Loan Against Property for Self-Employed for Higher Education

Mortgaging a property is the simplest option to afford your overseas degree if your education loans do not fully suffice. It helps you avoid asking your relatives for favours. Pay for your higher education with a loan against property of up to Rs. 10.50 crore*.

 

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Visa and Flights

VISA AND FLIGHTS

Your tuition fee can be covered by your education loan, but the cost of your visa, insurance, and travel tickets may not come under it. These costs are substantial and, if unaccounted for, could result in a dip in your savings.

Course Fee

COURSE FEE

The cost of your overall spending can increase by additional courses, technical programs, tutoring, or elective subjects. In these cases, a loan against property can come in handy.

Living Expenses

LIVING EXPENSES

When you live abroad, your monthly rent is not the only cost of living. Numerous regular costs, including those for food, transportation, clothing, phone, and high-speed internet, all pile up. These costs can add up quickly and drastically deplete your finances.

Course Material

COURSE MATERIAL

You might require the use of a computer, software, and textbooks at some point throughout your studies. These expenses are rarely anticipated and may arise at any time. Consider taking a loan against property so that you are always prepared financially.

Emergency Fund

EMERGENCY FUND

Emergencies could happen at any time. Having some additional finances is usually helpful for unforeseen expenses like family emergencies that force you to board the next trip home or unexpected sickness or accidents.

Features and benefits of our loan against property

All you need to know about our Loan Against Property 00:42 ‌

All you need to know about our Loan Against Property

Watch this video to know everything about our loan against property: Features and benefits, fees and charges, eligibility criteria, and more.

  • Loan amount

    Loan amount of up to Rs. 10.50 crore*

    Avail of a loan amount of up to Rs. 10.50 crore* manage your urgent financial needs. The sanctioned amount will depend on factors like the value of your property.

  • Low interest rates

    Low interest rates

    Self-employed borrowers can avail of low interest rates starting from 9% to 12% (Floating rate of Interest) p.a.

  • Loan disbursal in 72 hours*

    Loan disbursal in 72 hours*

    Your loan amount will be credited to your bank account within 72 hours* of the approval.

  • Tenure of up to

    Tenure of up to 15 years

    Our convenient repayment tenure of up to 15 years makes it easy to manage your loan.

  • Multiple end-use options

    Multiple end-use options

    With no end-use restrictions, you can use the loan amount for a wedding, higher education, business expansion or even for a medical emergency.

  • No foreclosure fee*

    No foreclosure fee*

    If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.

  • Externally benchmarked interest rates

    Externally benchmarked interest rates

    You can opt for an interest rate linked to an external benchmark, such as the Repo Rate. Benefit during favourable market conditions.

  • *Terms and conditions apply.

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EMI Calculator

Loan against property EMI calculator

Enter a few details and check your loan against property EMIs.

Eligibility criteria and documents required

Anyone can apply for our loan against property as long as they meet the criteria mentioned below.

Eligibility criteria

  • Nationality: You must be an Indian citizen residing in India with property in a city we operate in.
  • Age: Minimum age: 25 years* (18 years for non-financial property owners)
    Maximum age: 85 years* (including non-financial property owners)
    *Age of the individual applicant/ co-applicant at the time of loan maturity.
    *Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure.
  • CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property.
  • Employment status: As a self-employed applicant, you should have a business continuity of over 5 years in the current business.

Documents required:

  • Proof of identity/ residence - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
  • Proof of income (P&L statement)
  • Proof of business existence, and
  • Account statements for the last 6 months

Note: This is an indicative list that may change based on your actual loan application.

Eligibility Calculator

Check your loan against property eligibility

Find out how much loan amount you can get.

How to apply for a loan against property

Video Image 00:46
   

Step-by-step guide to apply for a loan against property

  1. Click on the 'APPLY' button on this page.
  2. Enter your full name, mobile number, and pin code, and choose ‘Self-employed’ as the employment type.
  3. Now select the type of loan that you wish to apply for.
  4. Generate and submit your OTP to verify your phone number.
  5. Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property.
  6. In the next steps, enter your PAN number and any other details as requested depending on your selected occupation type.
  7. Click on the ‘SUBMIT’ button.

That is it! Your loan request is submitted. Our representative will connect with you and guide you through the next steps.

Applicable fees and charges

We advise you to read about our fees and charges thoroughly before applying.

Type of fee Applicable charges
Rate of interest (floating rate of interest)
 9% to 12% per annum
Processing fee Up to 3.54% of the loan amount (inclusive of applicable taxes)
Documentation charges Up to Rs. 2,360/- (inclusive of applicable taxes)
Flexi facility charge

Term Loan – Not applicable

Flexi variant (as applicable below) - (Inclusive of applicable taxes)

Flexi term loan (Flexi dropline)
Up to Rs. 999 for loan amount less than Rs. 50,00,000.
Up to Rs. 1,999 for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
Up to Rs. 1,999 for loan amount between Rs. 75,00,000 and Rs. 99,99,999
Up to Rs. 2,999 for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999
Up to Rs. 3,999 for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999
Up to Rs. 4,999 for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999
Up to Rs. 5,999 for loan amount Rs. 7,50,00,000 and above

Flexi Hybrid loan –
Up to Rs. 5,999 for loan amount less than Rs. 50,00,000.
Up to Rs. 11,999 for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
Up to Rs. 14,999 for loan amount between Rs. 75,00,000 and Rs. 99,99,999
Up to Rs. 19,999 for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999
Up to Rs. 21,999 for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999
Up to Rs. 25,999 for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999
Up to Rs. 29,999 for loan amount Rs. 7,50,00,000 and above

The above Flexi facility charges will be deducted upfront from the loan amount.

Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.
Prepayment charges

Full prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment

  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
Part-prepayment
  • Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.
  • Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

Note: If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.
Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Not applicable

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during Initial loan tenure. Not applicable for subsequent loan tenure.
Bounce charges

Rs. 1,500/- per bounce.

“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason
Penal charge

Penal Charge is applicable in the following scenarios:

a. Penal Charge:
Any payment default shall attract penal charge of Rs. 190/- per day for period of such delay from the respective due date and continue to apply until the date of receipt of amounts under the said default.

b. Covenant Perfection Charge:
i) Rs. 800/- per day for non-submission of critical documents after 90 days of disbursement. Levy from the date when due on non-compliance of any one or all heads in the category.
ii) Rs. 500/- per day for non-submission of non-critical documents after 120 days of disbursement. Levy from the date when due.
Stamp duty (as per respective state) Payable as per state laws
Broken period interest/ pre-EMI interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:

Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Deducted from disbursement

For Flexi Loans: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment

For Quick disbursal process and disbursement mode is cheque: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:

First instalment will consist of interest for actual number of days.
Mortgage origination fees

Up to Rs. 6,000/- per property (inclusive of applicable taxes) charged upfront.

Note - In case of re-valuation of the property then MOF will be levied again and shall be deducted from loan disbursement amount.
Conversion fee (floating to fixed)**

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note:

a) The company would charge additional interest rate risk premium of 200 bps over the applicable rate of interest on the borrower's loan account as on that date.

b) Three conversions are permissible throughout the entire tenure
Conversion fee (fixed to floating)**

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note: Three conversions are permissible throughout the entire tenure.
Switch fee for ROI change Up to 2.36% (inclusive of applicable taxes) of principal outstanding
Commitment fee

Maximum up to total PF amount.
Legal Charges Recovery of charges
Repossession & Incidental charges Recovery of charges

**The option of switching from floating to fixed rate of interest and vice versa would be applicable only to Borrowers whose loan qualify as personal loan as per RBI circular on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans- RBI/2023-24/55-DOR.MCS.REC.32/01.01.003/2023-24.
Personal loans refers to loans given to individuals and consist of (a) consumer credit, (b) education loan, (c) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), and (d) loans given for investment in financial assets (shares, debentures, etc.).
Further, Consumer credit refers to the loans given to individuals, which consists of (a) loans for consumer durables, (b) credit card receivables, (c) auto loans (other than loans for commercial use), (d) personal loans secured by gold, gold jewellery, immovable property, fixed deposits (including FCNR(B)), shares and bonds, etc., (other than for business / commercial purposes), (e) personal loans to professionals (excluding loans for business purposes), and (f) loans given for other consumptions purposes (e.g., social ceremonies, etc.). However, it excludes (a) education loans, (b) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), (c) loans given for investment in financial assets (shares, debentures, etc.), and (d) consumption loans given to farmers under KCC. For risk weighting purposes under the Capital Adequacy Framework, the extant regulatory guidelines will be applicable. (as defined in XBRL Returns – Harmonization of Banking Statistics-RBI/2017-18/117-DBR.No.BP.BC.99/08.13.100/2017-18)

Frequently asked questions

Who can get a loan against property?

Any salaried or self-employed individual can apply for a loan against property with Bajaj Finance Limited if you meet our eligibility criteria. Your age, employment status and city of residence are some of the key factors that must be met.

Am I eligible for a loan against property?

If you are a self-employed Indian citizen residing in India, between the age of 25 years to 85 years, you are eligible for the loan. Other factors like your income profile, your CIBIL Score, etc. are also considered during the approval process.

*Terms and conditions apply.

How much loan will I get against my property?

Loan Against Property is a secured loan in which you mortgage your property to a lender in exchange for a substantial sanction to cover your expenses. Several factors influence the final loan amount, including the individual's profile and repayment capacity, the property's valuation, and the lender's loan-to-value ratio.

What is the maximum repayment tenure for a loan against property?

You can conveniently repay a loan over a convenient repayment tenure of up to 15 years.

What should be my CIBIL Score if I want to apply for a loan against property?

The CIBIL Score is an important indicator of your creditworthiness. To get a loan against property, it is preferable to maintain a CIBIL Score of 700 or higher.

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