Home Loan: Frequently Asked Questions

The Home Loan EMI amount is dependant on three key aspects:

1. Home Loan Principal Amount: This is the Home Loan sanction amount and has a direct impact on your Home Loan EMI. The larger your Home Loan amount is, the bigger your Home Loan EMI will be.

2. Home Loan Interest Rate: The Home Loan interest rate is the rate at which you have to repay the principal amount. Naturally, a high interest rate leads to a steeper EMI amount. Bajaj Housing Finance also allows borrowers the opportunity to link their interest rate to the Repo Rate.

3. Home Loan Repayment Tenure: The repayment tenure is the total time you can take to repay your Home Loan amount in full. A longer tenure can facilitate smaller EMIs but can add to your total cost of borrowing.

You can also use the Home Loan EMI Calculator to pre-emptively calculate your EMI amount before you apply for a Home Loan.

Yes, Bajaj Housing Finance allows Home Loan borrowers to repay the loan ahead of schedule. Here are the two ways in which one can consider doing so:

• Part-prepayment: By making part-prepayments on your Home Loan, you can make lumpsum payments over your regular EMI payments and bring down your repayment amount ahead of your repayment schedule.
• Foreclosure: By foreclosing your Home Loan, you essentially repay the full outstanding amount in one go, before the end of your repayment tenure.

Yes, both you and your spouse can be joint financial applicants for your Home Loan. There are several benefits of applying for a joint Home Loan, some of which are:

• Increased Home Loan eligibility
• Income tax savings
• Increased ease of Home Loan repayment

Having a financial co-applicant usually helps Home Loan applications as it increases your loan eligibility and repayment capacity. Applicants who fall short of meeting the eligibility criteria can apply with a financial co-applicant to enhance their Home Loan application.

Bajaj Housing Finance allows borrowers to repay their Home Loans at their own pace, with a repayment tenure that can stretch up to 32 years, basis their eligibility.

Salaried, professional, and self-employed applicants who meet our eligibility criteria can apply for a Home Loan with us. Here are the eligibility criteria for salaried and self-employed applicants:

**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.

A Top-up Loan is a refinancing option commonly available to Home Loan Balance Transfer applicants who meet the eligibility criteria. When a borrower opts for a balance transfer facility, they can also avail of additional funds of Rs.1 Crore* or higher, for housing expenses such as home renovation.

Prospective Home Loan applicants can use the Home Loan Eligibility Calculator to check their loan eligibility before applying for a Home Loan and to optimise the chances of speedy loan approval. Here are the steps to using the calculator:

1. Select the city you wish to buy your property in from the drop-down menu.

2. Enter your date of birth.

3. Use the slider to declare your monthly income.

4. Use the next slider to declare your monthly obligations.

The calculator window then shows the Home Loan amount you are eligible for.

Applying for a Home Loan with Bajaj Housing Finance is a quick process that is easy to navigate and hassle-free. Follow the steps mentioned below to complete your application:

1. Navigate to the housing loan application form.

2. Enter your basic details, such as your full name, mobile number, employment type, and residential and financial information.

3. Select the type of Home Loan you require – Home Loan or Home Loan Balance Transfer.

4. Generate the OTP and enter it to go to the next step.

5. Enter all the financial details as requested and complete the form. Note: The fields that you need to fill may vary basis your employment type.

6. Submit the application.

Our customer representative will connect with you shortly.