Can a Person Take Multiple Home Loans In India_Banner_WC
Can a Person Take Multiple Home Loans In India_WC
Over the last few years, the popularity of home loans has increased considerably. This is because home loans allow borrowers to become homeowners in a convenient, simple and safe way. They allow borrowers to build an appreciating asset without exhausting their savings. Thus, more and more people have been opting for housing loan these days. The question that borrowers often ask is: how many home loans can a borrower take at a time in India?
The answer to this question is simple: a borrower can take as many loans as one can afford to pay. There are no laws in India that put a cap on how many loans an individual can take at any given time. As an example, if you want to invest in three different homes and want to take three home loans to fund the purchase of your homes, you can do so. The only thing you need to do is prove to your lender that you are capable of servicing three different home loans at the same time. Inability to do so will simply lead to Home Loan application rejection.
How Many Loans Can a Borrower Take from Bajaj Housing Finance at any Given Time?
Again, borrowers can take as many loans as they want from Bajaj Housing Finance. There is no limit on how many loans a borrower can take from Bajaj Housing Finance - you can take as many loans as you can service at any given time.
However, you must meet the company's eligibility criteria for Home Loans.
Bajaj Housing Finance Home Loan Eligibility Criteria
To be eligible for a Home Loan from Bajaj Housing Finance, you must meet the following eligibility criteria.
Bajaj Housing Finance Eligibility Criteria for Salaried Individuals
The applicant must be a citizen of India aged between 23 and 62 years. Please note that the maximum age, i.e. 62 is the age at the time of loan maturity and not applying for a loan.
The applicant must be able to show at least 3 years of work experience in a reputed organization or government company.
They must also be able to show a stable source of income and their income profile must be strong enough to support the EMI they wish to take.
Home Loan Eligibility Criteria for Self-Employed Individuals
You must be an Indian citizen aged between 25 and 70 years of age. Again, maximum age is the age of the applicant at the time of loan maturity.
The applicant must be able to show business stability and business vintage of at least 5 years.
They must be able to show a stable source of income from their business or other sources and must be able to afford the EMIs they want.
Bajaj Housing Finance Home Loan Document Requirements
Over and above this, Bajaj Housing Finance representatives will also ask you to provide certain documents. Inability to provide these documents can lead to application rejection. Here are the documents you must keep ready with you while applying for Home Loans with Bajaj Housing Finance.
These would include documents that establish your address and identity. Under this category, you can give your PAN, Passport, Aadhar, electricity bills, ration card or utility bills, etc.
Proof of Income
Under this category, you will be required to submit documents that establish your income. If you are salaried, you will have to provide salary slips, last two to three years' IT returns, bank account statements, etc. If you are self-employed, you can submit your profit and loss statements, company bank account statements, IT returns, etc.
Self-employed individuals must also provide documents that establish at least 5 years of business vintage. Similarly, salaried individuals must also provide documents that establish at least 3 of relevant work experience.
Please note that this is a non-exhaustive list of documents. Bajaj Housing Finance representatives may need more documents to process your loan, especially if you are applying to avail of more than one loan at any given time. These requirements will be communicated to you by the team. So, get in touch with them before beginning the application process.
While you can always take as many Home Loans as you want, be prepared to go through rigorous scrutiny and extreme lengths to ensure your lender you can easily service more than a single loan at a time.
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