Bajaj Finserv Lending Loan Against Property In Chennai
Bajaj Finserv lending offers Loan Against Property in Chennai which helps you avail a loan between Rs. 20 lacs and Rs. 20 crores, which can be paid over a term of up to 15 years, in a convenient manner by mortgaging the property as collateral. You can avail of this loan against any of your residential, plot, or commercial properties at your convenience and avail yourself of attractive benefits.
Bajaj Finserv Lending offers you a wide range of mortgage products to choose from
- Loan against Residential Property
- Loan against Commercial Property
- Loan for Purchase of Commercial Property
- Loan against Plot
- Lease Rental Discounting
To meet the needs of all our customers we bring you a complete suite of programs that are tailor-made to your requirements, You can avail a loan under any of the following programs
- Normal Income Program: You can avail loan basis your financial statements
- Debt Consolidator: If you have multiple loans running and want to consolidate all the payments into one single EMI. There is also a flexibility of availing additional loan under this program.
- Alternate Income Program: You can avail loans of up to Rs. 1 Crore under our Low LTV (Loan to Value) and Banking programs, which have been designed specifically to meet your requirements in a quick and hassle free manner.
Benefits of Bajaj Finserv lending Loan
Only Bajaj Finserv Lending Loan Against Property in Chennai comes with the following exclusive benefits:
Prompt Repayment Benefit of Bajaj Finserv lending Loan AGAINST PROPERTY IN CHENNAI
- Bajaj Finance offers an exclusive benefit to the customers who pay all their EMI’s on time. Subject to timely clearance and no delays of all EMI’s for the first 36 months of the total tenor, BFL would refund 1% of the annualized interest amount paid. The same will be paid every 12 months upto 36 months.
- Free Personal Accident Insurance – Bajaj Finserv Lending protects your family from any liabilities, in case of any untoward incident during the tenure of the loan, by giving you a personal accident insurance cover of up to Rs. 10 Lacs.
- Best in class Insurance Schemes
Home Safe Plus from ICICI Lombard
- Non Medical Insurance up to Rs. 3 Crores
- Provides coverage against accidental death, permanent or total disability, diagnosis of critical illness and loss of job
* Applicable following 1st EMI clearance
Documents
| Documents | Self Employed | Firms & Companies |
|---|---|---|
| Application Form | – | – |
| Photograph | – | Yes (Partners/Directors) |
| Identity Proof | – | – |
| Address Proof | – | – |
| Date of Birth Proof | – | Certificate of Incorporation |
| Income Details | IT Returns & Balance Sheet & P/L account Statement for the last 2 years | IT Returns & Balance Sheet & P/L account Statement for the last 2 years |
| Bank Account Statements | For last 6 Months | For last 6 Months |
| Partnership deeds | – | Yes (For Partnership) |
| MOA /AOA | – | Yes (For Companies) |
| Micro/Small/Enterprise certificate (If applicable) | – | – |
Eligibility
- You must be an Indian Resident
- You must be at least 25 years of age when the loan is sanctioned.
- You must be employed or self-employed with a regular source of income.
- The value of your property is a minimum of Rs. 60 lacs in case of Mumbai and Delhi and Rs. 30 lacs in case of other cities
- The required loan amount is a minimum of Rs. 35 lacs in case of Mumbai and Delhi and Rs. 20 lacs in case of other cities
List of general property types prevalent in Chennai
- Vacant Land.
- Individual houses/ Bungalows – with single occupant
- Houses with multiple residential tenants
- Houses with partly commercial shops / establishments and residential tenants.
- Semi independent houses / Portion of Individual houses / Rowhouses
- Flats / Apartments
- Commercial property – office space – large buildings with single occupant
- Commercial property – office space – part of large complexes
- Industrial properties – with factory
- Godowns / Warehouses / stockyards
Title documents will hold good for creating equitable mortgage
- Title documents generally comprise of the following and will hold good for creating equitable mortgage
- Construction Agreement for flat / commercial complexes
- Amenities Agreement for flat / commercial complexes
- Gift / Settlement deeds where the property is acquired from the relatives
- Partition deed in case the property is acquired by way of division of proprty among the relatives
- Will / Death and Legal heirship Certificate where the property is inherited.
- POA document, in case the earlier owners have executed power of attorney.
- Rectification Deeds, in case of any rectification of error in the previous documents.
Documents to establish the possession of the property
- Approved plan for construction
- Approved layout plans – for vacant land
- Subdivision plans (in case the land is subdivided earlier)
- Property Tax payment receipts
- Encumbrance certificates for a period of 13 years.
Other points to be noted are
- In TN and Chennai, title to the property is traced for a period of 13 years.
- For buildings constructed after 1998 , approved plan is insisted upon by competition.
- Deviatons in superstructure are generally prevalent. Calls are taken based on the certification by valuer on the demolition risk and the extent of deviation.
- With respect to multi tenanted properties, some of the competition do not fund those properties. Certain other institutions fund those properties with a maximum tenant of 2 numbers and with a reduced LTV.
- Also the properties with mixed tenants like commercial and tenanted also not funded by certain competition as the possession of property in the event of default is difficult.
