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- Affordable Home Loans
- Home Loan at an interest rate of just 6.75%*
- Save up to Rs. 2.67 lakh on interest*
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Home Loan - Features and Benefits
Bajaj Finserv offers high-value Home Loan at an interest rate starting from 6.75%*. A home loan with us comes with a number of added benefits, such as a flexible repayment tenor of up to 30 years, interest subsidy through PMAY, and the option of a top-up loan when you transfer your existing home loan to us.
Whether you’re looking to purchase, construct, or renovate a home, the Bajaj Finserv Home Loan is the one-stop solution for your housing loan needs. Simple eligibility terms and minimal documentation requirements ensure the financing option is easy to apply for everyone.
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Pradhan Mantri Awas Yojana (PMAY)
Home Loans get more affordable than ever, with assistance from the Pradhan Mantri Awas Yojana (PMAY) for first-time homeowners. Reduce your Home Loan EMIs with PMAY by getting a subsidy on your Home Loan interest rate.
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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 a nominal interest rate.
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Top-up loan
Finance your other requirements with a high-value top-up loan over and above your existing housing loan. Get a sizeable top-up loan at a nominal rate of interest without any extra documentation.
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Property dossier
Get a customised report to guide you through all the legal and financial aspects of being a property owner.
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Part-prepayment and foreclosure options
Part-prepay or foreclose a loan on gold against zero charges. Traders and builders can also get top-up loans without paying any additional charges.
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Flexible tenor
Flexible tenors ranging up to 30 years, to fit your repayment capacity.
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Minimal documentation
Easy Home Loan eligibility criteria and minimal documentation ensure that the application process is easy, quick, and hassle-free.
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Online account management
Online management of your Bajaj Finserv Home Loan using our digital customer portal, for your convenience.
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Customised insurance schemes
We offer customised insurance schemes to protect your family from the burden of repaying the housing loan in case of unforeseen events.
Eligibility Criteria for a Home Loan
Eligibility criteria for the Bajaj Finserv Home Loan are simple; any Indian national with a good financial profile can obtain funding. Some of the criteria differ depending on whether you are salaried or self-employed, while other remain common. For instance, for two persons of the same age, the one with a higher credit score is likely to be able to borrow a higher loan amount.
| Eligibility Criteria | For Salaried | For Self-Employed |
|---|---|---|
| Nationality | Resident Indian | Resident Indian |
| Age | 23 to 62 years* | 25 to 70 years* |
| Work Experience/Business Continuity | 3 years or more | 5 years or more |
*The upper age limit is considered as the age at the time of maturity of the loan
Documents Required for a Home Loan
| Category | Documents |
|---|---|
| Identity Proof (any one) | PAN card Driving license Voter ID Valid passport |
| Address Proof (any one) | Electricity bill/water bill/telephone bill Valid passport Aadhaar Card Driving license Voter ID |
| Other Documents | Passport-size photograph Proof of 5 years of business continuity (for self-employed individuals) |
Income Proof Documents Required for a Home Loan
| Individual | Documents |
|---|---|
| Self-Employed and Salaried Individuals | Latest salary slips or Form 16 Bank account statements of the last 6 months |
*Please note that the above list is indicative and additional documents may be required during processing of your application.
When you choose to borrow via the Bajaj Finserv Home Loan, not only do you get access to all the above-mentioned features but you also benefit from industry-leading home loan interest rates. Additionally, provisions such as no part-prepayment or foreclosure fees, interest subsidy for PMAY beneficiaries, and a fully-customised property dossier make this house loan one of the best in the market.
To easily calculate your eligibility for this feature-rich housing loan, use the Home Loan Eligibility Calculator and follow it up with the Home Loan EMI Calculator to know your EMIs. Thereafter, simply fill a short online form to apply.
Home Loan – FAQs
What Is A Home Loan And How Does It Work?
A home loan, as the name suggests, is a financing solution that allows you to borrow funds to purchase a property at a predetermined rate of interest and repayment tenor. You then repay the amount through EMIs, and the lender, which can be a bank or another financial institution, retains ownership of the property till you pay the entire sum owed. While home loans are typically intended for the purchase and/or construction of a property, some solutions also cater to renovation and repair. Bajaj Finserv offers high-value loans at competitive interest rates, with the option of flexible repayment tenors extending up to 30 years.
Is A Home Loan A Tax Saving Deduction?
Yes, a house loan is eligible for a 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.
In the Union Budget 2021, the government extended the additional deduction of Rs. 1.5 lakh for interest repayment on home loan by 31 March 2022 under the Section 80EEA to purchase a house costing up to Rs. 45 lakh. This additional deduction is being provided over and above the existing 2 lakh deduction.
Can I Get A 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 Bajaj Finserv Home Loan?
Any Indian national with a strong financial profile can avail of a home loan from Bajaj Finserv. The home loan eligibility terms include:
- Age limit for salaried: 23 to 62 years*
- Age limit for self-employed: 25 to 70 years*
- Recommended CIBIL score: 750
- Minimum salary: Rs.25,000
- Work experience for salaried: Minimum 3 years
- Business continuity: Minimum 5 years
*The upper age limit is considered as the age at the time of maturity of the loan
What Is The Minimum Salary For A 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 such as Delhi, Gurugram, Mumbai, and Thane, your monthly salary should be at least Rs.30,000. In cities such as Bangalore, Chennai, Hyderabad, and Goa, you must earn at least Rs.25,000 per month.
What Is The Maximum Home Loan I Can Avail Of?
Salaried individuals with minimum 3 years of work experience can avail of 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. Please note that these figures are only indicative, the actual amounts sanctioned vary on a case to case basis. 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 To Apply For A Home Loan?
The documents required for a Home Loan from Bajaj Finserv include:
- KYC Documents
- Address proof
- Identity proof
- Photographs
- 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 Home Loan?
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. 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.
What Are The Different Types Of Home Loans Available In India?
On the basis of the different requirements for housing loans and varied customer profiles, the types of home loans available in India are:
- Home construction loan
- Loan for plot/land purchase
- 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
Which Factors Affect Your Home Loan Eligibility?
Availing of a home 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 as debt
- Employment status
- Age of the applicant
- Property to be purchased
Can I switch to floating rate from a fixed rate during my loan tenor?
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.
Switching from a floating to fixed rate is best-suited when the market rates are expected to climb up.
Is Opting For A Home Loan Worth It?
Opting for a home loan is a smart financial decision for the following reasons:
- It brings additional financing to fund your housing dreams without affecting the 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.
Can I Take Two Home Loans At A Time?
No, availing of two housing loans at a time for the same property is restricted as per the CERSAI. However, individuals can opt for a home loan balance transfer to refinance their existing housing credit at lower rates of interest. The facility comes with the top-up loan facility, an additional loan over and above the existing loan amount. Avail of the funds to meet diverse financial necessities with ease.
How To Avail Of A Home Loan With Ease?
Proceed with the following steps to avail of a home loan with ease.
- Check your credit reports and rectify errors, if any.
- Estimate EMIs with a house 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.
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Ensure to meet all eligibility before applying.
When Does The Loan Repayment Period Start?
The repayment period for loans begins immediately after the lender has disbursed the entire home 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.
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 the 5th of a month and you receive the loan on the 28th of the month, then for the first month you pay the 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 of a Bajaj Finserv Home Loan, apply online, send us an SMS, or visit our branch.
Process To Apply Home Loan Online
- Access the home loan application form
- Enter personal, financial, and employment-related details to get a 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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