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From buying a new home to getting a loan against your property, meet your financial needs with our loans.
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Whether it is buying property, home renovation, wedding expenses, or business expansion, our range of loans provide the flexibility and convenience you need.
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Loans: Tailored solutions for individuals, professionals, and MSMEs
Loans for individuals: Empowering your personal goals
As an individual, you may have a variety of personal goals that require financial support. From buying your dream home to funding your child's education, our individual loans are designed to fulfill your desires. Our experienced team will guide you through the loan process, making it hassle-free and transparent. With competitive interest rates and flexible repayment options, you can focus on achieving your goals.
Loans for professionals: Investing in your future
As a professional, investing in your future is crucial for career growth. Our loans for professionals cater to doctors, engineers, lawyers, and other skilled individuals who require financial assistance for various purposes. Whether it’s expanding your practice, upgrading equipment, or funding higher education, we have the perfect loan solution to propel your career to new heights. Enjoy the ease of application and quick approvals with our professional loan offerings.
Loans for MSMEs: Powering your business ambitions
Small and Medium-sized Enterprises (MSMEs) form the backbone of our economy. We understand the unique challenges faced by businesses, and our loans for MSMEs are designed to support their growth and expansion. Whether you need working capital, machinery financing, or funds for technology upgrades, our expert team will assist you in finding the most suitable loan option for your business needs.
End use flexibility: Unlocking possibilities
At our platform, we believe in empowering borrowers with the freedom to use their loan amount as per their specific requirements. This end-use flexibility enables you to fund a diverse range of purposes, such as buying property, renovating your home, financing a wedding, or expanding your business. We understand that everyone's financial needs differ, and our loan offerings reflect our commitment to catering to those unique situations.
Flexi loans: Pay only for utilized amount
Our Flexi Loans are designed to offer you maximum control over your finances. With this unique feature, you can access a predefined credit limit, and you'll only be charged interest on the amount you utilize. You have the flexibility to withdraw and repay funds as needed within the approved limit. This option is perfect for individuals and businesses that experience fluctuating financial needs, providing cost-effective and convenient financing.
Hybrid loans: The best of both worlds
Hybrid loans combine the advantages of both fixed and floating interest rates. With this option, you can enjoy the stability of a fixed rate for a specific period and the flexibility of a floating rate afterward. This loan type is particularly useful when you expect interest rates to fluctuate but want to ensure some predictability in your initial payments. Our hybrid loans offer the best of both worlds.
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What is a home loan?
A home loan is a credit borrowed from a financial institution to buy a home. The home loan is given at an interest rate depending on your profile. While taking the loan, you choose a repayment period to pay back the amount (principal) and interest in equated monthly instalments (EMIs). You can either choose a fixed interest rate or a floating interest rate.
What is the home loan processing fee?
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.
How does a home loan work?
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 ‘tenure.’ 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.
What are the different types of home loans available in India?
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
Which home finance is the best: Fixed or floating interest rate?
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.
Is home loan insurance mandatory?
No, it is not mandatory that you take home loan insurance along with your loan. However, you may consider getting insurance to take care of any liability at a marginal increase in your EMIs.
What are the tax benefits on home loan?
You can get tax benefits on home loan. Home loan tax benefits include deduction of Rs. 1.5 lakh on the principal amount under Section 80C. Additionally, Section 24B allows tax deduction of Rs. 2 lakh on the interest repayment. You can also claim tax deductions for registration fees and stamp duty charges under Section 80C.
Can I get 100% home finance?
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.
Is opting for housing finance worth it?
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
Who can be co-applicants for a home loan in India?
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.
Can a home loan be taken jointly in India?
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.
Which factors affect your home loan eligibility?
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
What documents do salaried professionals require for a home loan application?
Salaried professionals applying for a fresh home loan with Bajaj Finance, must have the listed documents:
- KYC documents (identity and address proof)
- Proof of income (salary slips)
- Account statements for the last 6 months
What documents do self-employed individuals require for a home loan application?
Self-employed individuals applying for a fresh home loan from Bajaj Finance, must have the listed documents:
- KYC documents (identity and address proof)
- Proof of income (P&L statement)
- Proof of business
- Last 6 months' account statements, etc.
What is the eligibility criteria to avail home loan?
To qualify for a home loan, you must meet specific eligibility criteria. First, you must be an Indian citizen residing in India. The age requirement varies depending on your occupation: salaried applicants should be between 23 years and 65 years, while self-employed professionals should be between 23 years and 70 years. The upper age limit is considered at the time of loan maturity. A CIBIL score of 725 or higher is ideal for securing a home loan. Your occupation also plays a role; you must be a salaried employee, a professional, or a self-employed individual to qualify.
When does the loan repayment period start?
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.
How to apply for a home loan in India?
To apply for a home loan in India, check your eligibility, and gather required documents like ID proof, address proof, income proof, and property details. Submit the application online or at a branch. After verification, the lender will sanction the loan based on your eligibility.
How to track home loan application status?
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.
When do home loan EMIs start?
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.
How long does it take to get a home loan sanction from Bajaj Finance?
Once you have submitted all the essential documents, the loan amount will be approved within 48 Hours*. In some cases, it can get sanctioned even earlier.
* Terms and conditions apply
Can I take 2 home loans at a time for the same property?
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.
What CIBIL Score is good for a home loan?
A CIBIL score of 725 or above is generally considered good for a home loan. It indicates creditworthiness and increases the chances of loan approval with favourable terms, such as lower interest rates.
Can I switch to floating-rate from fixed-rate during my loan tenor?
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.
How to get a housing loan 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
What is the maximum home loan that I can get?
You can easily get a home loan up to Rs. 15 crore* from Bajaj Finance if you meet our eligibility criteria. The sanctioned loan amount depends upon essential factors like your age, income profile, CIBIL Score, and among other criteria.
Can you reduce the tenure of a home loan after taking it?
Yes, you can reduce the tenure of a home loan after taking it by making higher EMI payments or part-prepayments. This reduces the principal amount faster, shortening the loan term. Contact your lender to adjust your EMI accordingly, ensuring it aligns with your financial situation.
How do I adjust my home loan tenure to get the desired EMI using an EMI calculator?
To adjust your home loan tenure for the desired EMI, use an EMI calculator by entering the loan amount, interest rate, and different tenures. The calculator will display the corresponding EMI for each tenure, allowing you to choose a tenure that fits your monthly budget.
How to reduce home loan interest?
To reduce home loan interest, opt for a shorter tenure, make regular prepayments, or refinance with a lower interest rate. Additionally, maintain a good credit score to qualify for better rates and negotiate with your lender for favourable terms.
Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.