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About Home Loan_WC
About Home Loan
A Home Loan is a secured loan through which you borrow a sum to purchase a property – be it an under-construction or ready-for-possession property from a developer, or a resale property from an individual or entity. You can also avail of an online Housing Loan for property extension or refurbishment.
You borrow a housing loan at a predetermined interest rate and repayment duration (tenor) and repay the principal, with interest, through EMIs (Equated Monthly Instalments). If you have an existing Home Loan, you also have the option to transfer the balance amount to Bajaj Housing Finance for a more competitive interest rate and other favourable terms.
Get a Home Loan from Bajaj Housing Finance
Bajaj Housing Finance offers a sizeable Home Loan of Rs.5 Cr* or even higher, based on eligibility. Our interest rates start at 7.70%* p.a. for eligible salaried individuals and professionals, with EMIs as low as Rs.713/Lakh*.
With a flexible repayment tenor of up to 30 years, you can repay your EMIs conveniently. We also offer other benefits, such as disbursal within 48 hours* of document submission and approval, balance transfer with a top-up of Rs.1 Cr* or higher, basis eligibility, and online account management. A housing loan can also help you avail of tax benefits under various sections of the Income Tax Act (ITA).
Features & Benefits of Home Loan
Competitive Interest Rate of 7.70%*
Make the most of our attractive Housing Loan interest rate today. At 7.70%* p.a., salaried and professional applicants can benefit from Home Loan EMIs as low as Rs.713/Lakh*.
Home Loan Balance Transfer
Borrowers with an existing Home Loan can make the most of our features and benefits by transferring the balance amount to us. Interest rates start as low as 7.75%* p.a.
Repayment Tenor of 30 Years
Opt for a longer tenor to make your EMIs more affordable over the years. Choose a tenor of up to 30 years and repay comfortably.
Enjoy a truly hassle-free experience with our application process. Skip the branch visits and opt for our doorstep document pick-up service.
Zero Part-Prepayment and Foreclosure Charges
Individuals with a floating interest rate Home Loan face no additional fees or charges should they choose to repay a part, or the entire sum, of their Housing Loan before the end of the tenor.
External Benchmark Linked Loans
You also have the option to link your Home Loan interest rate to an external benchmark, i.e., the Repo Rate, and benefit from reduced payouts during favourable market conditions.
5,000+ Approved Projects
Choose a property from our list of 5,000+ approved projects and enjoy the best borrowing terms, along with quick and hassle-free processing.
Loan Amount of Rs.5 Cr*
Don’t let the sanction amount be an issue when purchasing your dream home. Avail of a sizeable online Home Loan of Rs.5 Cr* or even higher, depending on your eligibility.
Top-up of Rs.1 Cr*
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 – be it for debt consolidation or home renovation.
Disbursal in 48 Hours*
Once you receive approval post the submission of a complete application with all the necessary documentation, you can expect disbursal in as few as 48 hours*.
Customized Repayment Options
Want to purchase an under-construction property and pay only a part of your EMIs to begin with? With us, you benefit from customized repayment options.
Online Tools for Better Decision-Making
A Home Loan is a long-term commitment and requires thorough research. Use our online tools, such as the Eligibility Calculator and EMI Calculator to finalize a loan amount and tenor best suited to your finances.
Online Account Management
Enjoy a truly hassle-free experience even once the loan is disbursed. Access your statement of accounts and other documents through our Customer Portal and complete simple tasks from the comfort of your home.
Home Loan Eligibility Criteria
It is important to check the Home Loan eligibility criteria, so you can maximize your chances of approval. Our criteria vary on the basis of employment type.
|Nationality||Indian (Non-NRI)||Indian (Non-NRI)|
|Employment||Minimum 3 years of work experience in a public or private sector company, or an MNC||Minimum 5 years of vintage in the current enterprise|
|Age||23 to 62 years**||25 to 70 years**|
|Place of Residence||Must reside in one of the cities we operate in||Must reside in one of the cities we operate in|
**Note: The upper age limit is considered as age at the time of loan maturity
Home Loan Document Checklist_WC
Home Loan Document Checklist
To complete your application, you will need to submit supporting documents for the personal, employment, income, and financial information you have mentioned on the form.
KYC documents – Photo ID (Aadhaar Card, PAN Card, Voter ID, Driving Licence, etc.), residential proof (utility bills, Ration Card, Passbook, etc.)
Salary slips – 3 months (salaried applicants, salaried professional applicants), proof of business (self-employed professional, non-professional applicants), etc.
Education certificates – MBBS and above (self-employed professionals – doctors), valid COP (self-employed professionals – CAs), etc.
Bank account statement – 6 months, ITR, P&L statement (self-employed professional, non-professional applicants), etc.
Title deed, property tax receipts, allotment letter, etc.
Note: Additional documents may be requested at the time of loan processing.
How to Apply for a Home Loan Online
If you’re wondering how to apply for a Home Loan, the below guide will walk you through our easy Home Loan application process.
- Visit our online application form
- Enter your full name, mobile number, PIN code, and occupation type
- Enter your date of birth, PAN number, income, and other details
Once you submit the application, our representative will get in touch with you within 24 hours* and explain the next steps. Alternatively, you can also walk into any of our branches around India, where our representatives can guide you through the process.
Home Loan FAQs
A Home Loan is a financial solution that enables individuals as well as entities to borrow funds for the purchase or renovation of a residential/commercial property. Our interest rate starts from 7.70%* p.a. for salaried and professional applicants.
A Home Loan is a secured loan, wherein the property to be purchased serves as the collateral against the loan amount. In other words, the property ownership, to an extent, remains with the lender until you repay the entire sum with interest. A Housing Loan interest rate is relatively low compared to, say, the interest rate of a personal or business loan because of the loan’s secured nature.
Housing Loan processing fees refer to the main fee charged with every loan application. It is the amount the lender charges to process your application and extend funding. The fee varies from lender to lender and person to person. We charge a processing fee starting from 0.25% to 7.00% of the loan amount.
You borrow funds at a predetermined interest rate and agree to pay the sum (principal) back, with interest, over a predetermined time frame (tenor) through equated monthly instalments (EMIs).
The Repo Rate is an instrument used by the RBI to control lending and, ultimately, inflation in the Indian economy. Thus, a repo rate linked Home Loan where your interest rate is linked to the repo rate. It offers you more transparency in the rate setting mechanism and better transmission of benefits in favourable market conditions.
When you apply through our Online Home Loan application form, you can get a sanction letter in 10 minutes. The form is a DIY journey that allows you to avail of a digital sanction letter by submitting basic details and paying a nominal fee.
When initiating a Home Loan application, you can either visit our branch or visit our online application form to apply. Our Loan application is easy and straightforward. Follow the below steps to apply online.
- Visit our online application form and enter your name, occupation type, mobile number, and PIN
- Enter your name, occupation type, mobile number, and PIN
- Click on submit
When availing of a home loan jointly, you can apply with your parents, spouse, children, or siblings as co-applicants. A few relationships are exceptions here, including married daughters and parents.
MCLR stands for ‘Marginal Cost of Funds Based Lending Rate.’ An internal benchmark used by financial institutions, the MCLR is the minimum interest rate at which the institution can lend. The MCLR system was introduced in the year 2016 to replace the Base Rate system. It offered better transmission of interest rate benefit to customers.
As the name suggests, a Top-up Loan is an additional amount one can avail of over and above their existing Loan. Borrowers can choose to transfer the balance amount on their Home Loans to another lender for more competitive interest rates and better borrowing terms.
When you avail of a balance transfer with Bajaj Housing Finance, you have the option to apply for a Top-up Loan of Rs. 1 Cr* or higher, basis eligibility. Here, the amount comes without any end-use restrictions, so you can choose to spend it as you deem fit.
Depending on the end-use and application type, one can choose from a variety of Home Loans, including:
- Fresh Home Loan
- Home Loan Balance Transfer
- Home Loans for Professionals
- Home Renovation Loan
Yes, home loan borrowers can claim tax benefits under several exemption sections.
- Section 24(b) – Up to Rs.2 Lakh p.a. (on interest)
- Section 80C – Up to Rs.1.5 Lakh p.a. (on principal)
The exact minimum salary required for an online Home Loan can vary as per the location. Prospective borrowers should be able to showcase a minimum of Rs.30,000 as their monthly income to be considered for a Housing Loan.
Yes, you can avail of two Home Loans at the same time, depending on your eligibility. Your financial, income, employment, and credit profile will define whether you are in a position to service another loan and, subsequently, if you should be offered another sanction.