Bajaj Housing Finance Loan Against Property (LAP) Interest Rates

While applying for Bajaj Housing Finance Loan Against Property, it is necessary to be informed about interest rates and charges as well. The interest rate ranges between 8.50% to 13.50%. The processing fees is 0.40% of the loan amount.

 

Benchmark Rate (BR)

Prevailing BR

Loan type

Type of Rate

BR + Spread

Effective Rate of Interest (per annum)

Salaried Floating Reference Rate (SAL-FRR)

12.90%

Loan Against Property

Floating

FRR-4.40% to FRR -0.90%

8.50% to 12.00%

Self Employed Floating Reference Rate (SE-FRR)

13.30%

Loan Against Property

Floating

FRR-3.30% to FRR +0.20%

10.00% to 13.50%

Bajaj Housing Finance Loan Against Property Fees and Charges

  • Loan Against Property Foreclosure Charges Grid

Borrower Type/Interest Type

Time Period (Months)

Foreclosure Charges

Individual: Floating rate*

Greater than 1 Month

Nil

Non-individual: Floating rate

Greater than 1 Month

4% plus GST

All borrowers: Fixed rate*

Greater than 1 Month

4% plus GST

For Term Loan, charges are calculated on the outstanding principal.*

  • Loan Against Property Prepayment Charges Grid

Borrower Type/Interest Type

Time Period (Months)

Foreclosure Charges

Individual: Floating rate*

Greater than 1 Month

Nil

Non-individual: Floating rate

Greater than 1 Month

2% plus GST

All borrowers: Fixed rate*

Greater than 1 Month

2% plus GST

Frequently Asked Questions

  • ✔️How is the value of a property calculated?

    It is calculated basis the money it can bring if sold in the current market conditions.

  • ✔️Are there any charges other than Loan Against Property interest rate?

    Other than interest rate, we have foreclosure charges, processing fees, prepayment charges etc.

  • ✔️What is proactive downward repricing?

    The pricing increase happens only in the scenario of an increase in the Cost of Funds. Pro-active repricing 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.

  • ✔️Do you proactively do downward repricing?

    As a goodwill gesture and to maintain transparency with our valued existing customers, we ensure, through our pro-active downward re-pricing strategy, that none of our existing customers are more than 100 bps over and above the last 3 months average sourcing rate. If a customer is higher than 100 bps from our last 3 months average sourcing rate, we carry out downward re-pricing of the rate of interest for all such customers to bring them to max 100 bps above the last 3 months average sourcing rate. This is a bi-annual exercise. This is yet another Industry first for any NBFC in the country.

  • ✔️What are the types of properties for which I can avail a Loan Against Property?

    You can avail a Loan Against Property for the following:

    1. Self-Occupied Residential
    2. Rented Residential / Commercial
    3. Vacant Residential / Commercial
    4. Shared Property.

    You can not avail a Loan Against Property for the following:

    1. Plot
    2. Property outside city/municipality limit
    3. Property with tenants for more than 5 years (with no renewed rent agreement)
    4. Property with structural flaws that requires substantial repairs
    5. Property constructed on agricultural land/farm land
    6. Illegal properties
    7. Property already mortgaged with other banks
    8. Residential property used for commercial purposes without approval from competent authority
    9. Under construction property except NRP transaction
    10. Industrial property
    11. Schools or hostels
    12. Hotel
  • ✔️What is the TAT (Turn Around Time) for Foreclosure Statement?

    The TAT for issuance foreclosure statement is typically 7 working days.

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