How to Get a Home Loan for Your Dream Home in India?

Finding a property that feels like your dream home is exciting. For most buyers, securing a property becomes possible through a Home Loan. It’s a significant financial decision that requires careful planning. Far from being just a financial product, a loan today is designed to help you move into your ideal home seamlessly.  

Why a Home Loan Makes All the Difference?

Buying a home is one of life’s biggest milestones, but paying the entire cost up front may not be feasible. A Home Loan bridges the gap, allowing you to spread the expense over the years in the form of manageable EMIs. More importantly, financing ensures you don’t need to compromise—whether it’s the location you’ve always wanted, the size that suits your family, or the amenities that make daily living easier. With the right lender, you can avail of a Home Loan for a dream house while maintaining financial balance. 

Key Factors to Consider Before Applying

Before jumping in, it helps to step back and think about the big picture. A few important considerations include: 

• Your Budget vs. Property Cost – Work out how much you can realistically afford, including your down payment and EMI capacity.  
• Loan Tenure – Longer tenures mean smaller EMIs, but higher overall interest. Shorter tenures save interest but require larger monthly outgoings. 
• Additional Costs – Stamp duty, registration, and processing fees are part of the total cost. Planning ahead avoids surprises. 
• Future Plans – Consider job stability, possible relocations, or other financial goals before locking in a long-term commitment. 

Eligibility Criteria for a Home Loan 

Before applying for a Home Loan, you need to meet the criteria determined by your lender. With Bajaj Housing Finance, you need to meet the following Home Loan eligibility criteria based on your employment type:  

Salaried Applicants	Self-Employed Applicants
Age should be between 23 to 67 years**	Age should be between the range of 23 to 70 years**
Should be employed in an MNC or a private or public firm for at least 3 years	Should have a business vintage of at least 3 years
Should be an Indian citizen (NRIs included)	Should be an Indian citizen (resident only)

**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile. 

Documents Required to Apply for a Home Loan 

When applying, being prepared with the following documents*** can speed up the verification process: 

• KYC Proofs – Aadhaar Card, PAN Card, Passport, or Voter ID 
• Mandatory Documents: PAN Card or Form 60 
• Income Proof – Salary slips and Form 16 for salaried individuals; ITRs, profit and loss statements, and bank records for self-employed 
• Employment Proof – Appointment letters, contracts, or business registration 
• Bank Statements – Typically for the last six months 
• Property Papers – Agreement to sell, title deeds, builder approvals/NOC where applicable 
• Photographs – Passport-sized photos for verification 

***This list is indicative. Additional documents may be requested based on your profile and the property type. 

Using Online Calculators for Smart Planning

One of the smartest ways to plan for a Home Loan is by using a few online calculators before you apply. For instance, you can use a Home Loan EMI Calculator to gauge the EMI amount. Simply enter the loan amount, tenure, and interest rate to know what your monthly outgoings would look like. The benefit of this calculator is that you can adjust the values until you arrive at a suitable EMI amount or simply compare lenders.  

You can also use a Home Loan Eligibility Calculator to estimate the loan amount you can qualify for. All you need to do is: 

1. Select the name of the city you reside in. 
2. Enter or select the date of birth. 
3. Enter your net monthly income. 
4. Enter your monthly obligations. 

The calculator shows the approximate loan amount you can borrow. 

While purchasing a property in India, you also need to pay stamp duty and registration charges. These charges vary based on the location of the property. Along with charges associated with the loan, it is important to factor in stamp duty and registration charges to know the overall cost of borrowing. To do so, you can access our Stamp Duty Calculator and follow the steps given below: 

1. Select your state. 
2. Enter or select the property value.  

The calculator will display the stamp duty rate in your state along with the stamp duty amount that you’ll have to pay.  

Dos and Don’ts When Applying for a Home Loan

When you’re close to applying, a few practical steps can make all the difference: 

Do:

• Check your credit score in advance and take steps to improve it if needed. 
• Maintain financial stability in the months leading up to your application. 
• Keep all documents updated and ready to avoid delays. 
• Consider a co-applicant if you want to improve your eligibility. 

Don’t:

• Apply with multiple lenders at the same time, as it can lower your credit score. 
• Take on new debt just before applying. 
• Overcommit to EMIs that don’t leave room for savings or unexpected expenses. 
• Ignore processing fees, prepayment terms, and other charges 

Bajaj Housing Finance provides a seamless experience tailored for homebuyers during the loan process and even after disbursal. Borrowers can benefit from competitive rates, quick disbursals, and flexible repayment options.  

With the right Home Loan for your dream home, you don’t have to wait years to achieve homeownership. Prepare your documents, understand eligibility, and assess repayment using EMI calculators to avail of a Home Loan for your dream house.