Apply for Home Loan: Overview
Finding your dream house is an exciting journey filled with possibilities, even though it may seem financially daunting. Remember that with careful planning and determination, you can turn that dream into a reality.
Bajaj Housing Finance offers competitive interest rates, flexible tenures of up to 32 years, and quick disbursals to help you fulfil your dream easily. You can apply for a Home Loan with us through our online application form or visit our nearest branch to apply in person.
How Does the Home Loan Process Work in India?
A Home Loan helps provide funds to an individual to purchase a property. In India, the process typically begins with the applicant selecting a suitable loan product based on factors such as interest rates and repayment terms, among others.
When you apply for a Home Loan online or offline, you need to submit the necessary documents, including proof of income and property details. Bajaj Housing Finance assesses the borrower's eligibility and creditworthiness before approving the loan amount. Upon approval, both parties agree on the loan terms, and a loan agreement is extended to the borrower. Upon accepting the agreement, the borrower has to repay the loan through EMIs or any other repayment method mutually agreed upon.
Documents Required During Home Loan Process
Borrowers need to submit the following list of documents:
- KYC Documents: Aadhaar Card, Voter's ID, and Utility Bills.
- Mandatory Documents: PAN Card or Form 60
- Proof of Income: Latest salary slips for salaried applicants and P&L statements for self-employed applicants
- Business Proof: Document for proof of business, with a minimum of 5 years of business vintage (for self-employed individuals only)
- Account Statements: Bank account statements for the last 6 months
Please note that the list of documents mentioned is indicative.
Read Also: Detailed Checklist of Documents Required for a Home Loan
Types of Home Loans
Looking to finance your dream home or improve your existing one? Understanding the different types of Home Loans available can help you choose the right option for your needs.
- Home Loans for Property Purchase: The most common type of Home Loan is used to buy a property — whether it is under construction or ready for possession. In such cases, the ownership of the property remains with the lender until the full repayment of the loan.
- Home Renovation Loans: These loans are designed to cover expenses related to home improvement or renovation projects.
- Home Expansion Loans: Different from renovation loans, home expansion loans help finance structural additions to an existing home, such as building a new room or floor.
- Home Construction Loans: These loans fund the building of a new home from the ground up.
- Home Loan Balance Transfer: This facility allows borrowers to switch their ongoing home loan to another lender offering better terms, potentially leading to lower EMIs and long-term savings.
- Joint Home Loans: A joint Home Loan is taken by two or more co-applicants to share the repayment responsibility. It increases the chances of loan approval and can offer tax benefits to all co-applicants.
Note: The types of Home Loans mentioned here are general in nature. Bajaj Housing Finance may or may not offer all of them.
Factors that Affect Your Home Loan Approval
The following are a few factors that affect your Home Loan eligibility, in turn affecting the approval:
- Age: The age of the applicant plays an important role in determining the appropriate duration for the Home Loan. A young professional may stand a good chance of a securing longer tenure due to their long-term repayment potential compared to those close to retirement.
- Credit Profile: An individual's credit profile and score are important parameters for Home Loan eligibility. An applicant with a credit score of 750 may get approved for a housing loan quickly.
- Income Stability: The applicant’s profile is also evaluated based on their income. A stable income source demonstrates the likelihood of timely repayments.
Read Also: Top Factors that Affect Your Home Loan Eligibility
Step-by-Step Guide to Applying for a Housing Loan
Thorough research is necessary before you begin the actual application process, so you know the exact loan amount and the tenure you wish to avail of basis your convenience in terms of EMI.
Once you are done with the research, you can either apply offline or online. If you are wondering how to apply for a Home Loan online, here are the steps to guide you through the process:
Online Application Method
- Fill up the Application Form – First, navigate to the Home Loan application form. Here, you will have to enter some basic details such as your name, mobile number, DOB, and net monthly income.
- Background Assessment – Once we have received your Home Loan application, we will review it, and one of our representatives will connect with you within 24 hours*.
- Verification and Credit Check- The representative will walk you through the next steps in the process. They 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 020-6910 5935 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. Alternatively, 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 finalising your new property. Go ahead and apply for a Home Loan online; not only does a Home Loan enable you to purchase your dream home, but 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. Your income, age, employment history, and CIBIL score contribute to your eligibility among others. To learn more about our eligibility criteria and required documents, click here.
A low credit score decreases your Home Loan eligibility. Although it is possible to apply for a Home Loan with a low credit score, you may get offered a higher interest rate and more stringent terms and conditions.
Once you submit your Bajaj Housing Finance Application form and the required documents, you can expect a disbursal in 48 Hours* post verification and approval.
Yes, you can avail of 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 basis the completion of 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.
