Home Loan Application Overview
Most people dream of owning a house someday and it is indeed a lifelong asset. It gives a sense of security that might not be attained from residing in a rented house. But buying a dream house often gets financially challenging and sometimes it even might seem to be impractical. Thus, availing of a Home Loan can be the best option out there for you.
Nowadays, Home Loans have become more affordable than ever. Financial institutions are offering competitive interest rates, flexible tenors of up to 40 years and affordable EMIs to help you fulfil your dream without feeling the debt burden. It is quite easy to apply for a Home Loan as well. Many lenders offer a fully digital application process, allowing you to secure a loan instantly.
Step by Step Guide to Apply for a Home Loan
Thorough research is necessary before you begin the actual application process, so you know the exact loan amount and tenor you wish to avail of basis your affordability in terms of EMI.
Once you are done with the research, you can either apply offline or online. The steps for online application are mentioned below.
Online Application Method
- Fill up the Application Form – First, navigate to the Home Loan application portal. Here, you will have to enter some basic details such as your name, mobile number, DOB, net monthly income, etc.
- Background Assessment – Once we have received your Home Loan application, we will conduct a soft application review and one of our representatives will get in touch with you.
- Verification and Credit Check- The representative will walk you through the next steps in the process. He or she might ask for some property-related documents for further processing.
The remaining process is pretty straightforward; you need to submit the requested documents and coordinate with us for the verification.
Offline Application Method
Besides the online method, you can also apply for a Home Loan offline in two easy ways. You can give us a missed call on 020 69105931 and wait for our customer representative to call you back. From there onwards, you can meet the representative face-to-face and get a better understanding of all the terms and conditions. Alternately, you can also visit the nearest Bajaj Housing Finance branch.
The Home Loan application process with Bajaj Housing Finance is designed to be simple, quick, and hassle-free, so you can instead focus on finalizing your new property. Go ahead and apply today; not only does a Home Loan enable you to purchase your dream home, it also provides Home Loan tax benefits.
*Terms and conditions apply
Frequently Asked Questions
To understand whether you qualify for a Home Loan or not, you should consider several parameters. Check your CIBIL score, a healthy score makes you eligible. Also, keep in mind about your income, age, employment history, etc. These factors together contribute to your eligibility.
It is possible to apply for a Home Loan with a low credit score, but it is most likely impossible to get approved and may result in higher interest rates or more stringent terms and conditions. A low credit score is an indicator to lenders that you are a high-risk borrower, and they may be hesitant to lend you a large sum of money.
Processing time for Home Loan applications varies from lender to lender. It also depends on your documents and other eligibility parameters which lenders take into consideration. The time taken to verify everything can delay the processing of your loan application.
When you apply for a Home Loan for an under-construction property, the loan is usually disbursed in stages as the construction progresses. The stages at which the loan is disbursed are determined by the lender, and they typically require the builder to meet certain milestones or complete certain stages of the construction project.
It is easy to check your loan application – both online and offline. You can use your loan reference number to check the status of your loan application.
