Check out the details of the loan against property options available on Bajaj Markets:
Loan Amount |
Up to ₹15 Crores |
Interest rate |
9.24% per annum onwards |
Repayment tenure |
Up to 25 years (300 months) |
Processing Fee |
Between 0.35% and 3% + taxes |
Foreclosure charges |
Up to 4% of the outstanding loan amount + taxes |
Disclaimer: The above-mentioned rates and charges are subject to change at the lender’s discretion.
Compare Loan Against Property offerings by top lending partners at Bajaj Markets and choose as per your requirement.
Our Partners |
Minimum Interest Rate |
Loan Amount/Tenure |
10.10% p.a. |
|
|
9.24% p.a. |
|
|
14.00% p.a. |
|
|
10.60% p.a. |
|
|
9.45% p.a. |
|
|
13.90% p.a. |
|
|
14.75% p.a. |
|
Disclaimer: The values mentioned are applicable as of January 2023. The interest rates and associated charges can vary for each lending partner and are subject to change.
Year | Principal | Interest | Balance |
---|
The LAP interest rate starts at 9.24% p.a., enabling you to get budget-friendly financing.
Meeting the eligibility terms set by the lender increases your chances of fast approval and swift financing. As such, you should check the loan against property eligibility criteria set by the lenders before applying. Here are the common eligibility requirements:
Lenders require you to be at least 21 years old while applying for a loan against property. Additionally, you should not be more than 70 years when the tenure ends.
As a salaried applicant, you need a stable monthly income to prove that you can handle EMI payments. Lenders generally require you to have a monthly income of at least ₹30,000.
For self-employed applicants, lenders consider both the business establishment and monthly income to check eligibility. Self-employed applicants need to have businesses with a stable income and the necessary vintage.
The above eligibility criteria are general requirements and can vary depending on the lender.
Applying for a LAP loan is fairly straightforward and simple. Once you have been through all of the loan details and assessed every other aspect, you must follow the steps mentioned below to apply for a LAP loan.
Fill in your personal and employment information.
Enter the OTP received on your registered number.
Browse through a list of suitable lenders.
Select the desired loan amount and tenure.
Choose the preferred lender and apply.
You can get the loan by offering a residential, commercial or industrial property as collateral. Usually, the LAP loan interest rate is lower when you use a residential property as collateral.
The funding from a LAP has no defined end-use restrictions. It is essentially a high-value loan that you are free to use as you want.
The loan against property eligibility depends on your CIBIL score, monthly salary or income, property value, and debt-to-income ratio at the time of applying. You can use a loan against property eligibility calculator to know how much you can borrow and apply accordingly.
Yes, it is possible to get this loan without income proof or income tax returns (ITR). However, you will need to furnish bank account statements for the last six months and pay the applicable processing fee via a cheque. Remember that this depends on the lender you choose.
No, a borrower looking to secure a LAP loan does not have to pay an application fee. However, other charges, such as processing fees and penalties, will be applicable.
Yes, it is possible to apply for a LAP loan on a jointly owned property as collateral. In fact, some financial institutions recommend the same, and it increases your chances of approval.
You can get the loan for any purpose, such as debt consolidation, renovation or even buying a home. A loan against property comes with no restrictions, allowing you to use the loan amount as you want.
Yes, as a non-resident citizen, you can get a loan by mortgaging your property. However, this depends on the lender. So, check the terms and conditions applicable for NRIs before opting for a LAP.
The credit score requirement for any credit instrument depends on the lender. However, a score of 750 and above is considered to be ideal for securing attractive interest rates on loans against property.
The foreclosure charges on your loan depend on the terms set by the lender. Generally, lenders levy a certain percentage of the outstanding amount as a foreclosure fee, and the percentage depends on the time when you are foreclosing your account.
However, as per RBI rules, a lender cannot levy any foreclosure charges if the loan has a floating interest rate. Remember, this is only applicable if you do not use the funding for business expansion.
Mortgage: This refers to the act of pledging your asset as a security/collateral to avail financing. In a loan against property, the property is mortgaged with the lender to avail the loan.
LTV: Short for loan-to-value, this ratio is the amount you receive as a loan against the total value of the asset. For example, say the value of your property is ₹2 Crores and the lender offers financing of ₹1.40 Crores. This is 70% of the property value, so the LTV is 70%.
Offer letter: This is a letter of confirmation that the lender provides after approving your application. Also known as a sanction letter, it contains the details of the loan, including the approved amount, interest rate and repayment tenure.
Property title: This refers to the legal documentation stating details pertaining to ownership of the property. If the property you are mortgaging has multiple owners, you must acquire NOC (No Objection Certificate) from the other owners.