What is Home Loan?

A home loan is a secured loan provided by banks and NBFCs to fund the purchase, construction, renovation, or extension of a residential property — where the property itself serves as collateral until the loan is fully repaid.

• Bajaj Finserv Home Loans are available for amounts up to Rs. 15 Crore*, at interest rates starting from 7.15%* p.a., and repayable over tenures of up to 32 years through Equated Monthly Instalments (EMIs).
• To be eligible salaried applicants must be aged 23 years to 67 years and self-employed applicants aged 23 years to 70 years. Applicants must also have a CIBIL score of 725 or above.
• Home loan borrowers can claim up to Rs. 2 lakh per year in tax deductions on interest paid under Section 24(b) of the Income Tax Act, and principal repayments are eligible under Section 80C up to Rs. 1.5 lakh per year.

A home loan helps you buy, build, or renovate a property without paying the full price upfront. You borrow from a lender, repay in monthly EMIs over a chosen tenure, and once the loan is fully paid, the property is entirely yours. Because the home serves as security, interest rates are significantly lower than unsecured loans.

The key variables — loan amount, tenure, and interest rate — work differently for every borrower based on income, obligations, and credit history. This means eligibility and loan terms differ from one borrower to another.

Your loan amount, interest rate, and EMI depend on your specific profile. Enter your mobile number to instantly see what you qualify for — no branch visit needed.

Skip the guesswork. Enter your mobile number and check your pre-approved loan amount in under 2 minutes — based on your actual profile, not estimates. 

To qualify for a Bajaj Finserv Home Loan, you must meet the following conditions:

• Nationality: Indian citizen residing in India
• Age: Salaried applicants: 23 years to 67 years; Self-employed applicants: 23 years to 70 years (upper age limit is at the time of loan maturity)
• CIBIL Score: 725 or above is recommended for the best approval outcomes
• Employment: Salaried employees, self-employed professionals, are all eligible
• Income stability: Your debt-to-income ratio and repayment capacity are assessed — no fixed minimum income applies, but your income must comfortably cover EMIs
   

Skip the guesswork. Enter your mobile number and check your pre-approved loan amount in under 2 minutes — based on your actual profile, not estimates.

How much loan can you get on a Rs. 60,000 monthly salary? On a monthly salary of Rs. 60,000, you may typically qualify for a home loan of approximately Rs. 45 lakh to Rs. 50 lakh, depending on your CIBIL score, existing obligations, and chosen tenure.

Pro-tip: A lot of applicants are surprised by their actual eligibility — either they qualify for significantly more than expected, or a small tweak like clearing an existing credit card balance makes a meaningful difference to the offer.

Home loans are designed for different needs, from buying a new property to renovating an existing home or transferring an ongoing loan. Understanding the different types can help you choose the option that best matches your requirement and repayment goals.

Types based on purpose

• Basic home purchase loan: The standard home loan used to buy a ready-to-move or under-construction residential property from a builder or an individual seller.
• Home construction loan: Designed for borrowers who own a plot and want to fund construction. Disbursement is typically staged — funds are released in tranches as construction milestones are met, rather than in one lump sum.
• Home renovation loan: For borrowers who wish to repair, refurbish, or upgrade an existing home. Covers costs such as flooring, waterproofing, electrical rewiring, and structural repairs.
• Home loan balance transfer: Allows you to transfer your existing home loan from another lender to Bajaj Finserv. Balance transfer rates at Bajaj Finserv start from 7.25%* p.a..
• Joint home loan: A home loan taken jointly by two or more co-applicants — typically spouses or family members. A joint loan increases combined eligibility and allows both applicants to independently claim tax benefits.
• Top-up home loan: An additional loan amount available to existing home loan borrowers, over and above the outstanding loan, for purposes such as renovation or other financial needs.

Types based on interest rate

Most first-time borrowers are unsure what actually happens between applying and getting the keys. The journey has five stages.

Step 1 — Apply: Fill in your basic details online or at a branch — income, property type, required loan amount. Bajaj Finserv's online application takes under 10 minutes and requires no branch visit.

Step 2 — Document verification: Submit identity, income, and property documents. The lender verifies your employment, credit profile, and existing obligations. 

Step 3 — Loan sanction: The lender approves your loan amount and issues a sanction letter confirming the rate, tenure, and EMI schedule. With Bajaj Finserv you can get your sanction letter within 48 hours* of document submission.

Step 4 — Legal and technical check: The lender independently verifies the property's legal title and market valuation before releasing any funds. Bajaj Finserv has an empanelled network of lawyers and valuers to turn this around faster than the industry average.

Step 5 — Disbursement: Funds are transferred directly to the seller or builder. For construction loans, disbursement happens in tranches as the build progresses. 

Knowing the process is step one. Knowing your approved amount before you start is step two. Enter your number to find out where you stand right now. 

Many people assume delaying a property purchase until they can pay the full amount upfront is financially safer. In reality, a home loan can offer flexibility and help preserve liquidity while you build a long-term asset.

• Lower borrowing costs compared to unsecured loans: Because the property acts as collateral, home loan interest rates are usually much lower than personal loan or credit card interest rates. Bajaj Finserv Home Loan interest rates start from 7.15%* p.a..
• Flexibility to manage savings better: Using all your savings for a property purchase can leave little room for emergencies, investments, or future expenses. A home loan allows you to spread the cost over time while maintaining financial flexibility.
• Opportunity to prepay and reduce interest burden: Floating-rate home loans taken for non-business purposes do not attract prepayment charges under RBI guidelines. This means you can use surplus funds whenever available to reduce your outstanding principal and overall interest cost.
• Building your credit profile: Consistent EMI repayment strengthens your credit history over time, which can improve access to future loans and better borrowing terms.

A home loan can help you buy, build, or renovate a property without exhausting your savings upfront. With flexible repayment tenures, multiple loan options, and tax benefits, it can also support better long-term financial planning when chosen carefully.

The right loan structure depends on your income, repayment capacity, property value, and financial goals. Understanding these factors early can help you make a more informed borrowing decision.

The benefits above are real — but the actual numbers depend on your loan amount, tenure, and tax bracket. Enter your mobile number to get a personalised picture of your EMI, tax saving, and pre-approved amount.

One of the major advantages of taking a home loan is that it can help reduce your taxable income while allowing you to build a long-term asset. Home loan borrowers in India can claim tax deductions under three sections of the Income Tax Act, 1961:

1. Section 24(b) — Interest deduction: You can claim up to Rs. 2 lakh per year on the interest component of your EMI, for a self-occupied property. For a let-out property, there is no upper cap on the interest deduction.
2. Section 80C — Principal deduction: The principal portion of your EMI repayment is eligible for a deduction of up to Rs. 1.5 lakh per year — shared with other 80C instruments such as PPF and ELSS.
3. Section 80EE — First-time buyer benefit: First-time homebuyers may claim an additional Rs. 50,000 deduction per year on home loan interest, subject to conditions including that the loan amount must not exceed Rs. 35 lakh and the property value must not exceed Rs. 50 lakh.
4. Stamp duty and registration charges: In the year of purchase, stamp duty and registration fees paid can also be claimed under Section 80C (within the overall Rs. 1.5 lakh cap).

For example: If you are a salaried individual in Pune with a Rs. 50 lakh home loan at 8.5% per annum for 20 years, your annual interest payment in Year 1 would be approximately Rs. 4.2 lakh. You can claim the full Rs. 2 lakh Section 24(b) deduction — reducing your taxable income by that amount. In the 30% tax bracket, this saves approximately Rs. 60,000 in tax annually.