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.
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.
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Bangalore Home Loan: Features & Benefits
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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.
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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.
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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.
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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.
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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.
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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
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 | 6.80% onwards* |
| Regular interest rate for salaried applicants | 6.80% to 10.30% |
| Regular interest rate for self-employed applicants | 6.80% 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% |
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 |
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
- 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
- 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
- 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.
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,
- we have a calling line set up at 1800-103-3535.
- You can also visit any of our branches.
- just SMS "HOME" to 9773633633 and our representative shall get back to you.
- we are available at 020-39574151 (call charges applicable).
- You can also visit us at: https://www.bajajfinserv.in/reach-us
Bajaj Finserv
2nd Floor, Shiva Complex, #1017, Dr. Rajakumar Road,
4th Block, Rajaji Nagar,
Bangalore, Karnataka
560010
Phone: 1800 209 4151
