Features & benefits of Home Loan
-
Interest rate starting 8.70%*
The Bajaj Finserv home loan starts with EMIs as low as Rs.783/Lakh*. Apply for a home loan online with us today to ensure affordability in the long run.
-
Funding of Rs. 5 Crore*
The loan amount one can avail of remains uncapped for eligible applicants with a good credit history and steady income, among other factors.
-
Repayment tenor of 30 years
We offer a flexible repayment tenor to ensure your EMIs remain affordable and don’t stretch your finances too thin.
-
Top-up of Rs. 1 Crore*
When you transfer the balance amount on an existing housing loan to us, you can avail of a sizeable top-up loan for any other financial needs.
-
Disbursal in 48 Hours*
To ensure a hassle-free experience, we strive for the shortest turnaround times. Our loans are disbursed shortly after verification.
-
Zero prepayment and foreclosure charges
Those with floating rate of interest home loans can choose to repay all or a part of their loan amount before the end of the tenor without any additional charges
-
External benchmark linked loans
We also offer home loans with interest rates linked to external benchmarks, such as the repo rate.
-
Hassle-free processing
We strive to offer the optimum experience through processing and beyond. Our eligibility criteria are simple and documentation requirements are minimal.
Bajaj Finserv offers a home loan of Rs. 5 Crore* or higher, based on your eligibility, at an interest rate starting from 8.70%* for salaried and professional applicants. A home loan with us comes with a number of added benefits, such as a flexible repayment tenor of up to 30 years and the option to avail of a top-up loan when you transfer your existing housing loan to us.
Simple eligibility terms and minimal documentation requirements ensure the home financing option is easy to apply for everyone.
To meet your housing finance needs, apply for a home loan online today.
Eligibility Criteria for a Housing Loan
The eligibility criteria to apply for home loan online at Bajaj Finserv are simple; any Indian national with a good financial profile can obtain funding. Some of the criteria differ depending on whether you are salaried or self-employed, while others remain common. Moreover, some are yes or no criteria, such as your age, whereas some affect the borrowing terms offered to you. For instance, for two persons of the same age, the one with a higher credit score is likely to be able to borrow a higher loan amount.
Criteria |
For Salaried |
For Self-employed |
Nationality |
Indian Resident |
Indian Resident |
Age*** |
23 years to 62 years |
25 to 70 years |
Work experience |
3 years |
5 years of vintage with the current enterprise |
Minimum monthly income |
Rs. 30,000 to Rs. 50,000, depending on the city of residence and age |
Rs. 30,000 to Rs. 40,000, depending on the city of residence and age |
***The upper age limit is considered as age at the time of loan maturity
Documents required for Home Loan in India
Keep the following documents on hand when filling the online application form:
- 1 KYC documents – you can submit either your Passport, Driving Licence, Aadhaar Card, or Voter Id Card for the same
- 2 Your employee ID cards
- 3 Salary slips of the last 3 months
- 4 Bank account statements of the last 6 months
- 5 Property documents that are to be submitted later
Income proof documents required
Home Loan for |
Documents |
Self-employed and salaried individuals |
|
*Do note that the above list of documents indicative and additional documents may be required during the processing of your application.
Fees and Charges on Home Loan
Bajaj Finserv offers housing loans with a lower interest rate and negligible fees and charges. Below mentioned are the applicable home loan fees & charges by Bajaj Finserv:
TYPE OF FEES |
CHARGES APPLICABLE |
Processing Fee |
Up to 7% of the loan amount |
Loan Statement Charges |
Nil |
Interest and Principal Statement Charges |
Nil |
EMI Bounce Charges |
Up to Rs. 3,000/- |
Penal Interest |
2% per month |
Secure Fee |
Up to Rs. 4,999 (One time) |
Tips to keep in mind while applying for a home loan
When applying for a housing loan, keep the below tips in mind :
- Check your CIBIL score and try and optimise it, so you can avail of the best possible terms. Make sure you repay your EMIs on time and close any other loans, where possible, to showcase a higher repayment capacity.
- Check your home loan eligibility and affordability with a home loan EMI calculator. You can check the home loan EMI amount for different loan amounts and tenor combinations to decide which combination works best for your finances.
- Apply for a loan amount that you can repay with ease. When you apply for a sum beyond your eligibility, you reduce your chances of approval.
- Choose your home loan tenor wisely. While a long tenor offers you. smaller EMIs, you end up paying more in interest over the course of the tenor. On the other hand, if you pick a short tenor, you become debt-free sooner, but your finances may be stretched every month. Ideally, one should pick a tenor between the two, wherein you are able to pay your EMIs easily, but you are not paying too much in interest.
- Reduce your other obligations. When you apply for a home loan, one of the factors assessed to ascertain your profile and eligibility is FOIR, or Fixed Obligation to Income Ratio. This showcases your repayment capacity as a measure of how much disposable income you are left with after paying your monthly obligations. Thus, it is ideal you close other loans before applying, freeing up that much income to redirect towards your home loan EMI.
How to apply for Home Loan online?
Follow the steps below to apply for housing loan online at Bajaj Finserv:
- 1 Click on APPLY ONLINE
- 2 Enter your basic personal details
- 3 Verify yourself with an OTP
- 4 Pick the loan amount and tenor
- 5 Fill out your personal, employment, financial, and property details
Our representative will contact you with the next steps to complete your application.
Also, note that if you start your online home loan application and leave it for some reason, you can always resume it by visiting the same link at a later instance.
Home Loan FAQs
A home loan is a financing solution that you can avail of to buy your desired property. You can apply online for a housing loan for the purpose of buying, renovating, repairing, or constructing a house.
Bajaj Finserv, one of the most diversified NBFCs in India, offers home loans with a lengthy repayment tenor & quick disbursal.
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 ‘tenor.’ 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.
Salaried persons with work experience of 3 years can get housing loans of Rs. 5 crores* or higher, basis eligibility and self-employed individuals having a business continuity of at least 5 years can avail funding of Rs. 5 Crore*. Use the home loan eligibility calculator to gauge the maximum loan amount based upon your income, tenor, and current obligations.
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.
With Bajaj Finserv, any Indian national having a strong credit profile can get a home loan. The house loan eligibility terms include:
- Age: 28 to 58 years for salaried individuals, 25 to 70 years for self-employed
- Employment Status: At least 3 years of experience for salaried individuals, at least 5 years of business continuity for self-employed individuals
- CIBIL score: 750 or higher
- Minimum salary: Bajaj Finserv requires you to have a minimum net monthly income of Rs. 25,000 to Rs. 30,000 to get a housing loan. In places like Delhi, Gurugram, Mumbai, and Thane, your salary should be at least Rs. 30,000. In cities like Bangalore, Chennai, Hyderabad, and Goa you must earn at least Rs. 25,000
Yes, you can get tax deductions on home loan repayment. home loan tax benefits include Section 80C’s deduction of Rs. 1.5 lakh on the principal repayment and Section 24B’s deduction of Rs. 2 lakh on the interest repayment. You can also claim house loan tax deductions for registration fees and stamp duty charges under Section 80C.
The documents required for a Home Loan from Bajaj Finserv include:
- KYC documents
- Address proof
- Identity proof
- Photograph
- Form 16/ latest salary slips
- Bank account statements of the last 6 months
- Proof of business continuity (for businesspersons, self-employed)
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.
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
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
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.
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
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.
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
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.
No, it is not mandatory that you take home loan insurance along with your loan. However, you may consider getting an insurance to take care of any liability at a marginal increase in your EMIs.
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.
Yes, If you want to get a bigger loan, you can take out a home loan in joint names. Family members, such as spouses, parents, siblings, and offspring, can be co-applicants for a joint house loan.
Furthermore, by sharing responsibility for debt servicing, the burden of loan repayment is reduced.
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.
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.
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.
