Bajaj Finserv Lease Rental Discounting Loan Interest rates in Kottayam
| Up To 21,00,00,000 | |
|---|---|
| Commercial Properties | 11.75% |
Features of Bajaj Finserv Lease Rental Discounting Loan Kottayam
| Type | Features |
|---|---|
| Processing Fee | Up to 2% |
| Pre Closure Charges | 3.0% |
| Part Payment Charges | Allowed |
| Min Tenure | 5 Years |
| Max Tenure | 11 Years |
| Min Age | 25 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.10,00,00,000/- |
| Max Loan Amount | Rs.50,00,00,000/- |
Bajaj Finserv Lease Rental Discounting Loan Kottayam Charges
| Type | Charges |
|---|---|
| Penal Interest | 2% Per Month |
| Duplicate Statement Charges | Free |
| Insurance Cover | Upto Loan Amount |
| Inspection Charges | Free |
| Legal Opinion Valuation Charges | Free |
| Bounce Cheque Charges | Rs.1000/- |
| Photocopy Documents | Free |
| Charge For Exchanging E C S Mandate | Nil |
| Repayment Schedule Charges | Free |
| Loan Re Schedulement Charges | Free |
| N O C Issuance Charges | Free |
Documentation For Lease Rental Discounting
For Salaried Persons
- 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
For Self Employed/Professionals
- 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
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- 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)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
Bajaj Finserv Lease Rental Discounting Loan FAQ's
About Bajaj Finserv
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
About Other Banks
ICICI Bank
Axis Bank
HDFC Bank
Magma Fincorp
DHFL
Citi Bank
Dcb Bank
IDBI Bank
IndusInd Bank
Kotak Mahindra Bank
RBL Bank
State Bank of India
Standard Chartered Bank
Avanse
LIC Housing Finance
Fullerton
TATA Capital
Credila
HDFC Limited
Aditya Birla Housing Finance
Capital First
Edelweiss
Indiabulls Housing Finance
Religare Finvest
Yes Bank
Canara Bank
Bank of Baroda
Why Lease Rental Discounting?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Lease Rental Discounting Vs Mortgage Loans
| Lease Rental Discounting | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | 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. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | 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 in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | 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 home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Kottayam
Kottayam Located near Kochi, Kottayam is a large town in the state of Kerala. Due to the presence of many newspapers and publishing houses in Kottayam, it is also called the letter capital of Kerala. The literacy rate of the city is around 100% that can be attributed to the presence of many colleges and deemed universities, present here.
Kottayam is popular because of several plantations, paddy fields and natural lakes. Kottayam is also a main trade center of Kerala due to the extensive rubber plantations present in the town, and also also popular for its water transport facilities that include ferries and boats.From the beginning of the ninth century AD.
Places To Be Visited In Kottayam
Vaikom
Vaikom is one of the popular places around Kottayam mainly due to its variety of tourist attractions. It is home to some of the most scenic backwaters of Kerala like Kumarakom and houses rich historical places and heritage temples that add an old-world charm to it. Its serenity and simplistic beauty are unbeatable.
Subramania Swami Temple
A beautiful temple depicting the Kerala style of architecture, Subramania Swami Temple is located in a village namely Kidangoor. Dedicated to Lord Subramaya Swami, the temple is mainly known for its annual festival.
Poonjar Palace
Poonjar Palace is a beautiful palace boasting of elegance and opulence of the royal kingdom that it was once upon a time. Though not very well-maintained, it impresses with its intricate wooden carvings. One of the top tourist places in Kottayam, Poonjar Palace is worth a visit. If not for historical importance, then definitely for its architecture.
Nadukani
Nadukani is one of the popular hill stations near Kottayam and is a major picnic spot. Nadukani offers wonderful views of the landscapes covered in dense forests, Nilgiri mountains, Muvattupuzha river, mystical valleys, and colorful flora. One of the popular tourist places near Kottayam, Nadukani has emerged as the new go-to spot for youngsters and couples looking for refuge.
Bay Island Driftwood Museum
Bay Island Driftwood Museum situated 14 km from Kottayam is home to some of the most amusing collection of driftwood sculptures. Showcasing the variety of modern artifacts and root carvings crafted in various shapes and sizes, the museum is established by the proprietor and curator Raji Punnoose and an award receiver of Limca Book of Rerecords 2001.
Marmala Waterfalls
Located in Erattupetta near Kottayam, Marmala waterfall is one of the places to visit if you’re looking for some adventure. It’s difficult to reach the waterfalls as only jeeps can traverse the narrow trodden paths.