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About Bajaj Housing Finance Home Loan
The Bajaj Housing Finance Home Loan is quick and hassle-free, with an easy application process. Salaried individuals and professionals can now avail of home loan interest rates starting at only 6.65%* p.a., with EMIs as low as Rs.642/Lakh*. What’s more, you can choose a tenor of up to 30 years, making repayment affordable in the long run.
With our simple housing loan eligibility criteria, minimal documentation and doorstep service ensure maximum convenience as you begin your home loan journey. We also provide quick processing and disbursal for a seamless application from start to end.
Those with an existing home loan can also make the most of our features by transferring their balance home loan amount to us. With a balance transfer facility, not only do you have the chance to avail of a more competitive interest rate, but you can also opt for a sizeable top-up loan, which comes free of any end-use restrictions.
Home Loan: Features and Benefits
Housing loans by Bajaj Housing Finance are designed to fulfil all your mortgage financing needs. Get a high-value home loan at an attractive interest rate, with several other benefits that not only make buying a home affordable but also simple and hassle-free.
Easy Balance Transfer Facility
Transfer the balance on your existing home loan to us to enjoy a lower rate of interest and better borrowing terms. What’s more, with minimal documentation and quick processing, you are assured of a hassle-free experience when you opt for a Home Loan Balance Transfer with Bajaj Housing Finance.
Sizeable Top-up Amount
When you transfer the balance on your existing home loan to Bajaj Housing Finance, you have the option to avail of a sizeable top-up loan, which you are free to use for any other financial needs you may have.
Interest Subsidy Under PMAY
Enjoy a subsidized rate of interest on your home loan under the Pradhan Mantri Awas Yojana scheme when you apply with Bajaj Housing Finance, since we are a Prime Lending Institution registered with the Central Nodal Agency.
Part-Prepayment and Foreclosure Facility
Individuals with a floating rate of interest face no prepayment or foreclosure charges should they choose to pay off their liability before the end of their tenor.
Flexible Repayment Tenor
Bajaj Housing Finance offers applicants the choice of an extended repayment tenor of up to 30 years to ensure comfortable repayment. So if you are worried about the affordability of your home loan, look no further.
A home loan application is often lengthy and tedious. To make sure that applicants get the quickest and easiest route to their dream home, we keep our documentation requirements to a minimum.
Online Account Management
Customers can access their Home Loan account details online with Bajaj Housing Finance. Our customer portal allows you to not only access details but complete important tasks, such as download your interest certificate and prepay, anytime and anywhere.
Online Home Loan Calculators
Online calculators are critical to informed decision-making in the case of long-term credit, such as a home loan. Bajaj Housing Finance has simple and reliable calculators to help you know more on eligibility, your EMI, and the maximum top-up amount you can avail of.
Integrated Branch Network
We have a network of branches around the country so as to ensure easy availability of assistance. If you are unsure of any step in your home loan application journey, we are happy to help you at any of our branches.
Our benefits, terms, and home loan application process are designed to ensure maximum affordability and convenience. Apply today to know more about the Bajaj Housing Finance Home Loan, and why you should choose us.
Eligibility Criteria for Home Loan
It is important you review all eligibility criteria before you apply for a home loan. At Bajaj Housing Finance, the eligibility criteria are simple and straightforward. Note that meeting all parameters in the criteria improves the chances of loan approval and makes processing hassle-free.
|Eligibility Parameters||Criteria to Fulfil|
|Borrower’s employment profile||Salaried, Self-employed|
|Age||23 to 62 years for salaried applicants 25 to 70 years for self-employed applicants|
|Residential status and citizenship||Residing citizen of India|
|Employment/occupation stability||Minimum 3 years of work experience for salaried applicants, A vintage of 5 years or more in the current busines for self-employed individuals|
Documents Required for a Home Loan
PAN Card, Driving Licence, Voter ID, Valid Passport
Electricity Bill/Water Bill/Telephone Bill, Valid Passport, Aadhar Card, Voter ID, Driving License
Passport size photo Documents for proof of 5 year of business continuity (for self-employed) Other income related documents, such as ITR
How to Apply for a Home Loan
Here’s how salaried and self-employed individuals can apply for a home loan with Bajaj Housing Finance.
- Visit our online application form
- Enter your personal details, such as name, employment type, loan type, pin code, and mobile number
- Enter property details, if available
Our representative will get back to you shortly and guide you through the next steps. In case you do not wish to apply online, we also accept applications via the SMS facility.
Types of Home Loans
Borrowers can select from the different types of home loans available to suit their residential property purchase needs.
- Home Construction Loans: These loans are used to fund a residential property undergoing construction.
- Joint Home Loans: Individuals with limited income and repayment capacity can also avail of a high-value joint home loan to purchase a residential property of their choice. A co-applicant under a joint housing advance can be a parent, spouse, sibling, son, or daughter. Under a joint housing advance, home loan tax exemptions are available to both co-borrowers.
- Balance Transfer Home Loans: Existing home loan borrowers can transfer the balance on their existing loan to a new lender for better lending terms. The Home Loan Balance Transfer offering by Bajaj Housing Finance comes with the option of a sizeable top-up amount and other attractive features. Borrowers can utilise the top-up advance to fulfil diverse funding needs as it comes with zero end-use restriction.
- Pre-approved Home Loans: Bajaj Housing Finance provides pre-approved home loans to existing customers to simplify loan processing. The advance is provided according to the customer’s credit profile, and the pre-approved offer can be accessed only with minimum personal details, such as name and contact number. Other home loan types available include housing loans for women, government employees, private employees, bank employees, etc.
- Home Purchase Loan: Avail of a housing loan to finance the purchase of a new house with Bajaj Housing Finance. The advance comes with attractive features and is sanctioned on fresh terms of lending.
- Home Renovation Loans: Borrowers can also avail of a housing loan to meet renovation expenses or the cost of constructing the extension for an existing house property.
Things to Consider Before Buying a Home
Picking a property free of legal liabilities is a key consideration, be it in the case of self-financing or a home loan. Any discrepancy can not only lead to rejection of your application but also jeopardize your investment in the future.
Property Size and Location
Make sure the size and location of the property meet your family’s requirements. Base your selection on the space available in measurement units such as sq. ft. as well as accommodations, such as the number of bedrooms.
The location of the property is another significant aspect of consideration. Check the availability of social infrastructure, such as hospitals, shopping areas, and educational institutions, when deciding a property’s location. These factors also typically determine the market price of a property.
RERA Compliance and Encumbrance-Free Title
House purchase is a critical decision with sizeable financial implications, both when self-financing such a purchase and availing of a housing loan for property purchase. Thus, it is imperative you pick a property free of any legal liabilities.
Choose a property affordable for you to ensure comfortable repayment. Bajaj Housing Finance provides high-value home loans at attractive rates to make financing a house purchase affordable. Existing borrowers can also opt for a home loan balance transfer to refinance their outstanding loan amount and avail of a top-up amount.
While buying a home, pay attention to important property aesthetics, such as sustainable design, view, layout, interiors, and exteriors.
A property’s age determines its remaining life and contributes critically to its market price as well as resale value. The age of the property also contributes to lender assessment when availing of home loans in India for residential property purchase. A newly constructed property with a long shelf life commands a high market price as well as resale value and helps raise a substantial fund as a housing loan when mortgaged.
Individuals must also consider the project completion status when purchasing a housing property under construction, as this can help determine tax benefits when financing a house purchase through a home loan.
Other essential considerations to make before purchasing a house include availability of amenities, developer’s reputation, security, and tax payment status of the seller.
Home Loan FAQs
Home loan is a financing solution that helps you get funds to purchase a house. The funds can also be used for renovation instead of purchase. When you avail of a home loan, you borrow an amount for property purchase at an agreed-to interest rate for a set period, known as the tenor. You then repay the loan with interest over the course of the tenor through Equated Monthly Instalments or EMIs. The property remains in the lender’s name till you repay the entire sum owed, and at the end of the tenor, the ownership switches to you. Bajaj Housing Finance home loan EMI starts from as low as Rs.642/Lakh*.
Avail of up to 80% of your property’s current market value as a home loan and consider the remaining amount for a down payment. You can avail of the maximum amount by improving your eligibility as a borrower.
The loan-to-value (LTV) amount depends primarily on your credit profile and repayment capacity. It also depends on the property’s location and amenities. You can avail of a higher loan amount when you choose a property situated in a well-connected location, equipped with all modern-day amenities.
Check out the following pointers to know how a home loan works in India:
Loan Application: After selecting a property, apply for a home loan with your preferred lender by submitting a form along with the necessary documents listed by the lender.
Disbursal: The lender sanctions the loan amount after verifying the documents. The disbursal happens directly in favour of the seller/builder who enters a sale agreement with the borrower. The property papers are then kept with the lender for the entire period of repayment.
Repayment: After the loan amount is disbursed, the borrower starts paying the EMIs. The entire loan principal and the total interest charged are distributed in monthly instalments throughout the repayment tenor.
Account Closure: Once the full amount is repaid, the loan account is closed. Once closed, the lender provides an NOC to the borrower and releases the property papers.
In the case of salaried individuals, the loan is sanctioned within 4–5 days of making an application. In the case of self-employed individuals, the funds become available within 7–8 working days.
Choose from different types of home loans to finance your house purchase or renovation. The prominent housing loan types available in India include new home loan, home construction loan, home loan for renovation, joint home loan, housing finance for women, housing finance for government employees, loan for private employees, pre-approved home loan, etc.
Yes, you can avail of home loan tax benefits annually on both the principal and interest amount paid towards the total repayment liability. Section 80C of the Income Tax Act 1961 allows an annual tax deduction of up to Rs.1.5 lakh on the home loan principal repayment. Section 24B also allows a home loan tax exemption of up to Rs.2 lakh on the interest paid annually for a self-occupied property.
Some of the factors that determine a person’s home loan eligibility criteria are age, income, employment status, place of residence, and property value. The amount of a housing loan available also depends on property specifics, such as age, location, accessibility, social infrastructural facilities available, current market price, and the resale value, apart from the set home loan eligibility criteria. Borrowers can make a higher down payment to increase their eligibility for the advance.
A salaried individual applying for a home loan must fulfil the minimum salary threshold depending on his/her city of residence. For cities such as Delhi, Mumbai, Faridabad, Ghaziabad, Noida, and Thane, the minimum salary requirement is Rs.30,000.
For cities such as Ahmedabad, Bengaluru, Ahmedabad, Bhopal, Baroda, Chennai, Goa, Hyderabad, Kolkata, Mysore, Nagpur, and Pune, the minimum salary requirement is Rs.25,000. Use our home loan EMI calculator to assess a suitable loan amount to keep your EMIs affordable as per your salary.
Yes, borrowers can opt to prepay their outstanding home loan amount at any time before the loan tenor ends. They can do so by availing of either the part-prepayment or foreclosure facility against a nominal charge. A part-prepayment facility allows borrowers to reduce their total loan liability by a significant margin.
The foreclosure feature allows individuals to close their loan account early via complete repayment in a lump sum. Bajaj Housing Finance does not levy any charges on part-prepayment or foreclosure when individuals avail of home loans on floating interest rates.
No, as home loans are secured via residential property mortgage, a guarantor is not required to avail of the advance. Borrowers must, however, fulfil the minimum eligibility criteria to qualify.
Yes, an existing borrower can avail of a second home loan to finance his/her house purchase plans. The loan amount, in this case, depends on various factors, such as income, age, credit profile, and city of residence. A second home loan on the same property is, however, not allowed as per CERSAI.
The home loan interest rate levied by lenders is either fixed or floating. A fixed rate means that interest is charged on a home loan at a constant rate throughout the loan tenor. It helps borrowers determine the total interest payable at the onset of the repayment tenure.
Yes, borrowers can switch from a fixed rate home loan to a floating rate loan against a nominal fee payment. They must, however, go for a cost-benefit analysis before opting for the switch to ensure that the floating rate interest charged will help them save on the total repayment liability.
Borrowers can also opt for a home loan balance transfer when planning to check the total interest accumulation on their home loans.
You can apply for a housing loan online in a few simple steps. Fulfil the minimum eligibility criteria laid down by Bajaj Housing Finance and proceed to apply online. Fill the online application form using your personal, financial, employment, and residential details. Next, fill in the desired loan amount and a suitable tenure. Submit the duly filled form with the relevant documents to complete your application.
Two or more co-applicants can apply for a joint home loan if they fulfil the required eligibility criteria. Joint home loans allow co-borrowers to avail of a high-value loan through combined eligibility and let them share the repayment burden equally over the tenure.
To avail of a joint home loan, co-borrowers must also share the property ownership. For each year of repayment, co-borrowers can also claim income tax benefits individually as per their share of the repayment amount paid.
Financial institutions provide home loans individually to eligible applicants. Individuals lacking the necessary eligibility or requiring a higher loan amount can apply with a co-applicant for a joint home loan. The co-applicant for a joint home loan can be a parent, spouse, sister, brother, son, or daughter. Each co-applicant must individually fulfil the home loan eligibility criteria to qualify for the required housing loan amount.
Marginal Cost of Funds based Lending Rate or MCLR is an internal benchmarking system that financial institutions use to set their consumer lending rates for home loans and other advances. It comes with a reset period spanning 3 months, 6 months, 1 year, or 2 years, and is released by financial institutions monthly. Factors contributing to MCLR determination include the marginal cost of funds, operating cost, tenure premium, and the negative carry on Cash Reserve Ratio. With the introduction of RLLR or Repo Linked Lending Rate, the MCLR-based lending system is set to be replaced with a more transparent, repo-rate receptive method of interest rate determination.
NRIs can avail of a housing loan by fulfilling minimum eligibility criteria and documentation requirements. They must be between 18 and 60 years of age and should apply with a co-applicant who is a resident Indian to avail of a housing loan. They must also be able to show a work experience of not less than 2 years in their current company as well as meet the educational qualification set by the lender to avail of the loan
Note: The PMAY subsidy scheme has been not extended by the regulatory authority for MIG I and II categories. Please check the category-wise scheme validity below.
- EWS and LIG categories are valid up to 31 March 2022
- MIG I and MIG II categories were valid up to 31 March 2021