Loans

Frequently asked questions

What is a home loan?

A home loan is a credit borrowed from a financial institution to buy a home. The home loan is given at an interest rate depending on your profile. While taking the loan, you choose a repayment period to pay back the amount (principal) and interest in equated monthly instalments (EMIs). You can either choose a fixed interest rate or a floating interest rate.

What is the maximum home loan that I can get?

You can easily get a home loan up to Rs. 15 crore* from Bajaj Finserv if you meet our eligibility criteria. The sanctioned loan amount depends upon essential factors like your age, income profile, CIBIL Score, and among other criteria.

What documents do salaried professionals require for a home loan application?

Salaried professionals applying for a fresh home loan with Bajaj Finserv, must have the listed documents:

  • KYC documents (identity and address proof)
  • Proof of income (salary slips)
  • Account statements for the last 6 months
What documents do self-employed individuals require for a home loan application?

Self-employed individuals applying for a fresh home loan from Bajaj Finserv, must have the listed documents:

  • KYC documents (identity and address proof)
  • Proof of income (P&L statement)
  • Proof of business
  • Last 6 months' account statements, etc.
How long does it take to get a home loan sanction from Bajaj Finserv?

Once you have submitted all the essential documents, the loan amount will be approved within 48 Hours*. In some cases, it can get sanctioned even earlier.

* Terms and conditions apply

What are the tax benefits on home loan?

You can get tax benefits on home loan. Home loan tax benefits include deduction of Rs. 1.5 lakh on the principal amount under Section 80C. Additionally, Section 24B allows tax deduction of Rs. 2 lakh on the interest repayment. You can also claim tax deductions for registration fees and stamp duty charges under Section 80C.

When do home loan EMIs start?

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 the 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 house loan was sanctioned to your first EMI date. Next month onwards, you pay regular EMIs on the designated day.

Can a home loan be taken jointly in India?

Yes, if you want to get a bigger loan, you can take opt for a joint home loan. Family members, such as spouses, parents, siblings, and offspring, can be co-applicants for a joint house loan.

What is the home loan processing fee?

The processing fee is among the fees that you'll have to pay on a home loan. A home loan processing fee is a one-time fee charged by the lender once your housing loan application has been accepted. While some lenders charge a processing fee for home loans, others do not.

How does a home loan work?

A home loan is secured in nature, i.e., the loan amount is sanctioned against a collateral, which is the property in question.

The loan amount is sanctioned at a predetermined interest for an agreed-to period, also known as the ‘tenure.’ The borrower repays the loan with interest through a home loan EMI, payable every month. The property ownership remains with the lender till the home loan repayment is complete, including interest.

Can I get 100% home finance?

No. 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.

Which home finance is the best: Fixed or floating interest rate?

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 allows you to forecast EMIs. Pick it when home loan interest rates are low and when you want fixed EMIs.

With 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.

What are the different types of home loans available in India?

Basis the different requirements for home finance and varied customer profiles, the types of home loans available in India are:

  • Home construction loan
  • Home loan balance transfer
  • Top-up loan
  • Joint home loan
  • Loans under the Pradhan Mantri Awas Yojana scheme

Home loan for:

  • Women
  • Government Employees
  • Advocates
  • Bank Employees
  • Private Employees
Which factors affect your home loan eligibility?

Availing of a house loan requires an individual to meet the eligibility criteria that ensure a borrower’s capacity to repay. The factors that affect eligibility are:

  • A person’s credit score
  • Monthly income
  • Current financial obligations and debt
  • Employment status
  • Age of the applicant
  • Property to be purchased
Can I switch to floating-rate from fixed-rate during my loan tenor?

Yes, you can switch from a floating rate of interest to a fixed rate during the repayment tenor of your housing loan. You need to pay a nominal amount as a conversion fee to your lender for switching.

Is opting for housing finance worth it?

Opting for a housing loan is a smart financial decision for the following reasons:

  • It brings additional financing to fund your housing dreams without affecting your savings
  • You can choose from several housing loan options as per your requirements
  • The interest rates are affordable and make loan repayment more convenient
  • Long tenor allows for repayment towards the loan in easy EMIs
Can I take 2 home loans at a time for the same property?

No, availing two housing loans at a time for the same property is restricted as per the CERSAI. However, individuals can opt for a house loan balance transfer to refinance their existing housing credit at a lower rate of interest. The facility comes with the top-up loan facility - an additional loan over and above the existing loan amount. Avail the funds to meet diverse financial necessities with ease.

How to get a housing loan with ease?

Proceed with the following steps to avail a home loan with ease.

  • Check your credit reports and rectify errors, if any 
  • Estimate EMIs with a home loan calculator and decide on the loan amount as per repayment capacity
  • Keep all the necessary documents handy
  • Compare the available offers for the best housing loan option
  • Ensure to meet all eligibility before applying
When does the loan repayment period start?

The repayment period for loans begins immediately after the lender has disbursed the entire housing loan amount. However, in cases of partial disbursal, the interest accrued on such a disbursed amount is required to be paid as pre-EMI. Full EMI payment including the principal and interest amount starts after full disbursal of the loan.

Is home loan insurance mandatory?

No, it is not mandatory that you take home loan insurance along with your loan. However, you may consider getting insurance to take care of any liability at a marginal increase in your EMIs.

How to track home loan application status?

You can check the status of your housing loan application online by entering your home loan application number/ ID, as well as your mobile number/ contact information.

You can also contact your home loan lender and ask about your home loan application status by providing your application ID/ reference number.

Who can be co-applicants for a home loan in India?

Only mentioned relatives are eligible to be co-applicants for home finance:

Unmarried Sons and daughters can apply for a joint home loan with their parents. A husband and wife can apply jointly. A brother and a sister can apply for a home loan together, but a brother-sister or sister-sister pairing is not permitted.

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Bajaj Finserv Home Loan

Overview

With a home loan from Bajaj Finance you can achieve your homeownership goal effortlessly. Depending on your eligibility, you can access a home loan of up to Rs. 15 crore*. We provide competitive interest rates for both salaried and self-employed individuals. With EMIs as affordable as Rs. 733/lakh* and a flexible repayment period extending up to 40 years*, you can manage repayment at your convenience. Our hassle-free online application process ensures disbursal within just 48 Hours*. Additionally, benefit from our home loan balance transfer option, offering an added top-up for managing additional expenses.

Features and Benefits of our Home Loan

  1. Loan of up to Rs. 15 crore*: Purchasing a home marks a significant milestone. Achieve it with the substantial amount of up to Rs. 15 crore* available through Bajaj Finserv Home Loan.
  2. Competitive interest rates: Start with our loan interest rates as low as 8.50%* p.a., allowing you to pay EMIs as minimal as Rs. 733/lakh*.
  3. Approval in 48 Hours*: Your loan application will be approved within 48 Hours* of your application, in some cases, even earlier.
  4. Tenure of up to 40 years: Repay your loan comfortably with our extended repayment tenure of up to 40 years.
  5. No foreclosure fee for individuals: Individual borrowers opting for a floating interest rate can foreclose the entire amount or prepay a part of the loan without incurring any additional fees.
  6. Hassle-free application: Skip numerous branch visits with our doorstep document pick-up service, ensuring a hassle-free application process.
  7. Balance Transfer facility: Benefit from our home loan balance transfer facility and be eligible for a top-up loan of up to Rs. 1 crore* or higher.
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