How to Apply for Home Loan: Step by Step Guide
Becoming a homeowner is a significant milestone and it requires a substantial financial commitment. A Home Loan helps you avoid bearing the entire cost of the house upfront, allowing you to finance a portion via EMIs. To finance a home, owing to the high prices of real estate, it becomes almost necessary to get a Home Loan.
To get a  Home Loan, you should know the disbursal and application process of your preferred lender. This will help you be financially ready even before making an application and pave the way for a hassle-free approval and disbursal.
Basic Process of How to Get a Home Loan in India
The process to understand how to apply for a Home Loan starts with knowing the general  Home Loan process. This will help you make a successful application and avoid rejections. Following are the required steps to avail of a Home Loan
- Apply and submit documents: Fill the home loan form online or offline. Once a representative contacts you, submit all the necessary documents.
- Application evaluation: Your lender will verify the paperwork, the documents submitted, and your repayment capacity.
- Approval and sanction letter: If your lender is satisfied with the application, you will get an approval along with a sanction letter with terms such as the principal, tenor, and interest rate. Your sign is mandatory if you want to accept the offer.
- Property verification: Your lender will visit the property for a technical check, evaluate it, and ask for original property documents for a legal check.
- Home Loan disbursal: You get the loan amount after the loan application has been successfully verified by your lender, and the competition of other formalities.
Apply for Home Loan with Bajaj Housing Finance
To apply for a Home Loan with Bajaj Housing Finance, start with our  Home Loan application form.
- Enter personal, employment, property, and loan details in the relevant fields and submit
- Access your pre-approved offer if you are eligible
- Submit the requested documents
What is the Maximum Amount You Can Borrow?
Typically, you can get a Home Loan of up to 75–90% of the property’s value. So, if you are borrowing for a home worth Rs.1 crore, you can get up to Rs.75–90 lakh, depending on your eligibility. The rest you would need to finance yourself as a down payment. Making a down payment establishes your financial stability and making a large down payment minimises the cost of the loan.
How much you can borrow also depends on your current debt-to-income ratio. You can use the Home Loan Eligibility Calculator  and  Home Loan EMI calculator for better planning.
Documents Required While Applying for a Home Loan in India
Home Loan applications require certain documents, that help verify your application profile. Here are the common  documents asked for a Home Loan:
- ID proof (PAN, Aadhaar, passport, etc.)
- Age proof (Birth certificate, Aadhaar card, etc.)
- Address proof (Aadhaar card, utility bills, etc.)
- Income proof (IT returns, bank statements, etc.)
- Employment details (3 months’ salary slips, applicable for salaried applicants only)
- Business proof (balance sheet, business license and other documents, applicable for self-employed applicants)
Now that you know everything about Home Loan application process, your approval might be easier to get. Make sure you prepare beforehand and fill the forms accurately to enjoy quick approval.
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