Home Loan EMI Payment

How to Get A Home Loan in India?

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

How to Get A Home Loan in India?

A home loan is the most feasible way to fund the purchase of your dream home comfortably. It offers ample funds for home purchase and has a long repayment tenor too. Further, choosing a home loan that has a nominal rate of interest, value-added features and no hidden fees and charges will make your borrowing experience smooth and worry-free.
So, take a look at the steps that you must take to get a lucrative Home Loan in India.

Research The Market to Choose The Right Lender

Before finalising your decision regarding a home loan, ensure that you research the market thoroughly and analyse the benefits and features offered by various lenders. Start by comparing the interest rates and move on to exploring the other benefits available to you. Lenders like Bajaj Finserv have various perks attached to their Home Loan such as top-up loan, insurance, and incentives like a 3 EMI holiday. Simply visit lenders’ websites to make comparing loans easy.

Check Your Home Loan Eligibility

Once you have narrowed down on a few loan options, check your eligibility for each before you apply for a home loan. You can use the Home Loan Eligibility Calculator to check if you’re a good candidate. Besides, apart from telling you whether or not you are eligible for the loan, this calculator also tells you the amount that you are eligible for. So, using this calculator will help you sift through the loans that you have shortlisted and arrive at the one that offers you the highest sanction.

Make Sure You Have A Good Credit Scorev

Apart from meeting the listed criteria, you must also have a good credit score when you apply for a home loan. It indicates that you are responsible with borrowed funds and as a result, you can negotiate more flexible terms with your lender. Whether you seek a lower interest rate or a tenor of your choice, having a good credit score improves your chances of approval and gives you an upper hand.

Understand Fees and Charges

When applying for a home loan, most lenders expect you to pay several fees and charges over the Home Loan interest rates. So, before you apply, speak to your lender about what these charges are. Typically, you have to pay a processing fee, foreclosure charge, prepayment charges, EMI bounce penalty, and more. The lower these charges are, the better it is for you. As a thumb rule, it is advisable that you go through the loan agreement to understand the terms and conditions associated with these fees and charges.

Save Funds for Down Payment and Plan Repayment in Advance

Since a home loan is a lengthy commitment, planning your finances in advance will help you repay it in a hassle-free manner. Also, financial institutions expect you to pay a down payment when you want a home loan. As a result, reviewing your finances in advance is important. You can choose to make a larger down payment and make the loan more affordable. Besides, this will allow you to pay each EMI without defaulting.

Keep All Relevant Documents Handy

To avail a Bajaj Finserv Home Loan you will need to submit a few documents that include KYC documents, address proof, identity proof, a photograph, Form 16 or latest salary slips (if you are salaried), Income Tax Returns and profit and loss statements for the past 2 years (if you are self-employed), bank account statements of the past 6 months, and proof of business for at least 5 years (if you are self-employed). Gather these documents beforehand so when you have to submit them, you don’t waste any time. This will speed up your approval process significantly. Here you can see the complete list of required documents for Home Loan.

Once you check these measures off your list, you can apply for a home loan online with lenders such as Bajaj Finserv. Apply by filling your details and submitting the online application form and then wait for a representative to get in touch with you with a pre-approved offer customised for you.

Also Read: How to Apply for a Home Loan?