Overview
A Home Loan from Bajaj Housing Finance makes your goal of owning a home easier than ever. You can get a Home Loan of Rs.5 Crore* or more, depending on your eligibility. We offer attractive interest rates starting from 7.49%*p.a. for salaried applicants. With EMIs as low as Rs.687/Lakh* and a flexible repayment tenure extending to 32 years, you can repay the loan at your own pace.
Our housing loans come with several other benefits. You can apply for a Home Loan online and expect disbursal within just 48 Hours*. If you have an existing housing loan, you can opt for a balance transfer to enjoy a lower interest rate and a Top-up Loan of Rs.1 Crore* or higher. You can also avail of several tax benefits under the old tax regime with a Home Loan in India.
Features and Benefits of a Home Loan
Competitive Interest Rate of 7.49%* p.a.
Make the most of our attractive housing loan interest rate today. At 7.49%* p.a., salaried applicants can benefit from Home Loan EMIs as low as Rs.687/Lakh*.
Dual Interest Rate
Enjoy a fixed interest rate for the first 3 years, ensuring predictability in repayments. After that, the loan converts to a floating interest rate Home Loan.
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 7.60%* p.a. for salaried applicants.
Repayment Tenure of 32 Years
Opt for a longer tenure to manage your EMI repayment better. Choose a tenure of up to 32 years and repay your loan amount at your comfort.
Hassle-Free Application
Enjoy a truly hassle-free experience with our Home Loan application process. Skip the branch visits and opt for our doorstep document pick-up service.
External Benchmark Linked Loans
You can link your housing loan interest rate to an external benchmark such as a Repo Rate.
7,300+ Approved Projects
Choose a property from our list of 7,300+ approved projects and enjoy the best borrowing terms, along with quick and hassle-free processing.
Loan Amount of Rs.5 Crore*
Don’t let the sanction amount be an issue when purchasing your dream home. Avail of a sizeable Home Loan of Rs.5 Crore* or even higher, depending on your eligibility.
Top-up Loan of Rs.1 Crore*
With a Home Loan Balance Transfer, you will benefit from reduced interest rates and a Top-up Loan of Rs.1 Crore* or more, basis eligibility.
Disbursal in 48 Hours*
Home Loan applicants can expect disbursal within 48 Hours*, following the approval of their application and documentation verification.
Customised Repayment Options
If you have taken a Home Loan in India for an under-construction property, you can pay only a part of your EMIs initially, with our customised repayment options.
Online Tools for Better Decision-Making
To help borrowers and applicants, we offer tools like the EMI calculator and the eligibility calculator. Use them to plan your Home Loan repayments and applications.
Online Account Management
For a seamless borrowing experience, we provide real-time access to loan details and related documents. Check these details on the Bajaj Housing Finance Customer Portal.
Eligibility Criteria for a Home Loan
It is important to check the Home Loan eligibility criteria, so you can maximise your chances of getting a Home Loan. Our criteria vary on the basis of the applicant’s employment type. Interested in applying for a Home Loan in India online? Check out the following eligibility criteria:
| Eligibility Parameters | Salaried | Self-Employed | Self-Employed Professionals |
|---|---|---|---|
| Nationality | Indian (including NRIs) | Indian (resident only) | Indian (resident only) |
| Employment | Minimum 3 years of work experience in a public or private sector company, or an MNC | Minimum 3 years of vintage in the current enterprise | Minimum 3 years of vintage in the current enterprise |
| Age | 23 to 67 years** | 23 to 70 years** | 23 to 70 years** |
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit is subject to change, depending on the property profile.
Before you apply for a housing loan online, you can use our eligibility calculator to check your Home Loan eligibility.
Documents Required for a Home Loan
To complete your Home Loan application, you will need to submit supporting documents for the personal, employment, income, and financial information you have mentioned on the form. The following is a checklist of the documents you must produce:
| Mandatory Documents | PAN Card or Form 60 |
| KYC Documents | Recent photograph, Voter ID Card, Aadhaar Card, valid Passport, valid Driving License |
| Proof of Income | 3 months’ salary slips (for salaried and salaried professional applicants), P&L Statement (for self-employed applicants), ITR (for self-employed applicants), and Statements of your primary account for the last 6 months (for all applicants) |
| Business Proof | Proof of business vintage of 5 years or more (for self-employed and non-professional applicants) |
| Education Qualifications | MBBS and above (self-employed professionals- doctors) and valid COP (self-employed professionals- Chartered Accountants) |
| Property-related Documents | Title Deed, Allotment Letter, and Property Tax receipts |
Note: Additional documents may be required at the time of loan processing.
Home Loan Interest Rates
Bajaj Housing Finance offers competitive rates starting from 7.49%* p.a. for salaried applicants.
For a complete list of our housing loan interest rates, click here.
Fees and Charges on a Housing Loan
To know about the applicable Home Loan fees and charges, refer to the tables below:
Home Loan Fees
| Fee | Charge Applicable |
|---|---|
| Processing Fee | Up to 4% of the loan amount + GST as applicable |
| EMI Bounce Charges | Refer to the table provided below for the full break-up |
| Penal Charges | Click here to know about the penal charges |
EMI Bounce Charges
| Loan Amount | Charges |
|---|---|
| Up to Rs.15 Lakh | Rs.500 |
| More than Rs.15 Lakh and up to Rs.30 Lakh | Rs.500 |
| More than Rs.30 Lakh and up to Rs.50 Lakh | Rs.1,000 |
| More than Rs.50 Lakh and up to Rs.1 Crore | Rs.1,000 |
| More than Rs.1 Crore and up to Rs.5 Crore | Rs.3,000 |
| More than Rs.5 Crore and up to Rs.10 Crore | Rs.3,000 |
| More than Rs.10 Crore | Rs.10,000 |
Prepayment and Foreclosure Charge
Individuals with Home Loans linked to floating interest rates pay no additional charges on the prepayment or foreclosure of the housing loan amount. However, this may change for individual and non-individual borrowers who have loans for business purposes.
For individual and non-individual borrowers with floating interest rate loans for non-business purposes:
| Particulars | Term Loan | Flexi Term Loan | Flexi Hybrid Loan |
|---|---|---|---|
| Part Prepayment Charges | NIL | NIL | NIL |
| Full Prepayment Charges | NIL | NIL | NIL |
For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans:
| Particulars | Term Loan | Flexi Term Loan | Flexi Hybrid Loan |
|---|---|---|---|
| Part Prepayment Charges | 2%* on Part Payment Amount | NIL | NIL |
| Full Prepayment Charges | 4%* on Principal Outstanding | 4%* on the available Flexi Loan Limit | 4%* on Sanctioned Amount during Flexi Interest Only Loan Repayment Tenure; and 4%*on the available Flexi Loan Limit during Flexi Term Loan Tenure |
*GST as applicable will be payable by the borrower in addition to the prepayment charges, if any.
**Nil for Home Loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution.
Note: In the case of dual-rate Home Loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.
Purpose of Loan
The following loans shall be classified as loans for business purposes:
- Lease Rental Discounting Loans
- Loans Against any Property availed for business purposes, i.e., working capital, debt consolidation, repayment of business loan, expansion of business, acquisition of business assets or any similar end usage of funds
- Loan for purchase of non-residential properties
- Loan against security of non-residential properties
- Top-up Loans for business purposes, i.e., working capital, debt consolidation, repayment of business loan, expansion of business, acquisition of business assets or any similar end usage of funds
Types of Home Loans
Bajaj Housing Finance offers Home Loans for the following purposes:
- Home Loans for Purchasing a Property: You can avail of a sizeable Home Loan from Bajaj Housing Finance to purchase a property. The property can be under construction or ready to move in.
- Home Loan Balance Transfer: We offer a Home Loan Balance Transfer facility with which you can transfer your existing Home Loan to us and benefit from a reduced interest rate and flexible repayment tenure. You can also stand a chance to avail of a Top-up Loan for home renovation.
Dos and Don'ts When Applying for a Housing Loan
Dos
- Before you begin your Home Loan application, make sure to assess your eligibility for a Home Loan.
- Improve your credit score if needed, as a high score can help you secure favourable terms and conditions.
- Review and keep the required documents ready before initiating your Home Loan application.
Dont's
- Avoid submitting multiple loan and credit card applications before applying for a Home Loan.
- Avoid missing your scheduled EMIs or credit card payments.
- Avoid providing inaccurate information in your application form.
How to Increase Chances of Getting a Home Loan
You can increase your chances of getting a housing loan by taking the following steps:
Maintain a good credit score: A high credit score can be an important factor in getting a Home Loan approved. However, if you have a low credit score, work towards improving your credit score by paying off your debts on time, reducing your credit utilisation ratio, and correcting any errors in your credit report.
Save for a down payment: Having a significant down payment reduces the loan amount, which can increase your chances of loan approval. Aim to save at least 10% to 30% of the property value as a down payment so that you can comfortably pay your Home Loan EMIs on the rest of the amount.
Provide all necessary documents: To apply for a housing loan, you need to provide several documents, such as identity proof, address proof, income proof, property documents, and bank statements. Make sure you have all the required documents ready and provide accurate information.
Add a financial co-applicant: If your income is not sufficient to meet the eligibility criteria, you can add a co-applicant, such as your spouse, parent, or sibling, who has a stable income and a good credit score.
Avoid applying for multiple loans at once: Applying for multiple loans at the same time can affect your credit score negatively and reduce your chances of Home Loan approval. So, apply for a Home Loan only when you need it.
How to Maximise Savings with Home Loan Tax Benefits?
With a home loan, borrowers can avail of tax benefits and maximise savings. You can claim tax benefits under the old tax regime through various Sections of the Income Tax Act, 1961, as given below:
Section 80C: Under Section 80C of the Income Tax Act, 1961, you can claim deductions up to Rs.1.5 Lakh annually on the principal repayment of your Home Loan. This includes amounts paid towards stamp duty and registration charges, applicable in the year they are incurred.
Section 24(b): The interest paid on your Home Loan can be claimed under Section 24(b). You can claim a deduction of up to Rs.2 Lakh annually on interest payments for a self-occupied property. If the property is rented out, the full interest amount can be claimed as a deduction.
Section 80EE: First-time homebuyers can avail an extra deduction of up to Rs.50,000 on Home Loan interest under Section 80EE. This benefit applies to loans sanctioned between 1 April 2016 and 31 March 2017, provided the loan amount does not exceed Rs.35 Lakh and the property value is within Rs.50 Lakh.
Section 80EEA: You can claim a deduction of up to Rs.1.5 Lakh on Home Loan interest under Section 80EEA. It should be noted that to claim these deductions, the stamp duty value of the property should be less than Rs.45 Lakh.
Key Considerations When Applying for a Housing Loan
A Home Loan is a long-term commitment. After the loan disbursal, you will have to pay a certain amount as EMIs over the course of the tenure. For a hassle-free experience, you can keep the following things in mind:
- Use an online Home Loan EMI Calculator to estimate the EMIs payable, based on the loan amount, tenure, and interest rate.
- Check your Home Loan eligibility and apply within your limit to maximise the chances of approval.
- A high CIBIL score may let you avail of better repayment terms.
- If you need a higher loan amount, consider adding a close family member as a financial co-applicant.
A Step-by-Step Guide to Apply for a Home Loan
If you are wondering how to get a housing loan, the guide below will walk you through our easy online Home Loan application process.
- To apply for a Home Loan, navigate to the housing loan application form. You can also click on ‘Apply Now’ below to apply for a Home Loan.
- On the Application Form window, enter your personal details such as your name, mobile number, and select the type of employment.
- Select the loan type you wish to avail of. Then, enter your net monthly income.
(Note: Click the info icon to learn more about the monthly income you need to enter.) - Enter the PIN code and the required loan amount.
- Click ‘Generate OTP’ and enter the received OTP in the respective field. After entering the OTP, click ‘Proceed'.
- Populate all the financial details as requested and complete the form.
(Note: The fields that you need to fill may vary basis your employment type.) - Click ‘Submit’ to submit the application form.
Once we receive your housing loan application, our representative will get in touch with you within 24 hours* to walk you through the next steps.
*Terms and conditions apply
Home Loan FAQs
A Home Loan is a secured loan that allows you to purchase a property. The property being purchased serves as a collateral for the loan.
Housing loan processing fees refer to the main fee charged with every loan application. It is the amount charged to process your application and extend funding. We charge a processing fee of up to 4% of the loan amount, along with GST as applicable.
You borrow funds at a predetermined interest rate and agree to pay the sum (principal) back, with interest, over a predetermined time frame (tenure) through Equated Monthly Instalments (EMIs).
We aim to disburse the loan amount in 48 Hours*, from the time of loan approval and processing.
When availing of a Home Loan jointly, you can apply with your parents, spouse, children, or siblings as financial co-applicants. A few relationships are exceptions here, including married daughters.
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
Several types of Home Loans are available in India to meet the unique needs of homebuyers.
Yes, borrowers can claim tax benefits on Home Loans with the old tax regime under:
- Section 24(b) – Up to Rs.2 Lakh p.a. (on interest)
- Section 80C – Up to Rs.1.5 Lakh p.a. (on principal)
- Section 80EE – Up to Rs.50,000 p.a. (on interest)
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.
No, you cannot avail of a 100% Home Loan. You can get a Home Loan between 75% to 90% of the property value, depending on the price of the property.
A salaried employee, a professional individual, and a self-employed individual – all are eligible to avail of a housing loan from Bajaj Housing Finance, provided they fit into the eligibility criteria, including, age, income, duration of employment/business, and nationality.
Bajaj Housing Finance provides Home Loans of Rs.5 Crore* or even more, basis eligibility - the maximum amount being 75% to 90% of the property value. However, your eligibility is calculated based on factors such as age, type of employment, income, and credit score, among others, regardless of what the property is priced at.
The processing time for a housing loan can vary depending on a number of factors, such as the completeness of the application, the complexity of the case, the level of due diligence required, and the responsiveness of the applicant.
Once you apply for housing finance and submit the required documents to us, your loan application is verified. After verification, your loan will be disbursed within the next 48 Hours*.
A Home Loan guarantor may be required in special cases such as:
- The loan amount sought by the applicant is higher than what they qualify for
- The applicant’s credit score is low, or their credit history is weak
- The applicant has a risky job or is of advanced age
- The applicant earns less than the predetermined income bar
External benchmark-based lending rates are the lending rates set by banks and lenders based on external benchmarks such as a Repo Rate. As the Repo Rate fluctuates, so does the rate of interest on loans.
Applying for a Home Loan in India with Bajaj Housing Finance is hassle-free. You can either visit our nearest branch to apply for a Home Loan or access our online application form and fill it out duly. Alternatively, you can send ‘Hi’ on 750 750 7315 and apply through WhatsApp.
Bajaj Housing Finance offers a repayment tenure of up to 32 years. Our long repayment tenure ensures manageable EMIs and a hassle-free loan repayment journey.
Home Loan interest rates can be fixed or floating in nature. Floating interest rates are affected by market conditions, offering the potential for savings when the interest rates decrease. Fixed interest rates, on the other hand, remain constant until the reset period, providing predictable EMIs
To apply for a Home Loan in India with Bajaj Housing Finance, you need to meet the following eligibility criteria based on your employment type:
Salaried Individuals
- You should be a residing Indian citizen (including NRIs).
- You should be between 23 and 67 years** of age.
- You should have a minimum of 3 years of work experience in a public or private sector firm or an MNC.
Self-Employed Individuals
- You should be an Indian (resident only).
- You should be between 23 and 70 years** of age.
- You should be able to showcase steady income from a business with a vintage of at least 3 years.
Self-Employed Professional Individuals
- You should be an Indian resident only.
- You should have a minimum of 3 years of business vintage in the current enterprise.
- You should be between 23 and 70 years** of age.
Bajaj Housing Finance offers customised repayment options. If you have taken a Home Loan for an under-construction property, you can start by paying only a portion of your EMIs initially, with our tailored repayment options.
Making part-prepayments on your Home Loan directly reduces your loan balance, which shortens the repayment period (by reducing the tenure) and decreases the amount you need to repay (by lowering your EMI).
Individual borrowers who have availed of a Home Loan on a floating interest rate have to pay no additional cost to prepay or foreclose their Home Loan. Individual and non-individual borrowers with floating interest rate loans for business purposes, as well as all borrowers with fixed interest rate Home Loans, are required to pay a nominal fee when prepaying or foreclosing their loans.
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