As a homeowner, taking out a loan against your property may have been on your mind. A loan against property can be a useful financial tool for renovating your home, consolidating debts, or funding your child’s education. The loan against property interest rates and charges for such loans should be understood before you sign on the dotted line.
Bajaj Finserv offers competitive interest rates on loans against property tailored to your needs. With our low-interest rates, you can meet your financial goals at an affordable rate. With Bajaj Finserv, you can expect to pay the following fees:
Interest Rate On Loan Against Property
Loans against property interest rates are based on several factors, such as the value of the property, the loan amount, and the loan tenure. In addition to loans against property, we also offer various credit options, including a loan against equity starting from 7.25%* per annum. Its cost-effectiveness makes it an attractive option for those seeking loans.
Loan Against Property Prepayment Charges
There are prepayment charges if you choose to prepay your property loan before the end of the term. In return for your continued repayment of EMIs, the lender will charge you a percentage of the outstanding loan balance. Choosing to prepay your property loan with Bajaj Finserv does not incur any prepayment charges.
LAP Loan Foreclosure Charges
You will be charged foreclosure charges if you decide to close your loan against the property before the loan tenure ends. Prepayment charges are similar. Our loans against property are not subject to foreclosure charges at Bajaj Finserv.
Late Payment Charges
In the event that you miss or fail to make an EMI payment on time, you will have to pay late payment charges. Charges are typically a percentage of the outstanding balance and can add up over time. Depending on the outstanding amount, Bajaj Finserv charges a monthly late payment fee of up to 2%.
Processing Fees Charged On Loan Against Property
You will be charged a processing fee by the lender when applying for a property loan. Your application and necessary paperwork will be processed for this fee, so know your eligibility for mortgage loan before getting one. The processing fee at Bajaj Finserv is 1% of the loan amount, with a minimum of Rs. 10,000. The fee can, however, be waived in certain cases, such as when our pre-approval is in place.
Part-payment Charges on LAP Loan
You will be charged part-payment charges if you choose to make a part-payment towards your loan against the property. A percentage of the part-payment amount is usually charged as compensation for the interest income the lender would have earned if you had continued making payments. There are no part-payment charges when you make part payments towards your loan against property with Bajaj Finserv.
CERSAI Charges on LAP Loan
Lenders register charges on properties when they take out loans against them with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India. In case of default, this registration establishes the lender’s claim. CERSAI fees are charged at Bajaj Finserv at a rate of Rs. 50 per registration.
Legal and Valuation Fees on LAP Loan
The lender assesses the property’s market value and legal validity when you apply for a loan against the property. Third-party professionals conduct these checks, and they are paid separately by the lender. Depending on the location and value of the property, Bajaj Finserv charges up to Rs. 5,000 for legal and valuation services.
Insurance Premiums on Loan Against Property
In order to protect your property against natural disasters, theft, and other unforeseen events, it’s important to take out loans against it. Depending on your specific needs, Bajaj Finserv offers customized insurance options. Your insurance premium is determined by the type of policy you choose.
In conclusion, loans against property can be a great source of financing. Our property loans come with competitive interest rates, minimal fees, and minimal sample mortgage loan documents at Bajaj Finserv. If you’re considering taking out a loan against your property, contact us today to learn more.
Top lender’s like Bajaj Finserv believe that their charges should be transparent and fair. Our minimal charges and competitive interest rates make managing your loan repayments easier. Additionally, we offer a range of benefits to make the application and repayment process easier for you, including attractive interest rates and minimal charges.
