Home Loan Hyderabad: Overview
Hyderabad offers a perfect blend of old and new, with sights such as Charminar and the Chowmahalla Palace as well as a growing IT industry. The city is home to both students and working professionals, however buying a home here isn’t inexpensive as housing prices in Hyderabad have increased by 26% since 2013. Thankfully, you can avail funding from Bajaj Finserv in the form of a cost-effective Home Loan in Hyderabad to purchase an apartment with the configuration you desire.
To understand the benefits of this loan, take a look at the features and functions of the Bajaj Finserv Home Loan.
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Features & Benefits
The Bajaj Finserv Home Loan offers various value-added features that greatly enhance your borrowing experience. Here are 6 that you should know of. -
PMAY
The Bajaj Finserv Home Loan offers PMAY benefits to first-time homebuyers who qualify for the scheme basis their annual household income. Beneficiaries of the scheme enjoy an interest subsidy on home loans and can save up to Rs.2.67 lakh on interest repayments.
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Home Loan Balance Transfer
Bajaj Finserv allows you to refinance your existing home loan via the home loan balance transfer feature. This way, you can enjoy better repayment terms and save a significant sum. On the whole it reduces your total interest outgo and makes repayment stress-free.
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Top-up Loan
Through Top up Loan feature Bajaj Finserv offers an additional amount over and above your existing home loan. This sum of up to Rs.50 lakh can be used for renovations or for any other expenses, as you see fit. The interest levied on it is nominal and applying for it requires no extra documentation.
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Part-prepayment and Foreclosure Facility
Part-prepayments lower your principal, therefore reducing your interest obligation. Moreover, if you choose to foreclose a loan, you can become debt-free in a shorter span of time. Bajaj Finserv facilitates prepayment foreclosure of your loan at no extra charge when you opt for a floating interest home loan.
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Flexible Tenor
With a Bajaj Finserv Home Loan you can opt for a tenor of up to 20 years as per your repayment capabilities and avoid any financial stress.
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Minimal Documentation
To process your Bajaj Finserv Home Loan you only have to submit basic documents such as identity proof, address proof, salary slips and bank statements.
Interest Rates and Charges
Bajaj Finserv offers an attractive home loan interest rate, making it a suitable option for both salaried and self-employed individuals. When you apply for it, you can choose between two a fixed or floating interest rate. If you select the fixed variant, the interest rate remains constant throughout the tenor. On the other hand, if you choose a floating interest variant, the interest rate changes as per the market conditions.
To get a clearer picture of the housing loan interest rates, view the following table.
| Applicant type | Fixed Interest rate (%) | Floating interest rate (%) |
| Self-employed | 6.80–11.15 | 20.90 |
| Salaried | 6.80–10.30 | 20.90 |
Now that you know the interest rates you have to pay, here are the other charges you need to be aware of when applying for a Bajaj Finserv Home Loan.
| Type of charge | Amount |
|---|---|
| Processing fees | Up to 0.80% (for salaried applicants) Up to 1.20% (for self-employed applicants) |
| Loan statement charges | Rs.50 |
| Interest and principal statement charges | NIL |
| EMI bounce charges | Rs.3,000/bounce |
| Penal interest | 2% per month + taxes |
| Secure fee | Rs.9,999 (one-time) |
| Mortgage origination fee | Rs.1,999 (non- refundable) |
Home Loan Eligibility Criteria
Before you apply for this loan, you must check the lender’s home loan eligibility to ensure that you’re a good fit. This is important because if you’re not eligible, your application will be rejected. Not only does this harm your credit score, but it also makes it difficult to get approval for credit from other sources subsequently.
To know about Bajaj Finserv’s Home Loan eligibility criteria for different types of customers, take a look at the following table.
| Type of customer | Age (in years) | CIBIL score | Work experience/ Business continuity(in years) | Residency |
|---|---|---|---|---|
| Self-employed | 25–70 | 750 | 5 | Indian |
| Salaried | 23–62 | 750 | 3 | Indian |
Calculate Home Loan EMI
A home loan EMI calculator is an online tool that allows you to accurately compute your EMIs as well as the total interest payable. Using this information you can easily plan for repayment in advance. Based on the results you can reassess the amount you want to borrow as well as the tenor. By doing so, you can arrive at pocket-friendly EMIs that fit with your budget.
Documents Required for Home Loan
In order apply quickly, keep all the required documents handy. As they prove your eligibility for the home loan, they must be accurate and feature updated information. Below is a basic home loan documents list you will need to apply for a Bajaj Finserv Home Loan.
- KYC documents
- Identity and address proof
- Salary slips of at least 3 months/Form 16
- Photographs
- Bank statements of at least 6 months
- Proof of business continuity (if you’re self-employed)
How to Apply for Home Loan
You can apply for the Bajaj Finserv Home Loan in Hyderabad online or offline.
Online application
- Fill the online application form with the necessary details
- Use the home loan eligibility and/or EMI calculator to determine loan parameters
- Submit your property’s details
- Use the secure Bajaj Finserv payment gateway to pay the secure fee and book an available offer
- Await contact from a relationship manager to submit the necessary documents
Offline application
- All you need to do is send an SMS to 97736633633 with ‘HLCI’ in the body text
- You can also visit a Bajaj Finserv branch to apply
Now that you have a good understanding of this financial resource, use it smartly to become a homeowner in Hyderabad. To access financing as quickly as possible, check your pre-approved offer and apply instantly.
Housing Loan in Hyderabad FAQs
What is the lowest interest rate on a home loan in Hyderabad?
The current lowest interest rate on housing loan in Hyderabad by bajaj finserv for salaried customers is 6.75%*.
What is the maximum housing loan in Hyderabad that I can get?
You can get a home loan in Hyderabad anywhere between Rs.20 Lakh and Rs.3.5 Crore* from Bajaj Finserv.
How to apply online for a home loan in Hyderabad?
You can apply online for a housing loan in Hyderabad with minimum documentation & instant approval by submitting an online home loan application at Bajaj Finserv.
What is the minimum salary for a home loan in Hyderabad?
The minimum monthly salary to apply for a home loan in Hyderabad is ₹ 25,000. However, The income criteria to get a home loan depend on many factors such as your salary, current age, credit score, and other monthly financial obligations.
Contact Us
You 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. Click here to find out the address of your nearest branch.
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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 visit us at: https://www.bajajfinserv.in/reach-us
Bajaj Finserv
4th Floor, 'The Belvedere', 6-3-891 & 892, Raj Bhavan Road,
Near Somajiguda Circle,
Hyderabad, Andhra Pradesh
500082
Phone: 40 3047 5100
