Bajaj Finserv Loan Against Property

Loan Against Property 187 views

When it comes to offering loan against property, Bajaj Finserv with its best interest rates, fees and charges fulfills the varied needs of al it customersl. The company provides the loan against property to a self-employed and as well as salaried individual. So, if you are looking for the lender that can offer you desirable loan amount and low-interest rates for the loan against your property, Bajaj FInserv is the right lender for you. You can get the loan for plenty of reasons such as loan against plot, commercial/residential property, to purchase commercial property and lease rental discounting in order to meet your varied needs. To know more about Bajaj Finserv Loan Against Property(LAP), go through this article below:

Bajaj Finserv Loan Against Property Details

Loan AmountUp to Rs. 21 crores
Tenure15 Years
Processing FeeUp to 2% of the loan amount
Foreclosure ChargesNil-4%
Part Prepayment ChargesNil-2%

Bajaj Finserv Loan Eligibility Criteria

  • Indian Residents
  • At least 25 years of age when the loan is sanctioned
  • A self-employed professional with a regular source of income
  • The minimum loan amount is Rs. 60 Lakh for Mumbai and Delhi, Rs. 30 Lakh in other cities

Documentation Required for Bajaj Finserv Loan Against Property

Application FormYes
Identity ProofYes
Address ProofYes
Signature ProofYes
Date of Birth ProofYes
IT Returns & Balance Sheet & P/L Account statement for the last 2 yearsYes
Business Continuity Proof for 5 yearsYes
Bank Account Statements for the last 6 monthsYes
Copy of property paper to be mortgagedYes
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Fees & Charges

Processing feesUp to 2% of the loan amount
Loan statement charges
Interest and principle statement chargesNil
PDC swap chargesNil
EMI bounce chargesRs.1000 for every bounce
Penal interest2% p. m.

Foreclosure Charges

Borrower Type: Interest TypeTime Period (Months)Foreclosure charges
Individual: Floating rate>1Nil
Non-Individual: Floating rate1 – 244% plus applicable taxes on principal outstanding
All borrowers: Fixed rate25 – 482% plus applicable taxes on principal outstanding

Pre Payment Charges

Borrower Type: Interest TypeTime Period (Months)Part payment charges
Individual: Floating rate>1Nil
Non-Individual: Floating rate1 – 242% plus applicable taxes on part payment amount paid
All borrowers: Fixed rate25 – 482% plus applicable taxes on part payment amount paid

Bajaj Finserv Loan Against Property Eligibility

Now that you know the eligibility criteria set by the lender, it is also important for you to clear your thoughts when it comes to calculating the eligibility of the loan amount required by you. Let's have more clarity on this with the help of an example below.

Suppose, you are working in a renowned company and earning an attractive salary of Rs. 70,000 per month. So, after deducting all your necessary monthly expenses, you ae easily saving around 40%-50% of your income each month. Let's say, you are able to save around 50% of your monthly income that is Rs. 35,000/- and you want to know your loan eligibility. 

Now, your saving is Rs. 35,000 per month and this saving would be the backbone for the installments you will pay every month. So, if we can know the loan amount, tenure, and rate of interest as per your eligibility, you can get to know your EMIs as well. Let us calculate the loan amount for the below data:

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Amount- Rs 1 lakh
Loan Tenure-5 years
Rate of Interest-15.50%-24%
Your monthly EMI will be Rs 2,405-2,877

Note: We can place here the EMI Calculator

So your calculation for LAP would be
Rs 1 lakh x 35000/2405=Rs.14.55 lakhs and 1 lakh x 35000/2877=Rs 12.16 lakhs

So, your personal loan amount eligibility will range between Rs 12.16 lakhs- Rs.14.55 lakhs.

Bajaj Finserv Loan Against Property EMI Calculator

These Equated Monthly Installments are the sum of the interest and principa payable each month on the loan. In the case of the loan against property also, the EMI calculation remains the same. Just like other loans, a loan against property borrower would be interested in knowing the monthly installments on the basis of the loan amount, tenure and rate of interest. 

So, now you must be wondering how Bajaj Finserv calculates your EMI for the loan against your property. Well, your EMI is calculated in a very easy and simple manner. The EMI Calculator of Bajaj Finserv takes into account your loan amount, interest rate and tenure of the loan in order to calculate the EMIs.

For Example: If you are availing a loan of Rs. 5,00,000 from Bajaj Finserv for 5 years and the lender is charging you an interest rate between 15.50%-24% p.a. The EMI, total interest outgo and total amount payable will be Rs. 12,027-14,384, Rs. 2,21,596-3,63,039, and Rs. 7,21,596-8,63,039 at the end of your loan tenure.

Here is a table below, wherein you can see the EMI, interest and total amount payable on the same amount of loan for different tenures.

Table showing EMI, interest outgo and total amount payable on your personal loan

Loan AmountLoan TenureInterest RateEMITotal Interest OutgoTotal Amount (EMI+Interest)
Rs 5,00,000115.50% p.a.-24% pa.Rs 45,247-47,280Rs 42,966-67,358Rs 5,42,966-5,67,358
Rs 5,00,000215.50% p.a.-24% pa.Rs 24,362-26,432Rs 84,695-1,34,453Rs 5,84,695-6,34,453
Rs 5,00,000315.50% p.a.-24% pa.Rs 17,455-16,616Rs1,28,392-2,06,191Rs 6,28,392-7,06,191
Rs 5,00,000415.50% p.a.-24% pa.Rs 14,042-16,301Rs 1,74,037-2,82,444Rs 6,74,037-7,82,444
Rs 5,00,000515.50% p.a.-24% pa.Rs 12,027-14,384Rs2,21,596-3,63,039Rs 7,21,596-8,63,039
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Amortization Table

YearPrincipal PaymentInterest OutgoBalance Amount
1Rs 71,781-58,798Rs 72,543-113,810Rs 428,219-441,202
2Rs 83,733-74,571Rs 60,591-98,037Rs 344,486-366,631
3Rs 97,675-94,573Rs 46,649-78,035Rs 246,811-272,058
4Rs 113,938-119,943Rs 30,386-52,665Rs 132,873-152,115
5Rs 133,026-152,397Rs 11,415-20,491Rs 0