Ultimate Guide for Bajaj Finserv Personal Loan at Finserv Markets

1. Ultimate Guide for Bajaj Finserv Loan Against Property at Finserv Markets What is a Loan Against Property? In the real estate and housing finance market today, we regularly come across the term “Home Loan Against Property”. Loan against property is nothing but a loan which you avail by keeping your commercial/residential property as a collateral. Another name for Loan against property is a secured loan. The security in this kind of loan is the property owned by the person applying for the loan. The value of your property decides the amount of potential loan you will be sanctioned. Bajaj Finserv Loan Against Property A property is one of the most prized assets that we have. The first thing that comes to mind when thinking about leading a settled life is a property, be it residential or commercial. However, a property is much more than just a life security. Just like any other asset, a property can also be used to avail of a loan whenever you are in need of cash. This is a kind of loan, that you can use to fund your dream holiday, children’s education, sudden medical exigencies, wedding plans, or business related expenses. You can also use it purely for financial purposes like debt consolidation or new investment purchase. We, at Finserv Markets, provide you with an opportunity to avail a loan against property. All you have to ensure is that the property title is clear, is not undergoing any litigation, and is free from any existing mortgage. Another factor that you need to ensure is that your property is insured against fire and other calamities during the tenure of the loan. The proof of insurance also needs to be provided to us every year. Features and Benefits of Bajaj Finserv Loan Against Property at Finserv Markets: Hassle-free Loan Against Property Disbursal Applying for a Loan against Property with us is simple. With the entire process online coupled with minimal documentation, what more could one ask for? Flexible Tenure Salaried individuals can choose a repayment tenure that ranges between 2 to 20 years. Make it a short-term or long-term Loan Against Property, the choice is yours. Part-payment Facility You can part-pay your Loan against Property. We do charge a fee, but trust us, its minimal!

2. Balance Transfer Facility We provide a balance transfer facility on an existing Bajaj Finserv Loan Against Property, with easy processing & minimal documentation. Also, get a top-up loan of high value, against your existing loan. Online Account Management With our customer portal, keep track, manage your Loan Against Property and get all related information, online! The types of Property against which LAP can be availed: Self-owned residential property Self-owned and self-occupied residential property Self-owned but rented residential property Self-owned piece of land Self-owned commercial property Self-owned but rented commercial property The types of properties against which you cannot avail of a loan: Plot Property outside municipality limit/city Property with tenants of more than a period of five years (with no renewed rent agreement) Property with structural flaws that requires considerable repairs Property, which is constructed on agricultural land/farm land Illegal properties Property already mortgaged with other banks Residential property used for commercial purposes without approval from a competent authority Under-construction property except NRP transaction Industrial property Hostels or schools Hotel What is the loan against property interest rates? The rate of interest for loan against property (LAP) would range anywhere between 10% to 11% for salaried professionals.

3. What is the loan against property eligibility criteria? You should have a property in your name. You should have a steady and regular income. The value of your property that you have mortgaged will be taken into consideration along with all your past debts as well as savings Records for your past repayments like credit cards and loans. What are the Documents Required for Loan Against Property? Latest Salary Slips Last 3 months bank account statements PAN Card/Aadhaar Card Address Proof Copy of the documents of the property to be mortgaged IT Returns What is the tenure of the loan? The tenure of the loan against property available at Finserv Markets is up to 2 to 20 years for salaried professionals and 2 to 18 years for self-employed. Loan Against Property EMI calculator Online If you are in need of any kind of financial assistance, from a business investment to your child’s education abroad and everything in between, one of the best options to would be a loan against property. In simpler terms, it’s a loan that allows you to borrow a fairly large sum of money without you having to worry about repayment immediately. Finserv Markets ensures that the entire process of availing a loan against property is simple, easy, convenient and gets your money credited to your bank account within 24 hours! The Bajaj Finserv loan against property EMI calculator is a feature that lets you find out the exact (Equated Monthly Installments) EMI amount that you pay for a loan amount provided to you. Here’s how the Bajaj Finserv lending process works – 1) Enter the principal amount that you would like to avail 2) Enter the tenure (in months) that you would like to repay the loan amount in 3) Enter the rate of interest that is offered for your desired loan amount

4. Loan Against Property Eligibility Calculator Online If you are in need of any kind of financial assistance, from a business investment to your child’s education abroad and everything in between, one of the best options to care of this is a loan against property. Quite simply put, it’s a loan that allows you to borrow a fairly large sum of money without you having to worry about repayment immediately. Finserv Markets ensures that the entire process of availing a Bajaj Finserv loan against property is easy, convenient and hassle-free with money credited to your bank account within 24 hours. The Bajaj Finserv pre-approved loan against property eligibility calculator is a feature that lets you find out the exact loan amount that you are eligible for. How does the Bajaj Finserv lending process work: 1) Enter your city of residence, your net income, and the EMI amount that you’d like to pay 2) Click ‘Calculate Now’ 3) The loan amount that is eligible to you is instantly calculated Factors That Affect Loan Against Property: Current Employment status: Financial lenders look at your current employment status and salary to assess your capability to pay the monthly instalments. Another factor that is looked into is how long you have been working in your current organisation, as switching jobs rapidly may signify financial instability. Documentation of your leveraged property: It is almost certain that the first thing that financial lenders will check on before disbursing the loan is that whether you have proper documentation for the property, like permissions from local bodies, environmental clearances, building plans, etc. If there’s any legal loophole or any discrepancy with documentation, chances of you getting the loan are almost zero. Insurance of leveraged property: If the property you are leveraging against the loan is properly insured, it would work as an added advantage in your loan application. It would build up the trust level between the lender and the borrower since lenders have a higher degree of assurance of the property not becoming a non-performing asset in future. Credit score or CIBIL score of the borrower: All loans are granted after viewing your credit score, which will show how well you are paying your current loans and credit card dues. If you have a lot of outstanding dues, then lenders might be put off by your inability to pay back money in time and will probably not grant the loan. The regularity of income tax returns: You may be asked to file your income tax returns from the last few years to judge your loan against property eligibility;

5. whether or not you had a steady flow of cash during that period. If the income tax documents are deemed flawed, the loan application may be rejected. Tenure for the loan: The loan against property application might get rejected if the tenure that you are looking for is comparatively shorter with respect to your average monthly income. Try to ensure that the tenure you are looking for is neither too low and nor too high, and is in sync with your monthly income. Age of the applicant: If you are already retired or nearing retirement, the loan application will likely get rejected. In such situations it is necessary to have a young earning co-applicant on board. Difference between Home Loan and Loan Against Property: Interest rate Home loans have comparatively lower interest rates whereas a loan against property comes with higher interest rates. Loan value Loan against property is offered on upto 60% of the property rate whereas home loan is offered on upto 90% of the property value. Usage Home loan is offered only for buying or constructing of a house whereas Loan against property can be used for business or personal use but cannot be used for illegal activities. Tenure Home loan repayment tenures can range up to 30 years while Loan against Property is only for 15 years. Tax Exemption There is no tax exemption under loan against property but home loan gives you tax benefits up to Rs 1.5 Lakhs under section 80C while repaying the principal amount. Documents Home loan process, if the documents are in order can be a quick process on Finserv Markets. However, Loan against Property requires thorough background checks, therefore, they require more time. The points mentioned above are enough to clear the doubt between Home Loan and Loan against Property. In a nutshell, buying a home requires Home Loan and mortgaging your home comes under Loan against Property.

6. Important Points to Keep in Mind Before Going in for LAP Opt for a Shorter Tenure Though a longer tenure of 30 years may seem quite tempting due to lower EMIs, in the long run, you would end up paying more interest. Hence, it’s advisable to go in for a shorter tenure. The best thing you could do is to ask your lender to increase your EMIs every year with the rise in your income. This would allow you to repay your loan sooner. Make Your EMI Payments on Time We at Finserv Markets couldn’t stress on this more. When it comes to paying your monthly EMIs, it’s very important that you follow strict guidelines and pay them on your fixed dates every month. This will help you stay away from late payment penalties and will also maintain a good credit score rating as well. Irregular repayments will make it difficult for you to apply for a loan again. You can also opt for our flexible repayment tenure option. Insurance Whenever you take a huge loan amount it’s advisable that you also take an insurance cover too. Finserv Markets also offers customized insurance plans to protect your family as well. This would help decrease the burden and stress on your family under unfortunate circumstances. You could go in for insurance that is equal to the loan amount or even a regular term plan insurance which would go on even after your loan is all paid up. Visit the Finserv Markets website to know more about our Bajaj Finserv Loan Against Property.