Bajaj Finserv Loan Against Property

Bajaj Finserv is one of the most diversified Non-Banking Financing Companies (NBFC) in India. The NBFC offers a comprehensive range of financial products and services. Bajaj Finserv is a subsidiary of Bajaj Holdings and Investments Limited. Bajaj Finserv has expertise in providing loans, wealth management, asset, and insurance. Apart from the loans, the NBFC is also engaged in consumer and SME Finance and commercial lending.

Many times in our life, a point comes where the funds are required for various needs like funding child's education, expansion of business, bearing wedding expenses or medical expenses, and so on. In that case, Loan Against Property (or LAP) could be a useful option to get much-needed funds. Bajaj Finserv provides quick approval on the Loan Against Property within 72 hours. The NBFC provides the loan disbursement into your bank account within the same time span. Apart from the instant approval, the NBFC offers a Loan Against Property at a comparatively low rate of interest.

Bajaj Finserv Loan Against Property has so much to offer that makes it different from its competition. With affordable interest rate, high loan amount, long repayment tenure and quick disbursal, Bajaj Finserv LAP is one of the best choices one could opt for during financial crunch.

Loan Available to All: Bajaj Finserv offers LAP to salaried individuals as well as self-employed people.

High Loan Amount: Bajaj Finserv offers a Loan Against Property up to the maximum amount of  1 Crore to the salaried individuals and 3.5 Crores to self-employed persons.

Loan Turnaround Period: Bajaj Finserv offers hassle-free loans with a quick turnaround period of 72 hours.

Doorstep Documentation Pick-up Service: Bajaj Finserv also provides doorstep documents pick-up service to its customers.

Type of Property: The loan can be obtained against commercial, residential and industrial property. However, Loan-to-Value (LTV) varies for each property type. 

Flexi Hybrid: With this feature you can borrow when you like and pay interest on the utilized amount only.

Line of Credit

• Flexibility to transact (prepay and drawdown) in your loan account as per your fund requirements.

• A line of Credit is a facility where you are given a "credit limit" during the pre-determined term of the facility. Savings are maximised since interest is due only to the utilised amount.

• The monthly instalment for Line of Credit will consist only of the interest amount and will not have a principal component on a monthly basis.

• There is no limit to the number of pre-payments that can be made.

• The principal amount of loan is to be repaid at the end of the tenure of the facility.

Quick Loan Processing Time: Usually, the loan is processed within the 72 hours of submitting the documents. However, the processing time may vary based on the profile and documentation of the applicants.

Customised Insurance Scheme: Bajaj Finserv provides an additional advantage to the loan borrowers. The borrower can avail insurance cover their loan against the payment of one-time premium.

Low Processing Charges: Bajaj Finserv charges a minimal amount of processing fee that could go up to 2% of the sanctioned loan amount.

Prepayment Facility: The NBFC facilitates pre-payment of the loan in part as well as full. However, the charges will be applicable to avail this service.

Uses of LAP from Bajaj Finserv: A Loan Against Property from Bajaj Finserv could be used for business needs, personal needs, consolidation of debt and other needs.

Flexible Loan Tenure: The loan can be repaid in flexible tenure. Salaried individuals can repay the loan amount within 2-20 years whereas the maximum tenure for self-employed individuals is 18 years.

Balance Transfer: The borrower can transfer their existing Loan Against Property from the current lender to Bajaj Finserv. The facility can be availed with minimal documentation and you can also get a top-up on your loan. The balance transfer process is quick and simple.

Online Account Management Facility: The borrowers can access their details anywhere anytime via Bajaj Finserv's customer portal called Experia.

Here are the criteria that are needed to be met to make you eligible for the Bajaj Finserv Loan Against Property:

Who can apply? Salaried individuals, self-employed business owners, and self-employed professionals including Doctors, Chartered Accountant can apply for a Loan Against Property from Bajaj Finserv.

Age criteria for salaried: The minimum age of the applicant should be 28 years (for salaried) and 33 years (for self-employed) at the time when the loan is sanctioned. The maximum as should not be more than 58 years (for salaried) and 70 years (for self-employed) at loan maturity. For Lease Rental Discounting, the minimum age of the applicant should be 25 years.

Job status of salaried individuals: The applicant should be a salaried employee working with a private company, public sector, or MNC.

Work status of self-employed: The self-employed applicant must have a regular source of income.

Residential status of salaried individuals: Bajaj Finserv offers LAP to the residents of India who reside or own property in the following cities:

Residential status of self-employed individuals: Bajaj Finserv offers LAP to the residents of India who reside or won a property in the following cities:

Credit history and credit score: One of the important factors that affect loan eligibility is the credit history and credit score of the borrower. The borrower must have a sound track record of the past borrowings and credit card bill dues. Apart from the good borrowing track, the borrower must have a good credit score.

Clean property: The title of your property must be clear, free of litigation, and you shouldn't have any existing mortgage/loan on the property.

Bajaj Finserv takes the following factors into consideration when analyzing the applicant's eligibility for a Loan Against Property:

• Age
• Income/salary

• Property's current market value

• Existing obligations

• Job/business continuity or stability

• Track record of past borrowing (if any)

Eligibility for Chartered Accountants for Bajaj Finserv Loan Against Property

• The applicant must have a COP which is active for minimum of 4 years

• The applicant must own a house/ office (at Bajaj Finserv approved locations)

Eligibility for Doctors for Bajaj Finserv Loan Against Property

• Who can apply? Loan Against Property from Bajaj Finserv can be applied by all types of doctors including homoeopathic, ayurvedic, dentists and others.

• Work Experience: To be eligible for a Loan Against Property the doctor requires a relevant number of working experience. Usually, the work experience varies based on the qualification. The relevant number of work experience based on the qualification is:

• Age: The minimum age for applying for LAP is 26 years.

• Residential Status: The doctor applying for a LAP should be an Indian resident.

Loan Against Commercial/Residential Property:

This loan can be availed against a residential or commercial property to fund any of your personal financial needs like business expansion, marriage, education, medical, and so on. The property is provided as mortgage or security by the borrower to the lender against which the loan is offered depending on the current market value of the property. The maximum loan amount offered under this loan is 1 Crore to 3.5 Crores which is to be repaid in a tenure of 2-20 years with interest.

Lease Rental Discounting:

This type of loan is offered against the rentals. If you own a property and fixed rentals at regular intervals from the same, you can get a loan against rentals and the underlying value of the property under Lease Rental Discounting loan. You can get a maximum of 10 Crores as loan amount under this product.

Flexi Hybrid:

This is a Loan Against Property variant offered by Bajaj Finserv. You can borrow as and when you like. You have to pay interest on the utilised amount only. This loan helps in managing your finances efficiently by letting you pay

interest-only EMIs.

Bajaj Finserv Loan Against Property to Doctors

Bajaj Finserv offers an exclusive Loan Against Property for doctors. The details are following:

• Loan Amount: Up to 2 Crores

• Loan Tenure: Bajaj Finserv offers LAP for a flexible tenure. Doctors can repay the loan in maximum 18 years.

• Loan Approval Time: Bajaj Finserv approves a loan instantly within the span of 24 hours after documents submission. Doctors can meet all the formalities and get a loan instantly.

• Loan Repayment: The repayment of EMIs can be done via National Automated Clearing House (NACH).

• Processing Fee: The NBFC charges the processing fee for LAP that can go up to 2% of the loan amount.

• Prepayment Charges: The doctors can repay the loan at NIL fees.

• Flexi Loan Facility: Withdraw funds when required and pay interest only on the amount utilised.

• Balance transfer facility
• Pre-approved loan offers

• Customised Insurance Plans: You can also avail their customized insurance schemes to protect yourself and your family.

Bajaj Finserv Loan Against Property for Chartered Accountants

This product is exclusively made for Chartered Accountants.

• Maximum Loan Amount: 2 Crores

• Loan Approval Timeline: Loan approved within 24 hours

• End-use of Loan: The loan amount can be used for any purpose without restriction such as financing high-value purchase, funding your child's education, and so on.

• Doorstep Service: Bajaj Finserv offers doorstep documents pick-up service

• Flexi Loan Facility: Withdraw funds when required and pay interest only on the amount utilised.

• Flexible Tenure: 12 to 240 months

• Customised Insurance Plans: You can also avail their customized insurance schemes to protect yourself and your family.

Salaried individuals, self-employed professionals and business owners are required to submit the documents mentioned below:

Documents required for Chartered Accountants for Bajaj Finserv Loan Against Property:

• KYC documents
• COP certificate

• Income tax returns for the last 2 years

• Balance sheet for the last 2 years

• Profit & Loss statement for the last 2 years

• Mortgage documents

Documentation required for Doctors for Bajaj Finserv Loan Against Property:

• KYC Documents including identity proof and address proof.

• Medical Registration Certificate

• returns for the last 2 years

• Balance sheet for the last 2 years

• Profit & Loss statement for the last 2 years

Copy of the papers of the property that is to be mortgaged

There are various benefits of applying for the Bajaj Finserv LAP at MyMoneyMantra, such as:

• We have a partnership with 70+ banks and NBFCs, giving you a plethora of options to choose from.

• Online loan application

• Quick application, decision, and disbursal of loan

• Doorstep documents pick-up service

• Availability of online EMI calculator to help you calculate the proposed EMI for the loan so that you can decide which offer to choose.

• Easy eligibility check

• All information in regards to the product available on the website

• Experienced loan specialists to guide you throughout the loan process

Here are some easy steps to follow to apply for the Bajaj Finserv LAP at MyMoneyMantra:

• Visit MyMoneyMantra

• Fill in the required details including your personal, employment, financial, property, and loan related information.

• Enter the OTP you received in the given space

• You will soon receive a call from our loan specialists to further guide you through the product and the loan process.

You can easily calculate the EMI for Bajaj Finserv Loan LAP by using MyMoneyMantra's EMI Calculator. All you need to do is click on the EMI Calculator tab mentioned under Financial Tools section on MyMoneyMatra's website and enter the following three parameters to get the result:

• Loan amount

• Loan tenure (in months or years)

• Interest Rate

Bajaj Finserv Loan Against Property involves the following charges:

• Processing Fee for Chartered Accountants: Up to 1% of the loan amount

• Processing Fee for Doctors: Up to 1.5% of the loan amount plus applicable taxes

• Processing Fee for Lease Rental Discounting: Up to 2% of the loan amount

For which purpose can I use Bajaj Finserv Loan Against Property?

You can use the loan amount for any reason including but not limited to the following:

• Business purpose: Expanding or operating the business, purchasing raw material, making investment.

• Personal use: Consolidating existing debt, funding education, managing marriage expenses, travel.

How does Bajaj Finserv calculate my eligibility for Loan Against Property?

Bajaj Finserv considers the following factors to calculate applicant's eligibility for Loan Against Property:

• Income
• Age

• Value of the mortgaged property

• Existing obligations - loans, credit cards, and others

• Business/job stability

• Location of residence and mortgaged property

• Track record of past borrowing

Is it mandatory to insure my property before availing Bajaj Finserv LAP?

Yes, the property to be mortgaged has to be insured against fire and other calamities during the loan tenure. Bajaj Finserv will ask for the proof of insurance every year or when required.

Is any property eligible for Bajaj Finserv LAP?

Any residential or commercial property (location in the cities mentioned by Bajaj Finserv) is eligible for a LAP if its title is clear, it is free of any litigation, and does not have an existing mortgage or loan on it.

Can I get a loan against the property which is owned by me as well as my relatives?

Yes, all the co-owners of the property are considered as co-applicants for LAP.

Against which types of property I can avail a loan from Bajaj Finserv?

Bajaj Finserv offers loan against following property types:

• Self-occupied residential property

• Shared property

• Rented residential or commercial property

• Vacant residential or commercial property

• Plot 

• Property having tenants for 5 years or above 

• Property outside municipality limit/ city

• Property with any structural flaw requiring substantial repairs

• Property which is constructed on an agricultural land or farm land

• Property that is already mortgaged with any other lender

• Illegal property

• Residential property being used for commercial purposes

• U

  nder construction property 

• Industrial property 
• Hotel
• School or hostel

What is the maximum repayment tenure for Bajaj Finserv Loan Against Property?

The maximum repayment tenure can be up to 20 years, depending on the loan and applicant type.

Can I get Bajaj Fiserv Loan Against Property for all locations?

No. The loan can only be availed by the applicants residing or having property in the locations specified by Bajaj Finserv.

Does Bajaj Finserv provide prepayment facility?

Yes, you can opt for loan prepayment in part or full after one month of loan disbursal. However, you will have to pay a fee for the same if the loan is based on a fixed interest rate. For the fixed interest rate loan, you don't have to pay any prepayment charges.

How can I reduce my Bajaj Finserv Loan Against Property EMI?

You can reduce the EMI amount by:

• Opting for a longer tenure

• Availing small loan amount

• Getting a low interest rate deal or discount or offer

You can contact on the number given below for all your queries:

020 3957 5152

Give a missed call at:

+91-9810852222

Or

SMS at:

+91-9227564444

You can also write to them on their email ID mentioned below:

wecare@bajajfinserv.in

Visit them at their corporate address:

4th Floor, Bajaj Finserv Corporate Office,

Off Pune-Ahmednagar Road, Viman Nagar, Pune - 411014