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
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
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.
Features and benefits of our loan against property
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What is Loan Against Property?
Wondering what Loan Against Property is? Discover how it works and its benefits.
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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.
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Low interest rates
Our loan against property comes with affordable interest rates starting from 9% to 12% (Floating rate of Interest) p.a.
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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.
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Tenure of up to 15 years
You can repay your loan amount conveniently with a repayment tenure ranging up to 15 years.
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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.
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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.
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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.
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*Terms and conditions apply.
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. This loan offers financial flexibility by leveraging property as collateral. To qualify, applicants should review the loan against property eligibility criteria carefully to ensure they meet the requirements. This simple yet accessible financial solution can help you manage.
Loan Against Property 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 for Loan Against Property
- 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.
Check your loan against property eligibility
Find out how much loan amount you can get.
Loan against property application process
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What is the interest rate on mortgage loans?
The mortgage loan interest rates represent the cost that a lender charges for borrowing money, expressed as a percentage of the loan amount. These rates can be either fixed, remaining constant over the loan tenure, or variable, fluctuating with changes in market rates. In India, mortgage rates typically range from 9%, depending on factors such as the borrower's credit score, loan-to-value ratio, and the nature and location of the mortgaged property. Understanding mortgage loan interest rates is essential, as they significantly impact the overall cost of your loan—making it important to compare rates across lenders.
Current 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) |
9% to 12% 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 facility charge |
Term Loan – Not applicable Flexi variant (as applicable below) - (Inclusive of applicable taxes) Flexi term loan (Flexi dropline) Flexi Hybrid loan – The above Flexi facility charges will be deducted upfront from the loan amount. Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges. |
Prepayment charges |
Full prepayment
Part-prepayment
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 payment charges. |
Annual maintenance charges |
Term Loan: Not applicable |
Bounce charges |
Rs. 1,500/- per bounce/- per bounce “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) 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: b. Covenant Perfection Charge: |
Stamp duty (as per respective state) |
Payable as per state laws |
Broken period interest/ pre-EMI interest |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows: Scenario 1: If Loan is disbursed on 1st or post 10th of the month: For Term Loan: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Deducted from disbursement For Flexi Loans: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment For Quick disbursal process and disbursement mode is cheque: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment Scenario 2: If Loan is disbursed between 3rd and 10th of the month: First instalment will consist of interest for actual number of days. |
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. |
| 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. c) This is applicable to all Floating Interest Rate equated instalment based personal loans of different periodicities; Personal loans is defined in the RBI circular on “XBRL Returns- Harmonization of Banking Statistics” vide No. DBR.No.BP.BC.99/08.13.100/2017-18 dated January 04, 2018. |
| 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: a) Three conversions are permissible throughout the entire tenure. |
| Switch fee for ROI change | Up to 2.36% (inclusive of applicable taxes) of principal outstanding |
| Commitment fee |
Maximum up to total PF amount. |
| Legal Charges | Recovery of charges |
| Repossession & Incidental charges | Recovery of charges |
| Principal Holiday Facility Fees | Principal Holiday (as applicable below) - Up to Rs. 5,999 (Inclusive of applicable taxes) for loan amount less than Rs. 50,00,000. Up to Rs. 11,999 (Inclusive of applicable taxes) for loan amount between Rs. 50,00,000 and 74,99,999. Up to Rs. 14,999 (Inclusive of applicable taxes) for loan amount between Rs. 75,00,000 and Rs. 99,99,999. Up to Rs. 19,999 (Inclusive of applicable taxes) for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999. Up to Rs. 21,999 (Inclusive of applicable taxes) for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999. Up to Rs. 25,999 (Inclusive of applicable taxes) for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999. Up to Rs. 29,999 (Inclusive of applicable taxes) for loan amount Rs. 7,50,00,000 and above. The above principal holiday facility fees will be deducted upfront from loan amount. The Loan amount includes approved loan amount, Insurance Premium, VAS Charges and Documentation charges. |
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**The option of switching from floating to fixed rate of interest and vice versa would be applicable only to Borrowers whose loan qualify as personal loan as per RBI circular on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans- RBI/2023-24/55-DOR.MCS.REC.32/01.01.003/2023-24.
Personal loans refers to loans given to individuals and consist of (a) consumer credit, (b) education loan, (c) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), and (d) loans given for investment in financial assets (shares, debentures, etc.).
Further, Consumer credit refers to the loans given to individuals, which consists of (a) loans for consumer durables, (b) credit card receivables, (c) auto loans (other than loans for commercial use), (d) personal loans secured by gold, gold jewellery, immovable property, fixed deposits (including FCNR(B)), shares and bonds, etc., (other than for business / commercial purposes), (e) personal loans to professionals (excluding loans for business purposes), and (f) loans given for other consumptions purposes (e.g., social ceremonies, etc.). However, it excludes (a) education loans, (b) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), (c) loans given for investment in financial assets (shares, debentures, etc.), and (d) consumption loans given to farmers under KCC. For risk weighting purposes under the Capital Adequacy Framework, the extant regulatory guidelines will be applicable. (as defined in XBRL Returns – Harmonization of Banking Statistics-RBI/2017-18/117-DBR.No.BP.BC.99/08.13.100/2017-18)
Frequently asked questions
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.
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
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.
You can repay the total sum borrowed over a convenient repayment tenure of up to 15 years.
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.
