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Home Loan in Bangalore

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Housing Loan in Bangalore: Overview

Also known as the Silicon Valley of India, Bangalore is home to over 1.5 million employees belonging to the IT and IT-enabled service sector as of 2017, as well as reputed education institutions such as IIM and Christ University. Additionally, the city boasts of ample greenery and a cosmopolitan culture, making it a great place to settle down.

All these factors have accelerated the demand for housing, which has in turn led to a 5.1% (year-on-year) increase in realty prices between January and March 2019. However, with NBFCs like Bajaj Finserv offering affordable Home Loan of up to Rs.3.5 crore, you no longer have to worry about overshooting your budget. Take a look at what the Bajaj Finserv Home Loan in Bangalore has to offer.
 

Bangalore Home Loan: Features & Benefits

  • PMAY

    Since buying a home in Bangalore can be expensive, Bajaj Finserv offers Home Loans under the Pradhan Mantri Awas Yojana (PMAY), an affordable housing scheme launched by the government. Thanks to PMAY’s subsidised housing loan interest rate under the Credit Linked Subsidy Scheme, you can get a subsidy of up to Rs.2.67 lakh.

  • Home Loan Balance Transfer

    Bajaj Finserv offers an easy and convenient home loan balance transfer facility in case you want to refinance an existing home loan. By doing this you can benefit from a lower interest rate and opt for a longer tenor to reduce your EMIs and make repayment easier.

  • Top-up Loan

    If you are an existing home loan borrower or have refinanced your debt, you can opt for a Top up Loan of up to Rs.50 lakh. You can use this amount to meet other expenses and goals like home renovation and business expansion. What’s more, you don’t have to submit additional documentation to avail this facility, and you only have to pay a nominal interest rate on the amount.

  • Part-prepayment and Foreclosure Facility

    Bajaj Finserv allows you to foreclose your loan at no additional charge. Doing so will help you repay it before the tenor and reduce your cost of borrowing. Further, you can also make part-prepayments towards the principal amount to clear your debt as soon as possible, if your finances allow you to do so.

  • Flexible Tenor

    To make repayment stress-free, Bajaj Finserv offers flexible tenor of up to 240 months. Thus, you can choose either a short or long tenor based on your affordability and repay your home loan conveniently.

  • Minimal Documentation

    When it comes to documentation for a Home loan in Bangalore, Bajaj Finserv has minimum requirements. This further accelerates the loan acquisition process.

Home Loan Interest Rate, Fees & Charges

A cost-effective home loan interest rate, charges, and fees make Bajaj Finserv’s Home Loan in Bangalore an affordable option. This is important, as the interest rate as well as other fees and charges determine whether the loan fits with your budget or not.
When you choose a Bajaj Finserv Home Loan, here are the interest rates and other charges that are applicable.
 

Bajaj Finserv Housing Loan Interest Rate
Type of interest rate Interest rate applicable
Promotional housing loan interest rate for salaried applicants 8.60% onwards*
Regular interest rate for salaried applicants 9.05% to 10.30%
Regular interest rate for self-employed applicants 9.35% to 11.15%
Bajaj Finance Limited floating reference rate for salaried applicants 20.90%
Bajaj Finance Limited floating reference rate for self-employed applicants 20.90%

* For a home loan of up to Rs.30 lakh
 

Other fees and charges
 

Type of charge Fee/charge applicable
Processing fees Up to 0.80% for salaried applicants
 
Up to 1.20% for self-employed applicants
Penal interest 2% per month + tax
Interest and principal statement charges NIL
Loan statement charges Rs.50
EMI bounce charges Rs.3,000
Secure fee One-time payment of Rs.9,999
Mortgage origination fee Rs.1,999 (non-refundable)

Home Loan Eligibility Criteria

Bajaj Finserv has basic home loan eligibility criteria which means that it’s easy to qualify for the loan. These terms indicate your repayment ability, so meeting the criteria is imperative to getting quick loan approval.
When you apply with Bajaj Finserv for a Home loan in Bangalore, take a look at the 3 eligibility criteria that you have to meet.
 

Home Loan Eligibility Terms Salaried Borrowers Self-employed Borrowers
Residential status Indian Indian
Age 23–62 years 25–70 years
Work/business experience At least 3 years At least 5 years

You can check your eligibility with our easy to use home loan eligibility calculator.
 

Calculate Home Loan EMI

Pocket-friendly EMIs allow you to repay your home loan without putting any stress on your monthly budget. Apart from giving you the breathing space you need to meet other expenses, knowing your EMI helps you pick the right loan amount and tenor too. To arrive at EMIs, simply use the home loan EMI calculator. By entering the principal amount, tenor and rate of interest applicable to you, you can view your EMIs in seconds.
 

Documents Required for Home Loan

The last step to completing the application process for a home loan in Bangalore is to gather all the documents that prove your eligibility. Doing this in advance will allow you to submit the correct documents quickly and prevent loan processing from being delayed. When you apply with Bajaj Finserv, take a look at the documents required for home loan.
 

  • KYC documents
  • Address proof
  • Identity proof
  • Photograph
  • Latest salary slips or Form 16
  • Past 6 months’ bank account statements
  • Proof of business (minimum of 5 years) if you’re a self-employed applicant

How to Apply for Home Loan

Bajaj Finserv allows you to apply for a home loan in Bangalore in the following ways:
 

  • Online
  • Offline

Applying for the Bajaj Finserv Home Loan in Bangalore online is extremely simple. Follow these steps if you are salaried:
 

  • Visit Bajaj Finserv’s website and fill the application form with personal, financial and employment information
  • Enter your property’s details
  • Pay an online secure fee to book an available offer
  • Wait for the relationship manager to contact you. Then submit the necessary documents and pay the other fees. You can also scan and upload your documents

Follow these steps if you are self-employed:
 

  • Fill the online home loan application form with your financial, personal and business details and submit it
  • Wait to view your pre-approved home loan offer and then apply

Online application
 

  • You can apply for a home loan in Bangalore via SMS, by sending 'HLCI' to 9773633633.
  • Once you send the SMS, you will receive a call from a Bajaj Finserv representative who will tell you your pre-approved home loan offer.
  • Optionally, you can apply offline by visiting your nearest branch.

To get started, be sure to check your pre-approved home loan offer from Bajaj Finserv. This way you can view a customised deal for a home loan in Bangalore and enjoy one-step, hassle-free online approval.
 

Contact Us

New and existing customers can contact with Bajaj Finserv customer care for all queries related to our home loans.

1. For new customers

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    we have a calling line set up at 1800-103-3535.

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    You can also visit any of our branches.

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    just SMS "HOME" to 9773633633 and our representative shall get back to you.

2. For existing customers,

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    we are available at 020-39574151 (call charges applicable).

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    You can also write to us at: wecare@bajajfinserv.in

Branch Address
Bajaj Finserv
2nd Floor, Shiva Complex, #1017, Dr. Rajakumar Road,
4th Block, Rajaji Nagar,
Bangalore, Karnataka
560010
Phone: 1800 209 4151

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