Bajaj Finance offers a home loan of up to Rs. 15 crore* based on your eligibility, to buy your dream home with ease. With interest rates starting from 8.50%* p.a., you can get a home loan at an EMI of just Rs. 733/lakh*. A housing loan with us comes with several benefits, like a flexible tenure of 40 years, no foreclosure fee, hassle-free application along with 5,000+ approved projects for a quick loan process.
Home Loan EMI Calculator
Plan your instalments betterFeatures and benefits of our home loan
-
Loan of up to Rs. 15 crore*
Buying a home is one of the biggest milestones. Achieve it with a sizeable amount of up to Rs. 15 crore*.
-
Low interest rates
With our loan interest rates starting at 8.50%* p.a., pay EMIs as low as Rs. 733/lakh*.
-
Approval in 48 Hours*
Your loan application will be approved within 48 Hours* of your application, in some cases, even earlier.
-
Tenure of up to 40 years*
Pay back your loan comfortably with our long repayment tenure ranging up to 40 years*.
-
No foreclosure fee for individuals
Individual borrowers who choose a floating interest rate can foreclose the entire amount or prepay a part of the loan without paying an additional fee.
-
Hassle-free application
Our doorstep document pick-up service helps to skip numerous branch visits and enables an easy application process.
-
Balance Transfer facility
Benefit from our home loan balance transfer facility and be eligible for a top-up loan of up to Rs. 1 crore* or higher.
-
5000+ approved projects
Choose from our 5000+ approved projects to avail of a quick loan.
-
Externally benchmarked interest rates
You can opt for interest rates linked to an external benchmark, such as the repo rate to benefit during favourable market conditions.
*Terms and conditions apply
3 types of home loan
Fresh home loan
The fresh home loan variant offers a hassle-free application process and competitive interest rates. Here is what sets it apart:
- Simplified application: Applying for a fresh home loan is quick and straightforward. Bajaj Finance streamlines the documentation and approval process to get you started on your homeownership journey sooner
- Attractive interest rates: Enjoy competitive interest rates starting from 8.50%* p.a. that make your home purchase more affordable.
- Flexible repayment options: Tailor your loan repayment schedule to match your financial capabilities. Bajaj Finserv allows you to choose repayment tenure up to 40 years, ensuring comfortable EMI payments.
Home loan balance transfer
If you already have a home loan from another financial institution, the home loan balance transfer variant from Bajaj Finance is your chance to save money and reduce your loan burden. Here is why it is unique:
- Lower interest rates: Bajaj Finance offers attractive interest rates starting from 8.70%* p.a., for transferring your existing home loan. Lower rates can significantly reduce your overall interest payments, saving you money.
- Simplified process: Bajaj Finance ensures a hassle-free transfer process, minimising paperwork and formalities. You can smoothly transition your loan to benefit from better terms.
Home loan top-up
Sometimes, you may need extra funds to meet personal or financial goals. The top-up facility allows you to secure additional financing. Here is why it is a unique offering:
- Top-up facility: Besides transferring your existing loan, you can also avail of a home loan top-up. This extra amount can be used for various purposes like home renovations, education expenses, or other financial needs.
- Quick processing: The application and approval process for a top-up loan is generally quicker and more straightforward than applying for a new loan.
Eligibility criteria and documents required
Anyone can apply for our home loan as long as they meet the criteria mentioned below.
Eligibility criteria
- Nationality:
You must be an Indian citizen residing in India. - Age:
A salaried applicant must be between 23 years to 65 years, and a self-employed professional must be between 23 years to 70 years.
*The upper age limit is considered as the age at the time of loan maturity.
- CIBIL Score:
A CIBIL Score of 725 or higher is ideal to get a home loan. - Occupation:
Salaried employee, a professional individual, and a self-employed individual.
Documents required
- KYC documents (identity and address proof)
- Proof of income (salary slips or P&L statement)
- Proof of business (for self-employed applicants), and
- Account statements for the last 6 months
How to apply for a home loan
Step-by-step guide to applying for a home loan
- Click on the 'APPLY' button on this page.
- Enter your full name, mobile number, and employment type.
- Now select the type of loan you wish to apply for.
- Generate and submit your OTP to verify your phone number.
- Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property.
- In the next steps, enter your date of birth, PAN number and other details as requested depending on your selected occupation type.
- Click on the ‘SUBMIT’ button.
That is it! Your application is submitted. Our representative will connect with you and guide you through the next steps.
Applicable fees and charges on our home loan
Type of fee | Applicable charges | ||
Rate of interest | Salaried | Self-employed | Doctors |
8.50%* to 15.00%* p.a. | 9.10%* to 15.00%* p.a. | 8.60%* to 15.00%* p.a. | |
Processing fees | Up to 4% of the loan amount | ||
Bounce charges | For loan amounts up to Rs. 15 lakhs: Rs. 500 For loan amounts from Rs. 15,00,001 to Rs. 30,00,000: Rs. 500 For loan amounts from Rs. 30,00,001 to Rs. 50,00,000: Rs. 1,000 For loan amounts from Rs. 50,00,001 to Rs. 1,00,00,000: Rs. 1,000 For loan amounts from Rs. 1,00,00,001 to Rs. 5,00,00,000: Rs. 3,000 For loan amounts from Rs. 5,00,00,001 to Rs. 10,00,00,000: Rs. 3,000 For loan amounts more than Rs. 10 crores: Rs. 10,000 |
||
Penal charge |
Click here to know about the penal charges. |
||
Interest and Principal Statement Charges | NIL | ||
Part-prepayment charges** | NIL | ||
Foreclosure Charges | NIL | ||
Hard Copy Loan Statement Charges | Up to Rs. 500 + GST as applicable |
Frequently asked questions
A home loan is a credit borrowed from a financial institution to buy a home. The home loan is given at an interest rate depending on your profile. While taking the loan, you choose a repayment period to pay back the amount (principal) and interest in equated monthly instalments (EMIs). You can either choose a fixed interest rate or a floating interest rate.
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.
Watch our videos
Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.