Home Loan

The processing fee is among the fees that you'll have to pay on a home loan. A home loan processing fee is a one-time fee charged by the lender once your housing loan application has been accepted. While some lenders charge a processing fee for home loans, others do not.

To apply for a home loan in India, check your eligibility, and gather required documents like ID proof, address proof, income proof, and property details. Submit the application online or at a branch. After verification, the lender will sanction the loan based on your eligibility.

You can check the status of your housing loan application online by entering your home loan application number/ ID, as well as your mobile number/ contact information.

You can also contact your home loan lender and ask about your home loan application status by providing your application ID/ reference number.

A home loan is secured in nature, i.e., the loan amount is sanctioned against a collateral, which is the property in question.

The loan amount is sanctioned at a predetermined interest for an agreed-to period, also known as the ‘tenure.’ The borrower repays the loan with interest through a home loan EMI, payable every month. The property ownership remains with the lender till the home loan repayment is complete, including interest.

Only mentioned relatives are eligible to be co-applicants for home finance:

Unmarried Sons and daughters can apply for a joint home loan with their parents. A husband and wife can apply jointly. A brother and a sister can apply for a home loan together, but a brother-sister or sister-sister pairing is not permitted.

You can easily get a home loan up to Rs. 15 crore* from Bajaj Finserv if you meet our eligibility criteria. The sanctioned loan amount depends upon essential factors like your age, income profile, CIBIL Score, and among other criteria.

You start paying your home loan EMI when the disbursement cheque is created. Once you receive the loan amount, you begin paying EMIs as per the EMI cycle. This means if your chosen date for EMI repayment is the 5th of a month and you receive the loan on the 28th of the month, then for the first month you pay EMI calculated from the day your house loan was sanctioned to your first EMI date. Next month onwards, you pay regular EMIs on the designated day.

You can get tax benefits on home loan. Home loan tax benefits include deduction of Rs. 1.5 lakh on the principal amount under Section 80C. Additionally, Section 24B allows tax deduction of Rs. 2 lakh on the interest repayment. You can also claim tax deductions for registration fees and stamp duty charges under Section 80C.

Once you have submitted all the essential documents, the loan amount will be approved within 48 Hours*. In some cases, it can get sanctioned even earlier.

* Terms and conditions apply

No. As per RBI guidelines, no lender is permitted to offer 100% home financing. You need to make a down payment amounting to 10-20% of the property’s purchase price. Typically, you can obtain up to 80% housing loan financing for your property.

Both types of home loans have their pros and cons. With a fixed-rate home loan, the interest rate remains constant through the tenor, which allows you to forecast EMIs. Pick it when home loan interest rates are low and when you want fixed EMIs.

With floating-rate home loans, the interest rate alters basis economic changes and RBI policy decisions. Choose this variant when you expect rates to reduce in the time to come. Additionally, the RBI mandates that you do not need to pay any prepayment or foreclosure charges if you’re an individual borrowing a floating rate home loan.

Availing of a house loan requires an individual to meet the eligibility criteria that ensure a borrower’s capacity to repay. The factors that affect eligibility are:

• A person’s credit score
• Monthly income
• Current financial obligations and debt
• Employment status
• Age of the applicant
• Property to be purchased

Basis the different requirements for home finance and varied customer profiles, the types of home loans available in India are:

• Home construction loan
• Home loan balance transfer
• Top-up loan
• Joint home loan
• Loans under the Pradhan Mantri Awas Yojana scheme

Home loan for:

• Women
• Government Employees
• Advocates
• Bank Employees
• Private Employees

Both types of home loans have their pros and cons. With a fixed-rate home loan, the interest rate remains constant through the tenor, which allows you to forecast EMIs. Pick it when home loan interest rates are low and when you want fixed EMIs.

With floating-rate home loans, the interest rate alters basis economic changes and RBI policy decisions. Choose this variant when you expect rates to reduce in the time to come. Additionally, the RBI mandates that you do not need to pay any prepayment or foreclosure charges if you’re an individual borrowing a floating rate home loan.

Salaried professionals applying for a fresh home loan with Bajaj Finserv, must have the listed documents:

• KYC documents (identity and address proof)
• Proof of income (salary slips)
• Account statements for the last 6 months

Self-employed individuals applying for a fresh home loan from Bajaj Finserv, must have the listed documents:

• KYC documents (identity and address proof)

• Proof of income (P&L statement)

• Proof of business

• Last 6 months' account statements, etc.

Yes, you can reduce the tenure of a home loan after taking it by making higher EMI payments or part-prepayments. This reduces the principal amount faster, shortening the loan term. Contact your lender to adjust your EMI accordingly, ensuring it aligns with your financial situation.

Opting for a housing loan is a smart financial decision for the following reasons:

• It brings additional financing to fund your housing dreams without affecting your savings

• You can choose from several housing loan options as per your requirements

• The interest rates are affordable and make loan repayment more convenient

• Long tenor allows for repayment towards the loan in easy EMIs

No, availing two housing loans at a time for the same property is restricted as per the CERSAI. However, individuals can opt for a house loan balance transfer to refinance their existing housing credit at a lower rate of interest. The facility comes with the top-up loan facility - an additional loan over and above the existing loan amount. Avail the funds to meet diverse financial necessities with ease.

No, it is not mandatory that you take home loan insurance along with your loan. However, you may consider getting insurance to take care of any liability at a marginal increase in your EMIs.

A CIBIL score of 725 or above is generally considered good for a home loan. It indicates creditworthiness and increases the chances of loan approval with favourable terms, such as lower interest rates.

To adjust your home loan tenure for the desired EMI, use an EMI calculator by entering the loan amount, interest rate, and different tenures. The calculator will display the corresponding EMI for each tenure, allowing you to choose a tenure that fits your monthly budget.

To reduce home loan interest, opt for a shorter tenure, make regular prepayments, or refinance with a lower interest rate. Additionally, maintain a good credit score to qualify for better rates and negotiate with your lender for favourable terms.

To qualify for a home loan, you must meet specific eligibility criteria. First, you must be an Indian citizen residing in India. The age requirement varies depending on your occupation: salaried applicants should be between 23 years and 65 years, while self-employed professionals should be between 23 years and 70 years. The upper age limit is considered at the time of loan maturity. A CIBIL score of 725 or higher is ideal for securing a home loan. Your occupation also plays a role; you must be a salaried employee, a professional, or a self-employed individual to qualify.

Yes, you can switch from a floating rate of interest to a fixed rate during the repayment tenor of your housing loan. You need to pay a nominal amount as a conversion fee to your lender for switching.

Proceed with the following steps to avail a home loan with ease.

• Check your credit reports and rectify errors, if any 

• Estimate EMIs with a home loan calculator and decide on the loan amount as per repayment capacity

• Keep all the necessary documents handy

• Compare the available offers for the best housing loan option

• Ensure to meet all eligibility before applying

The repayment period for loans begins immediately after the lender has disbursed the entire housing loan amount. However, in cases of partial disbursal, the interest accrued on such a disbursed amount is required to be paid as pre-EMI. Full EMI payment including the principal and interest amount starts after full disbursal of the loan.