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Bajaj Finserv Mortgage Loan in Bhopal

Interest Rate starts from 11.50%

Bajaj Finserv Mortgage Loan Interest rates in Bhopal

Please Find the Detailed Bajaj Finserv Mortgage Loan Interest Rates

upto To 21,00,00,000
Commercial Properties12.50%
Industrial Properties13.00%
Residential Properties11.50%

Loan To Value (LTV) For Bajaj Finserv Mortgage Loan in Bhopal

Please Find the Detailed Margin Money Details For Bajaj Finserv Mortgage Loan
upto To 21,00,00,000
Commercial Properties55.00%
Industrial Properties45.00%
Residential Properties80.00%

Features of Bajaj Finserv Mortgage Loan Bhopal

Type Features
Processing Fee2.0%
Pre Closure ChargesNon Individual - 4%
Part Payment ChargesAllowed
Min Tenure5 Years
Max Tenure15 Years
Min Age25 Years
Max Age60 Years
Min Loan AmountRs.30,00,000/-
Max Loan AmountRs.21,00,00,000/-

Bajaj Finserv Mortgage Loan Bhopal Charges

Type Charges
Penal Interest2% Per Month
Duplicate Statement ChargesFree
Insurance CoverUpto Loan Amount
Inspection ChargesFree
Legal Opinion Valuation ChargesFree
Bounce Cheque ChargesRs.2500/-
Photocopy DocumentsFree
Charge For Exchanging E C S MandateNil
Repayment Schedule ChargesFree
Loan Re Schedulement ChargesFree
N O C Issuance ChargesFree

Documentation For Mortgage Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification 
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements) 
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Bajaj Finserv Mortgage Loan FAQ's

What is Loan Against Property?

"A Loan Against Property as the name suggests is a loan given against the mortgage of property. Generally speaking, you can avail a loan against property for any of the following: 1. Loan Against Commercial Property 2. Loan Against Residential Property 3. Loan for Purchase of Commercial Property 4. Loan Against Plot 5. Lease Rental Discounting "

How to Apply for a Loan Against Property?

"A Loan against property is for professionals, self-employed, individuals with high net worth, salaried people, Proprietary firms, Partnership firms, Companies (Pvt. /Public Ltd.,) and NRIs - subjected to compliance of Bank’s/RBI guidelines. You can apply online for a loan against property while there are always options to visit the branch or even call or SMS and get the representatives to attend to you at a place and time of your convenience. "

What is the interest rate for loan against property?

Bajaj Finserv has a diversified portfolio for Loan Against Property where you can avail Mortgage Loan Against property, Loan Against Plot, Loan Against Commercial or Residential Property or even a Loan for Purchase of Plot. Bajaj Finserv offers attractive Loan Against Property interest rates with nominal fees and charges. Feel free to use our Loan Against Property EMI Calculator for further estimates.

What are the documents required for Loan Against Property?

Loan Against Property has its own set of documents, eligibility criteria and mortgage requirements. In order to read about documents required for Loan Against Property as well as to check eligibility criteria in detail, please click here

About Bajaj Finserv

Bajaj Finserv, a part of Bajaj Holdings & Investments Limited, is an Indian financial services company focused on lending, asset management, wealth management and insurance. The company through its joint ventures and subsidiaries employs over 20,000 employees and has established a nationwide presence across over 1400 locations.

The company is currently engaged in consumer finance businesses, life insurance, and general insurance and has plans to expand its business by offering a wide array of financial products and services in India. Apart from financial services, Bajaj Finserv is also active in wind–energy generation.

Bajaj Finserv Highlights

Ranked amongst the top 25 best places to work in Asia by the Great Place to Work (GPTW) Institute
10 Best Multinational Workplaces in Asia 2015
Best Small & Medium-sized Workplaces in Asia 2015 (50-500 Employees)
25 Best Workplaces in Asia 2015 (500 + Employees)
Awarded in the category of 25 Best Workplaces in Asia 2015 (500 + Employees)
Won the CIO 100 Innovation award for two products - EMI Card and Flexisaver.

Mortgage Loan Can Be Used For Many Purposes Like Below

For Business Expansion

Accelerate the Business Growth

For Acquiring New Technology

For Construct a New Block

for setting up a new Factory

Setting up a new branch

To Pay off the other Loans

To Procure the More Stock

Things Keep In Mind While Avail a Mortgage Loan

A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.

Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.

Type of Collateral You Are Offering

1) Residential Properties:
Properties are used for the residence purpose usually called as residential properties. Independent houses, flats, villas are commonly considered as residential properties. Financial institutions like these properties and offer more LTV (loan to value) offer to the borrower. Since at the time of loan default, residential properties are easy to liquidate in the market and recover the loan amount.
2) Commercial Properties
Properties using for commercial purpose called as commercial properties. Shopping malls, Market area properties and other properties which is located in commercial area is considered as commercial properties. After residential properties, banks will give preference to the commercial properties for loansanction to a borrower. Compare to residential properties, commercial properties are little difficult to liquidate in the market. Hence the LTV of the commercial properties are will in the range of 50%-60% of the property value.
3) Industrial Properties
Properties are located in the govt declared industrial area like SEZ, Industrial zone etc., and a property is having huge infrastructure setup like machinery, which can be used for the business trading, manufacturing or storage of goods considered as industrial properties. Industrial properties liquidity in the market is low, hence the banks provide LTV to these properties are 40%-50% based on the property amenities.

Principal And Interest

The principal is simply the sum of money you borrowed on mortgage.

Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.

Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.

Factors That Affect your Loan Interest Rates

1) Type of Property offered as Mortgage:

Your property will decide the interest rate on your loan. A residential property will attract lesser rate of Interest compare to the Commercial and Industrial properties. Industrial properties will have comparatively higher rate of interest. This is due to the liquidity of the property, when default occurs.

2) Property Legal and Technical Clearance:

Banks will not finance all properties. Banks look into various aspects like locality, usage etc. Property must satisfied by the lender internal policies criteria. For example, sometimes commercial properties built by the borrower basis on the residential approvals from the govt authorities, however actual usage is for commercial purpose. This is a deviation from the lender perspective. These factors will have impact on your loan approvals.

3) Bank-Customer relationship:

If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

4) Credit/CIBIL History:

If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.

Expert Advice

Best Practices for Mortgage Loan

Try to get a mortgage first, if there are going to be multiple financial obligations popping up in the near future. If you are going to be applying for new credit cards, the inquiry alone can affect your credit score. This will affect your loan processing.
Search in the Market:Before applying the mortgage loan, search for the best lender as per your requirement such as low interest rate, maximum loan tenure and higher LTV etc., this can help you to avoid crucial time and money for the mortgage loan processing.
Get Clarified:Get Clarified on the all the mortgage terms and conditions before put up the application, few of the lender will provide additional option like “Nil Charges” for Pre/Part payments and few Lenders provide the top up on your existing loan based on the good loan track. Get this information clarified from your lender.
Make Timely Payments: Make timely payment on all current debt obligations, including any current mortgage, car, credit card and other bills on time, particularly around the months leading up to the time you get ready to apply for a mortgage. This will ensure that your credit score is at the best mark, scoring you an ideal loan!

Tell the Truth: It may seem unnecessary to be reminded of this, but be as thorough as possible on the loan application. An in-depth analysis of your history will take place during the loan process. Failing to report a debt or misrepresenting your income will raise red flags.
Maintain Your Credit Score: Make on-time payments and make sure your credit score is above average. For mortgage loan the optimum credit score is 720. If you doubt on your credit score, get it online and get rectified before applying for Mortgage Loan.
Be Prepare with the Property Documents: Make sure all the original documents and related link documents of the property to be available to you, this can help the loan processing faster. If anything is missing try to arrange the same before applying the loan. Since Mortgage loan process will happen only after the initial fee prescribed.

Continue to make your mortgage or rent payments on time.

Things not to do for Mortgage Loan

Don’t accept any mortgage documents until you are given a breakdown on costs associated with your mortgage and understand the terms of your loan.
Don’t assume that all mortgage products are the same.
Don’t borrow more than you can afford even if you qualify for more.
Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
Don’t - Change your legal name if you are a self employed.
Don’t - Alter any documents in any way.
Don’t change the bank accounts or banks unless advised

Mortgage Loans Vs Lease Rental Discounting

Lease Rental Discounting Mortgage Loan
Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. Mortgage loans will be provided based on already owned property.
There is no restriction on LRD loan usage. It can be used for any purpose. There is no restriction on mortgage loan usage. It can be used for any purpose.
Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business.
Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part/Pre Payments will be allowed based on the internal policies of the banks for Lease Rental Discounting (LRD). Part/Prepayment will be allowed as per bank internal policies for Mortgage loans.
Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your Lease Rental Discounting (LRD). Top up facility will be varying from bank to bank internal guidelines.

About Bhopal

Bhopal is the capital of Indian state of Madhya pradesh. The city was the capital of the former Bhopal state. Bhopal is known as the city of lakes for its various natural as well as artificial lakes and is also one of the greenest cities in India. It is 17th largest city in the country. It is one of the important various institutions and installations in national level, and so many manufacturing industries are located.

The third Begum, Nawab Sultan Jahan, was one of the most able rulers of the state. Her son Nawab Hamidullah ascended the masnad (throne) in A.D. 1926, and was deeply involved in the political developments of his time. He had believed it imperative for the princes to remain united during Partition and advocated this strongly in his capacity as Chancellor of the Chamber of Princes.

Places To Be Visited In Bhopal

Moti Masjid

    Moti Masjid of Bhopal bears a prominent resemblance to the Jama Masjid of New Delhi. Built by Sikandar Jahan, the daughter of Kudsia Begum, in 1860, this staggering mosque brilliantly displays the heights attained by Islamic art and architecture during the Nawabi era. Fabricated with red sandstone, the highly stylized structure of the mosque is typical of Muslim architecture. It has an arresting marble façade, with two red minarets crowned by golden spikes.

Upper and Lower Lakes

    These lakes highly contribute towards beautifying the landscape of Bhopal and are credited as the artwork of Raja Bhoj. The Upper Lake is 6 sq. km. in area and is divided from the Lower Lake by an over bridge.

Laxmi Narayan Temple

    Also known as Birla Temple, Laxmi Narayan temple was built by the Birlas and is commemorated to the Hindu deities, Laxmi & Vishnu. This sandy-yellow edifice, embellished with idols of many Hindu Gods and Goddesses, poses a magnificent sight. Birla Museum, adjoined to its precinct, is a storehouse of art and artifacts that date back to the 12th century.

Taj-ul Masjid

    One of the largest and most beautiful mosques in India, Taj-ul-Masjid literally means 'The Crown of Mosques' and is an imposing landmark of Bhopal. Its pink façade, coroneted with white-domed minarets, soars to the skyline and stands as a stunning ovation to the rule of Begums in Bhopal. Its construction began under the regime of Shah Jehan Begum, but saw completion after her death. This striking monument is also used as a religious school (madarsa) during the day.

Shaukat Mahal

    Shaukat Mahal exhibits Gothic and post-Renaissance architectural patterns and is a beautiful amalgamation of both oriental and occidental architectural styles. Thought to be designed by a Frenchman, it is strikingly different from the other Muslim monuments in its vicinity, especially with the triangular arches that adorn its roof. The white exterior of the building, carved with exquisite floral patterns, makes it stand out amongst all the antique monuments of Bhopal.

Sadar Manzil

    Sadar Manzil is located near Shaukat Mahal and is an equally attractive site. Even today, the place highlights the bygone grandeur of the Nawabi era of Bhopal. It served as the hall of public audience of the erstwhile rulers of the place. Sultan Kaikhusrau Jahan Begum, daughter of Shah Jahan Begum, also used it as her private palace. Today, the building houses the headquarters of Bhopal Municipal Corporation.

Total Number Of Branches In Bhopal (580)

STATE BANK OF INDIA (121 Branches)BANK OF INDIA (32 Branches)PUNJAB NATIONAL BANK (32 Branches)CANARA BANK (30 Branches)CENTRAL BANK OF INDIA (28 Branches)ALLAHABAD BANK (27 Branches)UNION BANK OF INDIA (23 Branches)AXIS BANK (21 Branches)BANDHAN BANK LTD (20 Branches)BANK OF BARODA (20 Branches)ICICI BANK LTD (20 Branches)ORIENTAL BANK OF COMMERCE (19 Branches)HDFC BANK (18 Branches)INDIAN OVERSEAS BANK (14 Branches)UCO BANK (14 Branches)CORPORATION BANK (13 Branches)BANDHAN BANK LTD (12 Branches)SYNDICATE BANK (12 Branches)VIJAYA BANK (11 Branches)DENA BANK (11 Branches)ANDHRA BANK (10 Branches)IDBI BANK (10 Branches)INDUSIND BANK (5 Branches)YES BANK (5 Branches)INDIAN BANK (4 Branches)PUNJAB & SIND BANK (4 Branches)KOTAK MAHINDRA BANK LTD (4 Branches)BANK OF MAHARASHTRA (4 Branches)STATE BANK OF BIKANER & JAIPUR (3 Branches)STATE BANK OF HYDERABAD (2 Branches)STATE BANK OF PATIALA (2 Branches)THE SHAMRAO VITHAL CO-OP BANK (2 Branches)UNITED BANK OF INDIA (2 Branches)STATE BANK OF INDIA (2 Branches)KARNATAKA BANK LTD (2 Branches)FEDERAL BANK (2 Branches)IDFC BANK LTD (1 Branches)ING VYSYA BANK (1 Branches)JAMMU & KASHMIR BANK LTD (1 Branches)KARUR VYSYA BANK (1 Branches)LAKSHMI VILAS BANK (1 Branches)RBL BANK LTD (1 Branches)RESERVE BANK OF INDIA (1 Branches)SOUTH INDIAN BANK (1 Branches)STANDARD CHARTERED BANK (1 Branches)HDFC BANK (1 Branches)BHARATIYA MAHILA BANK LTD (1 Branches)DHANALAXMI BANK (1 Branches)DCB BANK LTD (1 Branches)CITI BANK (1 Branches)CITY UNION BANK LTD (1 Branches)STATE BANK OF INDIA (1 Branches)STATE BANK OF INDIA (1 Branches)STATE BANK OF TRAVANCORE (1 Branches)STATE BANK OF MYSORE (1 Branches)
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