About Joint Home Loan
Purchasing a house is a one-time investment which involves proper planning and arrangement of funds accordingly. Home Loan is usually the first option; however, you need sufficient income strength to avail that. Bajaj Finserv brings Joint Home Loan as the best alternative for those who aren’t eligible for a Home Loan due to comparatively low income.
Own your dream house using a Joint Home Loan with wife, any other family member or friend. It is a secured loan availed along with a co-borrower, thereby, sharing the responsibility of repayment equally.
People who are eligible as a co-borrower for Home Loan Jointly
The following people can apply as a co-borrower in your loan application:
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Joint Home Loan with parent
A few benefits of Home Loan with joint holders are increased eligibility of the loan, enhanced budget, more tax benefits, equal repayment liability, etc. Apply for a Bajaj Finserv Joint Home Loan and enjoy maximum benefits with attractive features.
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Spouse
Working couples can apply jointly for higher loan amounts as two incomes can adequately support the cost of loan. You can also enjoy income tax benefits.
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Siblings
You can apply for Joint Home Loan with brother or sister when they co-own the house.
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Daughter
Daughters who are unmarried and primary owners can also be co-applicants.
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Son
Sons having the primary ownership in case of multiple heirs can be co-borrowers as well.
Bajaj Finserv also offers Joint Home Loan with a friend with the same benefits and features.
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High financing
Bajaj Finserv offers high loan amounts of up to Rs. 3.5 Crore with Joint Home Loans. Utilise this fund to finance your desired home effortlessly.
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Easy Repayment with Flexible Tenor
Select from a flexible tenor of up to 240 months, suiting your repayment capability. We make it easier for you, reducing the financial burden.
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Quick Approval and Disbursal
Enjoy instant approval of your Home Loan with co-applicant within minutes of submitting the application. Bajaj Finserv ensures faster fund disbursal within 72 hours and even less. No more delays in receiving financing.
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Low Interest Rates
Avail some of the lowest interest rates on your joint home loan application, only with Bajaj Finserv.
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Balance Transfer Facility
Transfer your existing loan account and avail better rates of interest along with additional benefits like top-up loans, prepayment, etc. Bajaj Finserv requires minimal documentation to complete the process of Home Loan Balance Transfer.
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Top-up Loan
Finance your additional monetary requirements with an exclusive high-value top-up loan at nominal rates. No extra documentation and hassle involved.
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Part-prepayment and Foreclosure
Pay off the full or a certain amount of the principal with excess funds and enjoy zero charges on the same.
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Tax Benefits
To be eligible to claim tax benefits on Joint Home Loans, one must be a co-applicant and a joint owner of the property. Lastly, construction of the house must also be complete.
Tax benefits on Home Loan interest are available, up to Rs. 50,000 and Rs. 2 Lakh under Section 80EE and Section 24 respectively. -
Online account management
Track your loan details including EMIs, payment schedule, interests, principal amount, etc. with online account management facility. Access it any time 24x7, 365 days with a few clicks.
Opt for a Joint Home Loan and enhance the chances of availing sufficient finance for your new house.
Joint Home Loan: Eligibility & Documents
Bajaj Finserv comes with easy-to-meet Home Loan eligibility criteria for individuals to apply for Joint Home Loans. Complete the application procedure with a few essential documents only.
You can use the Home Loan Eligibility Calculator to check your eligibility beforehand.
Joint Home Loan: Interest Rates, Fees & Charges
Bajaj Finserv ensures no hidden charges and maintains complete transparency on home loan interest rates. Follow the chart below:
| Interest Rates and Fees | Applicable charges |
|---|---|
| Regular rate of interest (For self-employed) | 9.35% - 11.15% |
| Regular rate of interest (For salaried) | 9.05% - 10.30% |
| Promotional rate of interest (Salaried) | From 6.9%* (for loans up to Rs. 30 Lakh, for new customers) |
| Bajaj Finance Limited Floating Reference Rate for Self Employed customers | 20.90% (BFL-SE FRR) |
| Bajaj Finance Limited Floating Reference Rate for Salaried customers | 20.90% (BFL-SAL FRR) |
Besides interest rates, enjoy nominal fees and charges associated with this Joint Home Loan.
Check out the charges of part-prepayment:
| Types of borrower | Type of interest | Time (In months) | Part-prepayment charges |
|---|---|---|---|
| All borrowers | Fixed interest rate | More than 1 | 2% charge + taxes |
| Individual | Floating interest rate | More than 1 | 0 |
| Non-individual | Floating interest rate | More than 1 | 2% charge + taxes |
Check out the charges of loan foreclosure:
| Types of borrower | Type of interest | Time (In months) | Part-prepayment charges |
|---|---|---|---|
| All borrowers | Fixed interest rate | More than 1 | 4% charge + taxes |
| Individual | Floating interest rate | More than 1 | 0 |
| Non-individual | Floating interest rate | More than 1 | 4% charge + taxes |
| Additional Fees Associated | Charges Applicable |
|---|---|
| Loan statement charges | Rs. 50 |
| Processing fees (self-employed borrowers) | Up to 1.20% |
| Processing fees (salaried borrowers) | Up to 0.80% |
| EMI bounce rates | Rs. 3,000 |
| Mortgage orientation fee (non-refundable) | Rs. 1,999 |
| One time secure fee | Rs. 9,999 |
| Penalty charges | 2% every month + applicable taxes |
| Principal & interest statement fees | 0 |
Plan your repayments strategically with attractive fees and charges on Bajaj Finserv Joint Home Loan.
How to Apply for Joint Home Loan?
Apply for a Joint Home Loan easily via online or offline mode.
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For the online method, visit our online application form page, fill in the details and submit. We offer doorstep document collection facility for your convenience.
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For the offline method, contact us at 18002094151. Our representatives shall get back to you.
New customers can also visit our branches directly or SMS ‘HOME’ and send to 9773633633. Existing customers can visit us at: https://www.bajajfinserv.in/reach-us
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