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Loan Against Property

Our Advantages

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Product Portfolio

We have a range of products to cover your varied needs. You can avail of our Loan Against Property for any of the following:

  1. Loan Against Commercial Property
  2. Loan Against Residential Property
  3. Loan for Purchase of Commercial Property
  4. Loan Against Plot
  5. Lease Rental Discounting
  6. FlexiSaver loan

Features and Benefits

We deploy technology and apply innovation to create unique and compelling propositions that help you do what you always wanted to do. Hereunder are a host of unique features and benefits that you enjoy with Loan Against Property from Bajaj Finserv Lending. Most of these features are industry firsts and come only with our portfolio of offerings. Read on to know more:

Part Prepayment facility
You can prepay any amount per prepay transaction being not less than 3 EMIs. There is no limit on the maximum amount. This is subject to your clearing your first EMI.

Prompt Repayment Benefit
Get rewarded for keeping your commitments. Enjoy the exclusive Prompt Repayment benefit for paying your EMIs on time. If you clear your first 12 EMIs without any delays, you will get 1% of the annualized interest amount paid back to you. This facility will be available for the  three years of your loan tenor and will be paid at the end of every 12 months, subject to paying the preceeding 12 EMIs paid on time.

Nil Foreclosure charges
Now you can choose to foreclose your loan anytime during your loan tenor without paying any foreclosure charges.

FlexiSaver
As an existing LAP customer, you can avail of the unique FlexiSaver facility. Bajaj Finserv Lending is the first non-bank in the country to offer a unique and innovative capability, offering you a combination of Term Loan and Credit Line.

Online Account Access
Get all information about your loan like repayment track, interest certificate, payment schedule etc through our digital customer portal. Just log in with your loan account number and access whatever information you want about your loan.

 

Customised  Insurance Schemes

Group Credit Protection Plus from Bajaj Allianz

  • Non Medical Loan & Life Insurance of up to Rs. 100 Lacs
  • Level term Plan, which means you are covered for the complete amount despite reduction/ prepayment of loan amount
  • Coverage for the complete tenure of the loan up to a maximum of 30 years

Home Safe Plus from ICICI Lombard

  • Non Medical Insurance up to Rs. 3 Crores
  • Provides coverage against accidental death, permanent or total disability, diagnosis of critical illness and loss of job.
  • Coverage for 5 years.

Bajaj Allianz SFSP Policy
Bajaj Allianz’ SFSP Policy offers a comprehensive insurance cover for your home (i.e. residential building) against various contingencies to ensure that your prized possession is always safe!

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Host of industry-first innovations
We were the first ones to introduce NIL foreclosure charges. This has now been adopted by most of the others in the industry and is all set to become an industry practice.

Transparency and flexibility
Within a week of disbursement of your loan, you receive a Welcome letter that covers all the necessary details of your loan from repayment schedule, insurance details, applicable charges and benefits. This will cover all the information you may need so that the only surprises you have are pleasant ones.

Digital capabilities
You can now close your loan from the comfort of your home or wherever you are without the need to go to any branch. Get all information about your loan like repayment track, interest certificate, payment schedule etc through our digital portal. Just log in with your loan account number and access whatever information you want about your loan.

Secure and state of the art document storage facility
We understand how important your documents are for you. Through our strategic partnership with one of the leading storage facilities in India, covering over 5 lac sq ft of storage space and state of the art security systems, we ensure your documents are safe with us. After the completion of your loan term, you can retrieve the documents any time.

Prompt Repayment Benefit
Get rewarded for keeping your commitments. Enjoy the exclusive Prompt Repayment benefit for paying your EMIs on time. If you clear your first 12 EMIs without any delays, you will get 1% of the annualized interest amount paid back to you. This facility will be available for the entire period of your loan tenor and will be paid at the end of every 12 months, subject to your EMIs paid on time.

Eligibility and Documents

You are an Indian Resident
You are at least 25 years of age when the loan is sanctioned
You are a salaried professional or self-employed with a regular source of income
The minimum loan amount is Rs. 60 lacs in case of Mumbai and Delhi, Rs. 30 lacs for in other cities

Documents Self Employed Individual Firms & companies
Application form Yes Yes
Photograph Yes Yes (Partner's/Director's)
Identity Proof Yes Yes
Address proof Yes Yes
Signature Proof Yes Yes
Date of Birth Proof Yes Certificate of incorporation
Income Details IT Returns & Balance Sheet & P/L Account statement for the last 2 years IT Returns & Balance Sheet & P/L Account statement for the last 2 years
Business Continuity Proof Five years Five years
Bank Account Statements For Last 6 months For Last 6 months
Partnership Deed - Yes (for partnership)
MOA/AOA - Yes(for companies)

*Kindly note that the list of documents mentioned is indicative. During loan processing additional documents may be asked for .The same will be appropriately communicated to you as and when required.

Fees and Charges

Processing Fees Upto 2% of the loan amount
Loan Statement charges Nil
Interest and Principle Statement charges Nil
PDC Swap charges Nil
EMI Bounce charges Rs.1000 for every bounce
Penal Interest 2% p. m.
Foreclosure charges * NIL
Part Prepayment charges * Nil

Property Search Services

Searching for the perfect property is a task that requires guidance, at each step. We want to ensure that you get the best possible assistance right from search to purchase.

Click here to share your details and our Relationship Manager will get in touch with you.

Selecting a property through us brings you a bundle of benefits:

  • Access to structured real estate market information through newsletters and reports
  • Property search through the most credible, trained resources
  • Periodic updates on newly launched properties
  • Option of funding your property requirements from Bajaj Finserv Lending
  • Special offers only for Bajaj Finserv Lending customers
  • ‘Property Helpline’ to answer your real estate queries
  • Property valuation services at a preferential tariff

How to Apply

To apply for a Loan Against Property just call us on 1800-209-4151.

Agreements and T&C

Repricing Policy
The floating interest rate for Loan Against Property is linked to the internal Floating Reference Rate. It is the benchmark reference rate for Bajaj Finance Limited and is determined based on the prevalent market conditions and the cost of funds, as the cost of funds reduces/increases or as market conditions change internal FRR may be increased or reduced. The current FRR is 20.15% effective 5th March 2014. Any revision in this rate would impact the interest rate on the floating interest rate loans. The increase/ decrease in the interest rate will by default increase/decrease the loan tenor up to the permissible limit as per BFL norms. In case of an increase in the interest rate, if you want to retain your existing EMI/ Tenor, you will have an option of making a part pre payment and keeping your EMI/ Tenor constant. No additional charges would be levied for the same. The communication on the changes (Increase/ decrease) in the rate of interest would be sent by mail.

Proactive Repricing Policy
During the entire tenor of your loan, under no scenario will your Rate of interest exceed by 1.00% over the last quarter average Bajaj Finance acquisition rate. The pricing increase happens only in the scenario of an increase in the Cost of Funds and this policy is being put in place as a proactive measure to ensure that there is no inordinate increase in your loan pricing against new acquisitions and there is always parity for your loan.

If a customer rate of interest exceeds the current BFL last quarter average acquisition rate by 1.00%, then such cases are reviewed every year in April and October and proactive correction is done in the rate by bringing it down to BFL last quarter average acquisition rate + 1.00%. For example if a customer Loan Account rate of interest is 14.50% in April/October v/s our last quarter average acquisition rate of 13.00% then in April / October we will review the same and revise the customer loan account rate of interest downwards equal to BFL last quarter average acquisition rate + 1.00%. i.e. 14.00% without any reduction in BFRR. This is done by increasing the spread / margin between your rate and BFRR.

The pricing increase happens only in the scenario of an increase in BFRR due to increase in our cost of funds and this policy is being put in place as a proactive measure to ensure that there is no inordinate increase in your loan pricing against new acquisitions and there is always reasonable parity between old and new customer rates

Applicable to:-

  • Loan against Property
  • Lease Rental Discounting Loans

Exclusions:- Customer who will not be part of this policy

  • Less than 6 EMI Paid Accounts
  • Flexi Saver Loans
  • Loan against Plot
  • Loan Accounts where there are 3 or more EMI’s are dishonoured in last 12 months prior to Proactive Repricing day.
  • Loan Accounts who have ever delayed EMI Payment by more than 30 Days during tenor of the loan

Frequently Asked Questions

What is the maximum loan against property that I can get from Bajaj Finserv Lending?

We offer up to Rs. 21 Crores as Loan against Property and 50 Crores as Lease Rental Discounting

How do you determine my eligibility for a loan and the loan amount?

We consider the following factors to determine eligibility and loan amount

  • Age
  • Income
  • Valuation of Property (Fair market value)
  • Existing obligations, if any
  • Stability/Continuity of employment/Business


If a property is jointly owned by an individual and his/her relatives, can he/she take a loan against this property?

All the co-owners of the considered property need to come in as co-applicants to the loan.


On what basis does the internal FRR change?

Internal FRR is the benchmark reference rate. This is determined based on the market conditions and the cost of funds for the company. This changes depending on various external factors and economic conditions.


How often do Interest rates change?

As per our re-pricing policy, interest rates are reviewed every two months and decision is taken whether to change the interest rates or keep it unchanged.


I have taken a loan just one month back. How does change in interest rates work for me?

As per our internal pricing policy re-pricing policy, interest rates will be changed only for those cases which are at least 3 months old. In your case, change in FRR will not have an immediate impact on interest rate of your loan. However once your loan is 3 months old, any changes in FRR in last 3 months will change your effective rate basis the margin on your loan.


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What is the current Floating Reference Rate?

Current Internal Floating Reference Rate (Bajaj FRR) is 20.15% effective since 5th March 2014.


What is the impact of change in Interest Rate?

The increase/ decrease in the Interest rate will by default increase/decrease the tenor of the loan with no change in the existing EMI.


What if I don’t want my tenor to change as a result of change in the Interest rate? Can I change my EMI and or do I have any other options?

You can increase / reduce your EMI with no change in tenor. You can make a part pre payment and keep both the EMI and the tenor the same as earlier These options are available to you without any additional fee. Please call our helpline number 1800-209-4151 for more details.


Are the interest rates going to change in the future?

These are market-determined rates and it is not possible for us to predict interest rate movements ahead of time.


Can I repay the loan ahead of schedule?

Yes, you can repay the loan ahead of schedule, without the payment of any foreclosure charges subject to clearance of the first EMI


What is my new EMI? OR How much has my EMI changed by? Will my current EMI cheques/ECS have to be changed and where do I have to submit them?

This rate reduction may impact your EMI or tenor. We will be sharing a communication regarding the change in tenor or EMI by way of a letter. In case your EMI undergoes a change, you need to submit revised payment instrument to us at your nearest branch. Please call us at our central helpline number or write to us at wecare@bajajfinance.in for more details.


Can Bajaj Finance Limited change the Spread between BFRR and customer rate of interest?

The Spread between BFRR and Customer Rate of Interest is fixed and will not change except in situation where customer rate is higher than Max Rate Cap as per Proactive Repricing Policy*. Change in spread will always be done to give advantage of BFL Max Rate Cap as per Proactive Repricing Policy to customer and maintain customer rate at Max Cap Rate. In case of decrease in BFRR no change in spread / margin will be done.

*Refer Proactive Repricing Policy in Section Agreement and T&C of Loan against Property


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Testimonials

“Applaud is the only word comes to my mind for the stupendous efforts demonstrate in all proceedings by your team/organization ”

Gnanesh (Sunil) Gala
President Finance
Navneet Publications (India) Limited
29th March 2012

Contact Us

Not yet an existing customer?

You can visit our branch or call us at 18002094151.

For Existing Customers

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Email
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