Home Loan EMI Payment
Enter your first and last name
Please enter Full Name
Enter your 10-digit mobile number
Mobile No can not be blank
Enter your pin code
Pin Code can not be blank

I authorize Bajaj Finserv representative to call /SMS towards this application and other products/services. This consent overrides my registration for DNC/NDNC.T&C

Please accept the terms and conditions
An OTP has been sent on your mobile number

Enter one-time password

0 Seconds
Entered wrong mobile number ?
Enter net monthly salary
Net Monthly Salary can not be blank
select date of birth
Please enter your date of birth
Enter PAN card details
Pan Card can not be blank
Select employer name from the list
Enter personal email address
Personal Email can not be blank
Enter official email address
Official Email ID can not be blank
Enter current monthly obligations
Select business vintage value
Enter your monthly salary
Net Monthly Salary can not be blank
Please Select Balance Transfer Bank
Enter annual turnover (18-19)
Enter your Annual Turnover 17-18

Thank you

Difference between Home Loan and Personal Loan

Banks and non-banking financial companies such as Bajaj Finserv offer both home loans and personal loans to their customers. Depending on their requirement customer can select whether they need a personal loan or a home loan. Primarily, applicants go for a home loan when they are ready to buy a house. On the other hand, a personal loan can be very useful when some extra cash is required to pay for a down payment.

The major difference between a home loan and a personal loan is the personal loan is unsecured. That means the lender does not ask for a collateral. For a home loan, the lender will usually use the borrower’s house as the collateral. Therefore, defaulting on the EMI of a home loan may lead to the borrower losing his or her home.

As the personal loan is unsecured, lenders offer a much smaller amount, which makes it difficult to buy a house with one. Therefore, borrowers usually use the personal loan for other expenses such as new furniture for decorating or other improvements after purchasing the house.

Benefits of Home Loan

Banks and non-financial companies provide home loans to salaried and self-employed Indian residents with ages 21 years and above, and who have a good repayment history. Resident Indians can avail home loans in India for buying a house. NBFCs/Banks offer up to 80 percent of the home value as a loan to applicants of home loans. Borrowers of home loans also qualify for tax deduction on payment of the principal amount under Section 80C of the Indian Income Tax Act, and for the interest component under Section 24(b) of the Indian Income Tax Act.

Additional Read: Know the Income Tax Benefit on Home Loan

Home Loan Interest Rate

Banks and other lenders charge interest rates for home loan. However, they charge interest rates a few basis points lower than the interest rates for other loans such as for land purchase. Although the lender charges an additional processing fee for home loans, they may make some minor differences based on the profile of the borrower.

Also Read: How to Apply for Home Loan