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Home Loan Disbursement Process

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What is The Disbursement of Home Loan?

Wondering about the home loan disbursement process? There are three stages, namely the submission of the application form and documents followed by the sanctioning and the disbursement which is usually communicated through the home loan disbursement letter. This letter is where you will find the home loan disbursement schedule for your home loan.

It is also better to use a home loan eligibility calculator in order to understand the amount that you will be eligible for and a home loan EMI calculator to work out the amount to be repaid every month and whether you can afford it or not. Once you have approved the home loan sanction letter, the disbursement process will start.

The key home loan disbursement stages include the following:


Documents: You have to submit a signed duplicate copy of the offer letter and will be informed about the property documents need for disbursal of the home loan.
Legal Examination of Documents: The property papers like own contribution receipt, no objection certificate, and sale deed will be examined by a legal expert/lawyer. The report will give the nod towards taking the process further or added documentation may be needed.
Down Payment Amount and Date: You will be informed about the date of the down payment and the first installment required.
Transaction Documents: Documents to be executed include the likes of the Credit Facility Application Form and others which will have to be done.
Disbursement of The Loan Amount : The amount will then be disbursed in a single or more installments, post technical and legal property verification and subject to the sanction letter’s terms and conditions.

You can expect swift disbursal of your home loan at Bajaj Finserv where you get pre-approved home loan offers that save you time along with minimal documentation.

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 Bajaj Finance 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 Bajaj home loan, apply online, via SMS or at our 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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