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.
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.
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.
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.
Via Bajaj Finserv, any Indian national having a good financial profile can get a home loan. The home loan eligibility terms include:
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.
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.
The documents required for a Home Loan from Bajaj Finserv include:
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.
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.
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.
To avail a Bajaj home loan, apply online, via SMS or at our branch.
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.
Find your dream home from
18000 + properties
Determine your Home Loan eligibility and accordingly plan the application amountCALCULATE NOW
Get a top-up loan without any extra documentationAPPLY NOW
Calculate your monthly EMI, installments and rate of interest applied on the loan amountCALCULATE NOW