Once we receive the completed application form along with the necessary supporting documents, the following things happen:
First, BHFL examines all the papers you’ve handed in. When these are found to be in order, you get sanctioned a certain amount, depending on factors like: the amount you’d asked for, the value of the collateral property, and your ability to repay loans (creditworthiness). If (for some reason) we decide not to sanction the loan, we’ll let you know right then,
Next, our in-house lawyers and property experts will verify the property documents. They then carry out a thorough technical examination of the property in order to evaluate it.
Upon completion of both these procedures, Bajaj Housing Finance initiates the disbursement of your Home Loan.
It is not mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.
Once you have picked the property, you should start figuring out how to finance the House/Flat. You will need to submit these documents:
You’ll need to know that a ‘sanction of loan’ and a ‘disbursement of funds’ are two entirely different entities. Here’s how you can get your loan sanctioned and disbursed, explained in a logical order:
You can take a look at the essential documents here, but note that this may change subject to your customer profile:
Details about the property in case you have finalized it before hand
Your EMI consists of two parts—paying back the principal amount you borrowed, plus the interest rates charged ‘on’ it. Three factors come into the equation—how much you borrowed, the rate of interest, and the loan tenure. There are ways to bring your EMI down: for one, it drops automatically if there is a drop in interest rates, or if you pay back more than you need to (called a ‘partial prepayment’).
There are two ways of going about this:
Pre-EMI interest is the interest that you need to pay on amount you borrow from Bajaj Housing Finance. Commencing from the date of each disbursement, you can pay each month, until EMI payments start.
Home loan balance transfer is when you switch your existing home loan, and the entire principal amount that is still unpaid, to another lender for a lower interest rate. The lender that you had originally taken the loan from will receive this unpaid amount, while you continue to repay the loan amount at a new interest rate to the new lender that takes up your loan.You should first understand home loan balance transfer carefully before opting for the same. It is important that you ascertain the benefits you will receive by way of lower interest rates before you choose a home loan balance transfer scheme. You can apply for home loan transfer online with Bajaj Housing Finance Limited.
The RBI home loan balance transfer policy contains information on balance transfer charges that you will have to take into account before transferring your home loan. The RBI has directed financial institutions to refrain from charging foreclosure fees when it comes to floating interest rate home loans. Earlier, lenders would levy a prepayment penalty ranging between 2-5% of the outstanding principal at the time of refinancing the home loan. Under the new guidelines, individual borrowers of floating interest home loans are exempt from such penalty charges. The charges remain in place for individual borrowers of fixed interest home loans, and all non-individual borrowers. Even if you are exempt from penalty charges, you are still required to pay a processing fee to your new lender which could vary between 0.5-1% of the loan amount. This amount is sometimes restricted by many lenders to Rs.5,000.
Pradhan mantri Awas Yojana Features & Benefits
Home Loan EMI Calculator
Home Loan Eligibility and Documentation
Home Loan Fees and Interest Rates
How to Apply for Home Loan
Home Loan Application Form