CreditMantri Finserve Private Limited
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One does not have to possess so much of wealth to purchase a land or make it an investment. A land loan can be of great help if you plan to buy a land to construct a house or use it for commercial purposes.
A Land loan or plot loan as the name suggests is a loan provided by public and private banks to borrowers for the purchase of a plot of land.
Bajaj Finserv, one of the leading financial services companies, offers land loans to varied customers based on their credit eligibility. If you are looking for a land loan with Bajaj Finserv, read to know more about its features and benefits.
The following are the guaranteed benefits that the borrower will receive from loans offered for purchase of land
Quick Approval: The lender claims that it only takes 5 minutes for approval after all the documents are submitted.
Fast Disbursal: As purchasing a plot will require a huge amount on-time, Bajaj Finserv understands the needs of the customer and disburses the loan within 3 days or before.
Low Interest Rate: The lender offers the best interest rate in the market.
Digitally Enabled: Online access for your loan account enables to keep track of the payments and get information related to loan from anywhere.
The applicants can get the following benefits by applying through Canara bank for a land loan
Following are the features on the Bajaj Finserv Plot loan
Quick access to funds: Whether a small amount or huge amount, you can get easy access to fund by applying through Bajaj Finserv
Loan Amount: The loan amount is determined by the value of the property and income of the borrower. The salaried individuals can get maximum of up to INR 10 Lakhs and self-employed individuals can get up to INR 3.5 crores.
Tenure: The repayment period is up to 10 years. The borrowers can also prepay the loan.
Low Processing Fee: Bajaj Finserv charges the lowest processing fee in the market
Prepayment charges: You can complete the loan whenever you want without any penalty
All the charges will be communicated upfront hence no hidden charges. Interest rate is calculated on daily reducing balance and the borrower can get a continuous reduction on the interest paid.
To become eligible for a land loan with Bajaj Finserv, you must have consistent repaying ability. The applicant should be an Indian resident and can be either a salaried employee or self-employed professional. You should also have all the necessary documents for quicker approval. The salaried borrower should be minimum of 23 years old and maximum of 62 years old. The self-employed individuals can be between 25 to 70 years of age and should be in the current line of business for the past 5 years.
Land Loans can be undertaken by individuals for the following reasons
Pre-requisites for Land Loans
Home loan and land loan may appear same with its terms and conditions but in nature they are totally different. Here are the major differences between both the financial products.
A home loan is provided for a property that is built, under construction and or undergoing restoration and extension, while a land loan is predominantly given for purchase of a piece of land or plot
The Loan to Value ratio for a home loan is about 80%, for loans above 3 lakhs the LTV is 90%; while the LTV for a plot is 50-70%
The tax benefits which are available on a home loan are not available on the land and plot loans
Home loans tend to be longer up to 30 years even, while the land plot loans are extended up to 15 years
Another factor that is considered while taking up a land loan is the presence of 2-5% of foreclosure charges that are absent in a home loan. These are the primary differences between a home loan and a land loan.
The interest rate starts from 8.5%. However, the interest rate may vary for different borrowers based on their credit profile and it is fixed at the sole discretion of the bank.
List of papers/ documents applicable to all applicants:
The above-mentioned proofs are only indicative. At the time of loan application, additional documents depending on the profiles.
For any loan applicant, a credit score is an important facet that is considered by banks and other lenders when they are about to make lending decisions for any loan including your land loan. It is the onus of the applicant to maintain a good credit health especially for those who are looking to take big ticket and medium to long term loans, the presence of a poor credit score or no credit score could lead to unwanted situations such as unfavourable terms or sometimes even rejection.
To avoid loan rejection, learn more about your credit health, start with your free credit score.
Customers can use the home loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Home Loan EMI calculator and the lender Home Loan EMI calculator.
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.
CreditMantri’ s Home Loan EMI Calculator and lender Home Loan Calculator are among the best and probably the easiest ways to compare various home loan offers and choose the loan best suited to your requirements. Using the Home Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
1. How long will it take for Bajaj Finserv land loan approval?
Bajaj Finserv land loans are approved within 5 minutes after the documents submission.
2. How can I apply for a land loan from Bajaj Finserv?
Bajaj Finserv provides customers multiple ways to apply for a land loan. It can be from anywhere using the online and customer care facilities or visit the nearest branch to talk to a representative to discuss the options and then apply. Customers can choose any one of the option they are comfortable with.
3. What is the maximum loan amount I can get from Bajaj Finserv Land Loans?
The maximum loan amount from Bajaj Finserv land loans is determined by your repaying capacity and loan amount. Salaried employees can get up to INR 10 Lakhs and self-employed individuals can get up to INR 3.2 crores.
4. What is the maximum tenure for repaying the Bajaj Finserv land loan?
The maximum repayment period is up to 10 years.
Bajaj Finserv is part of the well-known Bajaj Holdings and specializes in lending, asset management, wealth management and insurance. It has over 1400 branches across the country and is one of the leading providers of retail finance.
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