credit of high value at a lower rate of interest as against a personal credit with lower value and high interest rate.
  • Mortgage Loans come with longer repayment tenures than personal advances.

Between a Personal Loan and Loan Against Property, the latter becomes a more convenient and affordable financing option if you have a property to be mortgaged. Apply for it with essential documents to enjoy quick approval.

How is Bajaj Finserv Mortgage Loan the best?

Bajaj Finserv Loan Against Property is one of the best mortgage loans to avail as it comes with unique borrower-friendly features such as –

  • High-value loan of up to Rs.3.5 Crore to meet big-ticket expenses.
  • The flexible tenure of up to 20 years for convenience in repayment.
  • Fastest Property Loan with approval within 48 hours and disbursal within 4 days of approval.
  • High-value Top up Loans with balance transfer facility at lower rates of interest.
  • Flexi loan facility for anytime-withdrawal from pre-sanctioned credit amount and interest repayment only on the amount withdrawn.

To avail these attractive features of Bajaj Finserv Mortgage Loan, apply with the online form.

What is the difference between Home Loan and Mortgage Loan?

When it comes to Home Loan vs Mortgage Loan, the most vital differences to consider include –

  • While the former is a type of mortgage credit itself, the latter is an advance lenders provide against collateral. Both Home Loan and Loan Against Property are loans availed against the property mortgaged.
  • A mortgage credit does not have a fixed purpose of use; a home advance is provided to acquire a residential house.
  • For the former, lenders pay directly to the seller, while the amount of a mortgage credit like advance against property may be transferred directly to your account.

With this difference sorted, you can apply for a Loan Against Property with Bajaj Finserv as it comes with no end-use restriction.