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Loan Against Property: Interest Rates

When you take a Loan Against Property  from Bajaj Housing Finance, you enjoy attractive interest rates and transparent fees and charges. Both salaried and self-employed applicants can make the most of our offerings at the below interest rates.

Salaried Floating Reference Rate: 13.80%*

Loan Against Property Interest Rate (Floating) for Salaried Borrowers and Self-Employed Professionals

Loan Type Effective ROI (p.a.)
Loan Against Property 8.60%* to 15.00%*
Loan Against Property Balance Transfer 8.70%* to 15.00%*

Self-Employed Floating Reference Rate: 14.25%*

Loan Against Property Interest Rate (Floating) for Self-Employed Applicants

Loan Type Effective ROI (p.a.)
Loan Against Property 8.10%* to 18.00%*
Loan Against Property Balance Transfer 8.20%* to 18.00%*

For a complete list of interest rates, please  click here.

Note:

  • Bajaj Housing Finance charges an additional rate, called ‘spread,’ over the benchmark rate to arrive at the final lending rate. The spread varies on the basis of various parameters, including the bureau score, profile, segments, and approval from competent authorities, among others.
  • BHFL may grant loan below or above the documented rate of interest (up to 100 basis points) in deserving cases on exceptional basis under the powers of the competent authority, vested with them.
  • The above benchmark rates are subject to change. Bajaj Housing Finance will update the current benchmark rates on this website in the event of a change.

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Loan Against Property: Other Fees and Charges

List of Other Fees

Type of Fee Charges Applicable
Processing Fee Up to 7% of the loan amount
Loan Statement Charges NIL
Interest and Principal Statement Charges NIL
EMI Bounce Charges Up to Rs.3,000
Penal Interest Up to 2%
Secure Fee Up to Rs.4,999 (one-time)

Note:

  • For term loans, charges will be calculated on the outstanding principal amount
  • For flexi interest only/hybrid flexi loans, charges will be calculated on the sanctioned limit
  • For flexi term loans, charges will be calculated on the current dropline limit

Prepayment and Foreclosure Charges

Borrower Type: Individual Term Loan Flexi Loan
Time Period (months) >1 >1
Foreclosure Charges NIL NIL
Part-Prepayment Charges NIL NIL

*For purposes other than business

Borrower Type: Non-Individual Term Loan Flexi Loan
Time Period (months) >1 >1
Foreclosure Charges 4%* on the Principal Outstanding 4%* on the Sanctioned Amount during the Flexi Interest Only Loan Repayment Tenor; and 4%* on the available Flexi Loan Limit during the Flexi Term Loan Tenor
Part-Prepayment Charges 2%* on the Part-Prepayment Amount NIL

*Not including GST

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Loan Against Property: Application Process

The Loan Against Property application process  is simple and straightforward with Bajaj Housing Finance. Individuals should make sure they meet all eligibility requirements before they go ahead and apply to maximize their chances of approval.

  1. Visit our Loan Against Property online application form page
  2. Fill in the required personal details, such as name, employment type, email ID, and mobile number
  3. Enter your income and other financial details
  4. Submit the application form online

A representative from Bajaj Housing Finance will contact you within 24 hours. Make sure to keep the required documents handy before initiating the mortgage loan process to fast-tracked loan processing and improve the chances of approval.

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Loan Against Property: Documents Required

Bajaj Housing Finance keeps its document requirement to a minimum so as to deliver a hassle-free borrowing experience. Listed below are some of the common documents required for both salaried and self-employed individuals to apply for Loan Against Property.

  • Proof of identity: PAN card, Aadhaar card, Voter ID card, Passport, Driving License, or any other government-approved photo identity card

  • Proof of address: Aadhaar card, Voter ID card, Passport, Ration card, utility bills, or any other government-approved proof of address

  • Property documents: Documents of title as required by the legal team; any other document related to ownership for the property to be mortgaged.

  • Proof of income: Form 60, ITR, bank account statement, salary slips (if applicable), P&L statement (if required)

With regards to income and employment proof, the Loan Against Property documents list is different for salaried and self-employed individuals.

Documents Required Salaried Applicants Self-Employed Applicants
Proof of employment
  • Identity card issued by the employer
  • Business registration certificate, partnership agreement, etc.
Proof of income
  • Salary slips for the last 2 months
  • Bank account statements for the last 3 months
  • Income Tax Return for last 1 year
  • Bank account statements for the last 6 months
  • Financial statements such as Balance Sheet and Profit and Loss Statement
  • Income Tax Return for the last 2 years

Keep the Loan Against Property required documents ready for submission before applying for hassle-free loan processing. It is also wise to check the Loan Against Property interest rate and other charges before proceeding to confirm affordable borrowing.

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Tips to Reduce Loan Against Property Interest Rate

Listed below are a few quick tips that can help you reduce your Loan Against Property interest rate and overall interest liability.

Disclose all income sources to showcase a higher repayment capacity

Make sure you disclose all your income sources while applying for a Loan Against Property. Submitting documentation that proves additional income, such as rent from a property and investment dividends, improves your profile as a borrower and, in turn, increases your loan approval chances.

Apply with a high credit score and strong credit history

A high credit score endorses you as a reliable borrower who is likely to repay the sum borrowed. It represents borrower reliability and financial discipline, reducing the risk involved for the lender. The ideal score to apply for credit is 750+. If your score is lower, it is advisable that you optimise your score by paying off existing debts, reducing your credit utilization, etc., before you apply.

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Loan Against Property Interest Rate: FAQs

Yes, it is possible to apply for a Loan Against Property while you are servicing an existing loan. However, to receive hassle-free approval, make sure that your repayment capacity is at par with the new EMI liability as well as the existing EMIs payable.

You can check your credit utilisation ratio and fixed obligation-to-income ratio to better assess your loan eligibility. Check the applicable loan against property interest rates for accurate EMI determination and proceed with repayment capacity evaluation.

Both salaried and self-employed individuals can avail of a Loan Against Property from Bajaj Housing Finance, provided they fulfil the necessary eligibility requirements. The criteria you need to fulfil for successful loan approval include age, employment, and city of residence.

As a Loan Against Property is a secured advance, Bajaj Housing Finance does not set any mandatory eligibility requirement in terms of the CIBIL score. The CIBIL score is, however, a critical parameter indicating an individual’s creditworthiness and financial habits. It is thus ideal to maintain a CIBIL score of 750 or more.

You can use a loan Against Property Calculator to compute the total interest payable on the advance for a selected tenor. Access the Bajaj Housing Finance EMI calculator and enter the required details, including the loan amount, the desired tenor, and the interest rate applicable to calculate the amount payable accurately. The EMI calculator also provides you with the EMI payable, the total loan amount, and the amortisation schedule.

Check all eligibility requirements on the dedicated, loan against property eligibility criteria page. Both salaried and self-employed individuals can check their maximum loan amount eligibility with the Loan Against Property Eligibility Calculator provided for free. The financial tool is easy to use and requires only a few essential details to display the eligible loan amount.

A mortgage loan is a secured financing option that requires an immovable asset as collateral. Usually, residential and commercial properties are utilised as mortgages to avail of funds. One can also leverage the market value of other fixed assets, such as plant and machinery, to avail of an advance.

The complete understanding of a mortgage loan also entails the concept of LTV or loan-to-value ratio, which is the maximum percentage of a property’s market value available as the loan amount.

Mortgage loan interest rates in India differ with the type of mortgage financing availed of, i.e., Loan Against Property or Home Loan. Our Home Loan interest rates start from 6.75%* p.a. for salaried and professional applicants. And our Loan Against Property interest rates start from 8.40%* p.a. for salaried and professional applicants.

A property loan is a type of mortgage loan individuals can avail of by providing a residential or a commercial property as collateral. Also called Loan Against Property, it is a long-term advance with tenor flexibility of up to 18 years. Bajaj Housing Finance keeps funding affordable for borrowers with competitive property loan interest rates and nominal fees and charges.

*Terms and conditions apply

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Pre-Approved Offer