A. Bajaj Housing Finance Limited follows a strict re-pricing policy to ensure that your home loan remains affordable throughout the tenor. To that end, our home loan interest rates are reviewed every 2 months. Based on the market conditions at the time of reviewing, the rates are either changed, or kept the same and the same is communicated to the customer.
A. A CIBIL score of 750 or higher is ideal when you apply for a home loan.
A. You do not need to have a co-applicant for your home loan if you are registering as the sole owner of the property. However, if the property has a co-owner in addition to you, then the co-owner will have to be a co-applicant on your home loan. Having a co-applicant is ideal for PMAY Loans.
A. You can pay your home loan EMIs online, or offline. These are the two most preferred methods:
A. When you foreclose your home loan, a report is sent to CIBIL, noting that the loan is ‘Closed.’ Cibil Score is a function of AI of TransUnion.
A. Generally, the home loan foreclosure statement is generated within 12 days, barring any discrepancies in the documentation.
A. You can get a Bajaj Housing Finance Limited Home Loan with a tenor of up to 30 years, depending on your repayment capacity.
A. Salaried individuals can apply for a Bajaj Housing Finance Limited Home Loan if they fulfil the following criteria*:
For self-employed individuals, the home loan eligibility criteria are*:
A. You can get significant tax benefits on your home loan, under several sections of the Income Tax Act. They are as follows:
A. A top-up loan is a loan that is sanctioned over and above your existing home loan. A top-up loan does not require you to submit additional documentation to the lender. You can use it for any purpose, such as furnishing and decorating your new home, upgrading your car, paying for your child’s higher education, and more.
A. Bajaj Housing Finance Limited presents an online home loan eligibility calculator that instantly lets you know the loan amount you are likely to get. All you need to do is enter the following details:
A. If you are an individual borrower with a floating interest rate home loan, the prepayment and foreclosure charges on your loan are nil. On the other hand, if you are an individual borrower with a fixed interest rate home loan, the prepayment charges on your loan are 2% (plus taxes), and the foreclosure charges on your loan are 4% (plus taxes).
A. Bajaj Housing Finance Limited lists all fees and charges on your home loan balance transfer so that you can make an informed decision about your loan. The charges levied are as follows:
*The Bajaj Housing Finance Limited Floating Reference Rate for home loans booked before 20 June 2018 was 12.95%.
A. Applying for a Bajaj Housing Finance Home Loan is easy. Just follow these steps:
After this, a relationship manager will contact you and take the process forward.
A. The differences between fixed and floating interest rates on home loans are as follows:
A. If you have made a lodged a service request or complaint with us, and it has not been resolved within 30 days, you can reach out to one of these people and escalate your concern to them:
The term ‘REPO’ denotes repurchase option or agreement. The Reserve Bank of India (RBI) lends money to commercial financial institutions at this rate, which is subject to changes as per the running policies. With an increase in repo rate, the cost of credit increases for commercial banks, thus making loans expensive for them. It limits their capacity to borrow and also prompts them to increase the rate of interest offered to retail borrowers for various loans and advances and vice versa with the decrease.
The final lending rate for various products offered by BHFL will be arrived at after taking into account market reputation, repo rate, interest, credit and default risk in the related business segment, historical performance of similar homogeneous clients, profile of the borrower, tenure of relationship with the borrower, repayment track record of the borrower in case of existing customer, subventions available, deviations permitted, future potential, group strength, overall customer yield, nature and value of primary and collateral security, etc.
Such information is gathered based on information provided by the borrower, credit reports, market intelligence and information gathered by field inspection of the borrower’s premises. The rate of interest for the same product and tenor availed during same period by different customers need not to be standardized. It could vary for different customers depending upon consideration of any or combination of above factors.
BHFL offers Repo rate linked Interest rate to its customer as per internal underwriting policy (T&C Apply).
Home Loan Eligibility and Documentation
Home Loan Fees and Interest Rates
Home Loan EMI Calculator
How to Apply for Home Loan
Home Loan Application Form
Home Loan Balance Transfer