Home loan in Cochin: Overview
Located in the southern part of Kerala, Cochin or Kochi is a major port city of India and one of the few that has trade routes to Arab, Chinese and European merchants. Experts say that the growth in the IT sector is also responsible for this tier-2 city’s tremendous development. As of 2017, property prices in Kochi grew by 12.8%. Much of this increase can be attributed to the city’s excellent medical and educational facilities as well.
As the real estate market continues to grow, so will the cost of property. This is why you may need assistance via a home loan in order to settle down here. Your best bet is to opt for the Bajaj Finserv Home Loan in Cochin as it has a nominal interest rate and a high sanction of up to Rs.3.5 crore.
To help you understand how the home loan can benefit you, here is closer look at the features, interest rate and application process.
Cochin Home loan: Features & Benefits
The Bajaj Finserv Home Loan has numerous value-added features that offer maximum benefit in exchange for the amount that you spend. Here are a few that you should know of.
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PMAY
When you opt for this home loan, you can make use of the PMAY. However, to enjoy the interest subsidy that comes with PMAY’s Credit Linked Subsidy Scheme, you must first qualify for PMAY. Once you do, you can get an interest subsidy and save up to Rs.2.67 lakh.
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Home Loan Balance Transfer
This feature is for when you’re already servicing a home loan with unfavourable terms. You can transfer the balance to Bajaj Finserv and save significantly because of the lower interest rate. In addition, carrying out a home loan transfer gives you access to the other loan features that Bajaj Finserv offers.
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Top-up Loan
This grants you access to additional funding of up to Rs.50 lakh, over and above the home loan sanction, at a nominal interest rate. You can use the amount as you deem fit, be it for renovation or children’s education fees. Applying for a top up loan is also easy as no extra documents are required.
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Part-prepayment and Foreclosure Facility
Part-prepayments greatly ease any repayment stress that you may feel as they reduce your interest on the whole. Therefore, Bajaj Finserv levies no extra charges if you wish to part-prepay or foreclosure your loan.
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Flexible Tenor
When you opt for a Bajaj Finserv Home Loan you can choose a tenor of up to 20 years. This allows you manage your cash flow efficiently and find a tenor that matches your repayment capabilities.
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Minimal Documentation
In order to process your Bajaj Finserv Home Loan, you need to submit a few basic documents only, such as identity proof, address proof, salary slips and so on.
Home Loan Interest Rate, Fees and Charges
Bajaj Finserv offers a competitive interest rate on home loans, thus making it a suitable option for both salaried and self-employed individuals. You can choose between two types, i.e. fixed or floating interest rate. If you opt for the fixed type, the interest rate remains constant throughout the tenor.
For a better understanding of the housing loan interest rates applicable when you apply with Bajaj Finserv, take a look at the following table.
| 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
Here are the other charges that are involved when you borrow a Bajaj Finserv Home Loan.
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
Before you apply for a home loan, you must ensure that you qualify for it. Meeting the eligibility terms is vital as it is a testimony to sound credit management skills and good credit behaviour.
The following table shows the home loan eligibility criteria for different types of customers when you apply for a Bajaj Finserv Home Loan.
| Type of customer | Age (years) | Residency | Work experience/ Business continuity (years) |
|---|---|---|---|
| Salaried | 23–62 | Within India | 3 |
| Self-employed | 25–70 | Within India | 5 |
You can check your eligibility with our easy to use home loan eligibility calculator.
Calculate Home Loan EMI
The home loan EMI calculator is an online tool that accurately computes your monthly instalments and total interest payable. By using this calculator you can determine the affordability of the loan, and even decide upon the best loan offering. Additionally, the information that the EMI calculator provides helps you choose the right loan amount and tenor depending on your affordability.
Documents Required for Home Loan
Before applying for a home loan, it is a good idea to gather the documents that prove your eligibility. This will help speed up loan processing and avoid any delays.
Take a look at the list of the documents you must submit to apply for a Bajaj Finserv Home Loan.
- KYC documents: PAN or Aadhaar card
- Identity proof: Aadhaar card or driver’s license
- Address proof: Utility bills or Aadhaar card
- Photograph
- Bank statements of the past 6 months
- Latest salary slips or Form 16
- Proof of business of at least 5 years for self-employed applicants
How to Apply for Home Loan
Applying for the Bajaj Finserv Home Loan is easy as you can do so online or offline. Once you decide on the option you want to go with, here are the steps to follow.
Online application
- Log on to the website and locate the ‘Apply Now’ button
- Fill the application form by entering your personal, financial and employment details
- Furnish the details of your property
- Use the secure payment gateway to pay the secure fee and select an available loan offer. Once the relationship manager contacts you, submit the necessary documents. You can also scan and upload these.
Offline Application
- In order to apply offline, SMS ‘HLCLI’ to 97736633633
- Optionally, visit the Bajaj Finserv branch closest to you
Opting for a Bajaj Finserv Home Loan allows you to benefit from PMAY subsidies as well as its competitive interest rate. These greatly reduce the overall expense of purchasing a home in Cochin. Furthermore, thanks to the Top-Up Loan feature you can borrow additional funds at a nominal interest rate for renovations and other expenses. To enjoy all these benefits and more, all you need to do is check your pre-approved offer online by entering your name and mobile number.
Contact Us
New and existing customers can contact with Bajaj Finance 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.
2. For existing customers,
- we are available at 020-39574151 (call charges applicable).
- You can also visit us at: https://www.bajajfinserv.in/reach-us
Branch Address
Bajaj Finserv
3rd Floor, DD Trade Towers, Kaloor,
Kadavanthara Road,
Cochin, Kerala - 682017
Phone: 484 330 1300
