Home Loan of up to Rs.3 Crore: Details
Bajaj Housing Finance offers sizeable housing loan sanctions to the tune of Rs. 3 Cr or even higher, based on your financial, employment, income, and credit profile.
Availing of a Home Loan of up to Rs.3 Crore requires you to plan your finances. This ensures that you will be able to repay your Home Loan amount within a set tenor. Bajaj Housing Finance offers a free-to-use Home Loan EMI Calculator which helps you estimate your EMIs so that you can plan for the repayment of a Home Loan of Rs.3 Crore without putting constraints on other expenses.
Eligible borrowers can avail of advances at competitive interest rates, with several other benefits, such as customised repayment options and the option to link to an external benchmark, i.e., the RBI repo rate.
Eligibility for Rs.3 Crore Home Loan
When considering Home Loan vendors, it is essential to check Home Loan eligibility criteria, so you can enhance the chances of approval of an amount as big as Rs.3 Crore. Our criteria vary based on the kind of employment. Here are the criteria we have set for salaried and self-employed individuals at Bajaj Housing Finance for Home Loan up to Rs.3 Crore*
| Parameter | Salaried Housing Loan Borrowers | Self-Employed Housing Loan Borrowers |
|---|---|---|
| Nationality | Indian (including NRIs) | Indian (resident) |
| Employment | Minimum 3 years of work experience. Best, if it is with a reputed employer | Minimum 5 years of business continuity in the current enterprise |
| Age of the borrower | 23 to 75 years** | 25 to 70 years** |
| Place of Residence | Must reside in one of the cities we serve | Must reside in one of the cities we serve |
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Besides the above, the credit score for both should ideally be 750 or more.
In order to check the Home Loan amount you are eligible for, you can use a calculator that is available online. A Home Loan Eligibility Calculator helps understand a borrower’s eligibility based on their monthly income and obligations. Besides these, there are several factors that determine your Home Loan eligibility like your age, financial standing, credit score and credit history.
How to Apply for a Home Loan Up to Rs.3 Crore Online
- Visit our application form by clicking on the ‘Apply Now’ button
- Fill in the details such as your name, number, PIN code, and those specific to your loan
- Validate the OTP
- Submit the form
Once you’re done submitting the application, a representative will be in touch with you within 24 hours** and explain the future steps.
Documents Required for Rs.3 Crore Home Loan
Here is the list of documents required to apply for a Home Loan of Rs.3 Crore:
- Mandatory Documents: PAN card or Form 60
- KYC Documents: Voter's ID, Aadhaar card
- Recent photograph
- Proof of Income- 3 months’ salary slips (for salaried and salaried professional applicants), P&L statement (for self-employed applicants), ITR (for self-employed applicants), and Statements of your primary account for the last 6 months (for all applicants)
- Business Proof: Proof of business vintage of 5 years or more (for self-employed and non-professional applicants)
Note: Additional documents may be requested at the time of loan processing.
Features and Benefits for Home Loan of Rs.3 Crore
Longer Repayment Tenor
Prospective homebuyers can enjoy a longer repayment tenor of up to 40 years. This way you will be able to repay your Home Loan conveniently without putting any financial constraint on your pockets.
Competitive Interest Rates
Salaried applicants can avail of a Home Loan at a competitive interest rate starting at 8.50%* p.a. based on their eligibility.
Disbursal in 48 Hours*
Applicants who have submitted their documents can expect disbursal of the loan amount in just 48 Hours* post document verification and approval.
Zero Prepayment and Foreclosure Charges
Individual borrowers with floating interest rate Home Loans do not have to pay any extra charges while part-prepaying or foreclosing their loan.
Increase Your Eligibility for a Rs. 3 Crore Home Loan
Here are two of the top tips that will help you borrow funds to buy the property you are looking at:
Consider a Joint Home Loan
If including a partner or spouse on the Home Loan is a possibility on your end that could be a route to explore, too. First, it adds more income to the same application, which is crucial if you have availed of many tax deductions and, at the same time, have a low taxable income. It also shows lenders that you have a stable and consistent income with which to pay your EMIs. It is all about the amount of income versus the amount of debt on the Home Loan application.
Improve Your Credit Score
A borrower’s credit score is a huge factor for lenders. Again, the minimum score you are going to need varies based on the lender and loan program. Higher scores will help you to get a lower home loan interest rate that can save you money in the long run.
Having a high credit score shows that you are responsible with finances. Showing that you've well managed your debt before, with credit cards, and personal, or business loans, can also show lenders that you are a reliable borrower.
You should also pull your credit report. If you find errors, dispute them with the credit bureau. Other ways of improving the score include paying down debt, increasing the credit limit, and making on-time payments consistently.
Rs. 3 Crore Home Loan: EMI for Different Tenors
Online tools such as the Home Loan EMI Calculator can help you check how much you will pay as EMI with various combinations of the loan amount and tenor. Make an informed decision by using the calculator to estimate the total cost of borrowing and decide which tenor is best suited to your repayment capacity.
The below table lists the different EMIs applicable for a loan amount of Rs. 3 Crore with different tenors at an interest rate of 8.50%** p.a.
| Loan Amount (In Rs.) | Tenor | EMIs (In Rs.) |
|---|---|---|
| 3 Crore | 40 years | ₹ 2,19,928 |
| 3 Crore | 30 years | ₹ 2,30,674 |
| 3 Crore | 25 years | ₹ 2,41,568 |
| 3 Crore | 20 years | ₹ 2,60,347 |
| 3 Crore | 15 years | ₹ 2,95,422 |
| 3 Crore | 10 years | ₹ 3,71,957 |
*The EMIs in the above tables are calculated using a Home Loan EMI Calculator and are subject to change.
Note: The interest rate considered here and its subsequent calculations are for illustrative purposes only. The calculations and actuals will differ basis the individual’s profile and loan requirements.
