Home Loan

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Home Loan - Features and Benefits

Get a home loan up to Rs. 3.5 crore from Bajaj Finserv at lowest interest rate in India with added features like additional top-up loan and doorstep service.

Whether you’re looking to purchase your first home, or you want to construct your own house, or if you just want to renovate your current home, our home loan offerings meet all your requirements. You can also reduce your home loan EMIs by transferring your existing home loan to us at lowest rate of interest in India, plus a top up loan up to 50% of your sanctioned home loan amount.

So apply online for a Bajaj Finserv Home Loan today, and get instant approval on your Home Loan.

Here's a look at different features and benefits of home loans from Bajaj Finserv:

  • Pradhan Mantri Awas Yojna (PMAY)

    Home Loans get more affordable than ever, with assistance from the Pradhan Mantri Awas Yojna (PMAY) for first-time homeowners. Reduce your Home Loan EMIs with PMAY, by getting a Home Loan at an interest rate of just 6.93%*, and save up to Rs. 2.67 lakh on interest*. Get a Home Loan under PMAY even if your parents own a home, and thus have the chance to become a homeowner yourself.

  • Easy Balance Transfer Facility

    Refinance your existing home loan with Bajaj Finserv, with minimal documentation and faster processing. Apply for home loan transfer, and get a top-up loan at nominal interest rate.

  • Top-up Loan

    Finance your other requirements with a high-value top-up loan over and above your existing housing loan. Get a top-up loan up to Rs. 50 Lakh without any extra documentation, at nominal rate of interest.

  • Property Dossier

    A customised report to guide you through all the legal and financial aspects of being a property owner.

  • Part-prepayment and Foreclosure Facility

    No charges on part-prepayment or foreclosure to make the loan affordable

  • Flexible Tenor

    Flexible tenors ranging up to 240 months, to fit your repayment capacity.

  • Minimal Documentation

    Easy Home Loan eligibility criteria and minimal documentation, to help you get your loan faster

  • Online Account Management

    Online management of your Home Loan using our digital customer portal, for your convenience

  • Customised Insurance Schemes

    Customised insurance schemes to protect your family from the burden of repaying the housing loan in case of unforeseen events

Bajaj Finserv, the best Home Loan provider in India, offers easy housing finance solutions. With attractive Home Loan interest rates and a host of benefits to suit your finances, Our Home Loans in India are designed to help you get your dream home without hassle. Get the benefits of an easy balance transfer and a high-value top-up loan. Fill the online application form for home loan apply online from Bajaj Finserv today.

Calculate your eligibility and your EMIs with our easy-to-use Home Loan Eligibility Calculator and Home Loan EMI Calculator.

Home Loan FAQs

What is a home loan and how does it work?

A home loan is a financial solution you can obtain from a lender by pledging your personal or commercial property as collateral. Home loans in India are a borrowing option normally used to purchase the plot, flat, or property you are pledging. In some cases, you can use the loan to renovate, repair, remodel or construct a house. Home loans offer high-value financing at low interest rates, repayable over a lengthy tenor, normally stretching up to 20 years.

Is a home loan tax deductible?

Yes, home loan is eligible for tax deduction. Home loan tax benefits include Section 80C’s deduction of Rs. 1.5 lakh on the principal repayment and Section 24B’s deduction of Rs.2 lakh on the interest repayment. You can also claim home loan tax deduction for registration fees and stamp duty charges under Section 80C. The Union Budget 2019 specifies an additional deduction of Rs. 1.5 lakh for interest repayment on a loan taken by 31 March, 2020, to purchase a house costing up to Rs. 45 lakh.

Can I get 100% home loan?

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.

What are the eligibility criteria to get a home loan?

Via Bajaj Finserv, any Indian national having a good financial profile can get a home loan. The home loan eligibility terms include:

  • Age limit for salaried: 23 to 62 years
  • Age limit for self-employed: 25 to 70 years
  • Minimum CIBIL score: 750
  • Minimum salary: Rs.25,000
  • Work experience for salaried: minimum 3 years
  • Business continuity: minimum 5 years

What is the minimum salary for home loan?

Bajaj Finserv requires you to have a minimum net monthly income of Rs. 25,000 to Rs. 30,000 in order to get a housing loan. In places like Delhi, Gurugram, Mumbai and Thane your salary should be at least Rs. 30,000. In cities like Bangalore, Chennai, Hyderabad and Goa you must earn at least Rs. 25,000.

What is the maximum home loan that I can get?

Salaried persons with work experience of 3 years can get a home loan of up to Rs. 3.5 crore and self-employed individuals having a business continuity of 5 years can avail funding up to Rs.5 crore. Use the Housing Loan Eligibility Calculator to know the maximum loan amount based upon your income, tenor, and current obligations.

What are the documents required for home loan?

The documents required for a Home Loan from Bajaj Finserv include:

  • KYC Documents
  • Address proof
  • Identity proof
  • Photograph
  • Form 16/ latest salary slips
  • Bank account statements of the last 6 months
  • Proof of business continuity (for businesspersons, self-employed)

Which home loan is the best: Fixed or floating interest rate?

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 allow you to forecast EMIs. Pick it when home loan interest rates are low. For 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.

Is home loan insurance mandatory?

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

When do home loan EMIs start?

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 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 home loan was sanctioned to your first EMI date. Next month onwards, you pay regular EMIs on the designated day.

How to apply for a home loan?

To avail a home loan, apply online, via SMS or at a Bajaj Finserv branch.

Online Process:

  • Access the online application form.
  • Enter personal, financial and employment-related details.
  • You will get your pre-approved offer.
  • Choose the loan amount with the home loan eligibility calculator.
  • Provide property details.
  • Pay the online secure fee.
  • Upload scanned copies of documents.

SMS Method:

Send 'HLCI' to 9773633633

A Bajaj Finserv representative will contact you with your pre-approved offer. You can also obtain a Home Loan by visiting your nearest Bajaj Finserv branch.

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