Home Loan of up to Rs. 60 Lakh: Details
A Home Loan is a sizeable credit sanctioned for the exclusive purpose of buying a home and its repayment tenor can go up to several decades. Thus, it is important applicants review all specifications and features before applying. Nowadays, you will need a Home Loan of up to Rs.60 Lakh or more to purchase a flat or a house. You can choose to fund your purchase with Bajaj Housing Finance as we offer a flexible tenor of up to 40 years. You will also get a competitive Home Loan interest rate, which thereby makes your repayment manageable.
Home Loan of up to Rs.60 Lakh: Features and Benefits
If you are looking for a Home Loan worth Rs.60 Lakh, you can enjoy several benefits if you opt for Bajaj Housing Finance.
Minimal Documentation
Complete your Home Loan application process with minimal documentation, from the comfort of your home.
Long Repayment Tenor
Enjoy a repayment tenor of up to 40 years. You can choose to opt for a longer tenor with lower EMIs to ensure comfortable repayment, or a shorter tenor so you can become debt free quicker.
Affordable EMIs
We offer a competitive interest rate starting at 8.50%* p.a. for salaried individuals. Your EMI can start with as low as Rs.733/Lakh*.
Top-up Loan for Housing Needs
When you transfer your loan balance to Bajaj Housing Finance, you not only stand to benefit from a lower interest rate and reduced EMIs, but you also get the option to avail of a Top-up Loan for home repair or renovation.
Loan Amount of Rs.5 Cr*
Don’t let the sanction amount be an issue when purchasing your dream home. Avail of a sizeable Home Loan of Rs.5 Crore* or even higher, depending on your eligibility.
Disbursal in 2 days*
Home loan applicants can expect to receive their sanction within 48 Hours*, following the approval of their application and documentation verification.
Home Loan up to Rs.60 Lakh: Eligibility Criteria
The Home Loan Eligibility Criteria for Bajaj Housing Finance are simple and easy to meet. Here is the eligibility criteria that both salaried as well as self employed individuals must meet to apply for a Home Loan.
| Parameters | Salaried Individuals | Self-employed Individuals |
|---|---|---|
| Experience | 3 years work experience | 5 years business vintage |
| Nationality | Indian citizen (including NRIs) | Indian (resident only) |
| Age | 23 to 75** years of age | 25 to 70** years of age |
**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.
Documentation required for a Home Loan of Rs.60 Lakh
A Rs.60 Lakh loan can be availed from either the online portal of Bajaj Housing Finance or by visiting your nearest Bajaj Finance office. Whether you are a salaried individual, a professional or a self-employed businessman, you are eligible for a Home Loan if you have the following documents*** ready with you:
For Salaried Individuals and Professionals
- KYC documents for identity verification
- Mandatory documents such as PAN Card or Form 60
- 3 months’ salary slips for income proof
- Proof of employment
- Property related documents such as title deed, property tax receipts, and allotment letter
For Self-Employed Individuals
- KYC documents for identity verification
- Mandatory documents such as PAN Card or Form 60
- P&L statements, among other documents, to prove a steady flow of income from the existing business operational for more than 5 years*
- Educational certificates for doctors and a valid COP for CAs
- Proof of business
- Property related documents such as title deed, property tax receipts, and allotment letter
*** Additional documents may be needed during loan processing.
EMIs for Rs.60 Lakh Home Loan over Various Tenors
The EMI calculator for a Home Loan can help you know the EMIs and payable interest in advance if you want to take out a Rs.60 Lakh Home Loan but are unsure of the monthly payments. The table below shows EMI calculations for various repayment tenors:
Rs.60 Lakh Home Loan EMI for 40 years
| Loan Amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.60 Lakh | 40 years | 8.50%* | Rs.43,986 |
Rs.60 Lakh Home Loan EMI for 30 years
| Loan Amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.60 Lakh | 30 years | 8.50%* | Rs.46,135 |
Rs. 60 Lakh home loan EMI for 20 Years
| Loan Amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.60 Lakh | 20 years | 8.50%* | Rs.52,069 |
Rs. 60 Lakh Home Loan EMI for 10 Years
| Loan Amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.60 Lakh | 10 years | 8.50%* | Rs.74,391 |
*The values in the preceding tables are subject to change
Things to Consider Before You Apply for a Rs.60 Lakh Home Loan
-
Check Your Eligibility for a Home Loan of up to Rs.60 Lakh
Your first task is to plan a budget to buy a new house. Once done, you can keep a certain sum of money aside to pay the Home Loan down payment. Then determine how much money you will need to borrow as a loan from a lending institution to cover the rest of the purchase price, based on your Home Loan eligibility. -
Check Your Credit Score
Once you have done budgeting, keep a track of your credit score to check if you are likely to receive the Home Loan amount you desire. Obtaining a loan shouldn't be too difficult if your credit score is above 750. In case it is below 750, you need to focus on increasing it. -
Keep the Relevant Documents Handy
Once you know you meet the Home Loan eligibility criteria and your credit score is fine, make a list of documents you will need to apply for the Housing Loan. You can call the lender or check their website to learn about the documents you may need. Applying for a Housing Loan is pretty simple. You can apply online or by physically visiting a nearby branch. These days, a lender’s representative can also visit your place to explain the end-to-end procedure to you. -
Analyse the Interest Rates for Home Loan of up to Rs.60 Lakh
It is imperative to compare Home Loan interest rates before applying. It's in your best interest to research the offerings of the shortlisted financial lenders, especially the ones that cater to borrowers like you. See which financial institution offers the most lucrative interest rate. After you have read the terms and conditions, take a call.
How to Apply for a Home Loan of Rs.60 Lakh
- Submit a Loan Application – With details like your name, contact number, employment type, loan amount and the property for which you are seeking loan.
- Documentation – You will have to attach certain documents for KYC and other purposes like the Aadhaar card, Driving license, bank account statements, 3-months salary slips(for salaried employees), proof of business with a vintage of 5 years* (for self-employed), property documents. You may be asked for more documents actually.
- Verification and processing – Your documents will be scrutinized, and your credit report will be pulled by the lender
- Sanction letter – Post successful verification of documents, you will get a sanction letter entailing the loan amount, interest rate, repayment tenor and others. This letter needs to be signed by you and sent back.
- Pay a one-time secure fee.
Once all steps are done, you will receive a final agreement after the lender has performed all checks and your loan amount will be disbursed.
Following Home Loan disbursement and property possession, you can get done with the registration process by clearing the registration fee and stamp duty. Your lender will keep the original registry paper till you repay the loan completely.
*Terms and conditions apply
