Bajaj Housing Finance Loan Against Property Interest Rates

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

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

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.

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.

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

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