Prospective homebuyers can opt for a Home Loan to finance real-estate purchases. Home Loans come with several benefits such as competitive rate of interest and substantial loan amount. The competitive interest rate and long repayment tenor enable Home Loan borrowers to manage their repayments effectively in the form of manageable EMIs over a suitable period.
When borrowers avail of a Home Loan, they can get up to 90% of the property value as a loan. The remaining amount, known as the down payment, is arranged by the homebuyer and establishes a stake of the buyer in the property. Home Loans are paid in the form of EMIs, which constitute a principal component and an interest component. As time advances, the principal component of the Home Loan goes up and the interest component goes down. Borrowers are advised to use a housing loan eligibility calculator to figure out the housing loan amount they qualify for and an EMI calculator to work out their EMI obligation for each month and plan loan repayment.
The online Home Loan application process has made it possible for borrowers to apply for a housing loan while sitting within the comfort of their homes. You can expect easy approval on your Home Loan application if you meet the eligibility criteria set by your preferred lender.
What are the Eligibility Criteria to Avail of a Home Loan?
The eligibility criteria that you need to qualify for differ from lender to lender. The following are some of the eligibility criteria determined by Bajaj Housing Finance.
- To start with, you must be a residing citizen of India or an NRI (only for salaried applicants). If you are salaried, you must be aged between 23 and 67 years** and if you are self-employed, you must be aged between 23 and 70 years**.
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
- You should ideally have a credit score of 750. A good CIBIL score, i.e. anything above 750 indicates high repayment capacity and creditworthiness and thus, borrowers with such a CIBIL score can get instant Home Loan approval.
- If you are a salaried applicant, you need to show a minimum of 3 years of work experience in a public or private sector company or MNC. Self-employed applicants need to show business vintage of a minimum of 3 months.
Besides meeting the eligibility criteria, you also need to submit KYC and income-related documents. PAN Card or Form 60 are mandatory documents. These documents will help them establish your identity as well as verify your income to make sure you can repay the loan you want to avail of. Keeping these documents ready can make the Home Loan process hassle-free. Note that this list is indicative and additional documents may be required for loan processing.
Step-by-Step Process on How to Get a Home Loan
If you are planning to get a Home Loan, you should familiarise yourself with the Home Loan process and the steps involved.
- The first step in the Home Loan process is doing thorough market research and figuring out which lender would be the ideal choice for you.
- The next step would be to apply for a loan. These days, borrowers can apply for a housing loan online or by visiting their lender’s office.
- Once you have made an online application, your lender will take a call on your application. If they think you will be able to repay the loan on time, they will take the process a step further and ask you to submit all the documents needed for Home Loan processing.
- Once you have submitted all documents, your lender will verify these documents. Once the housing loan verification is complete, your lender will release a sanction letter which will contain details of the loan, including the Home Loan interest rate offered to you, the tenor you are being offered, etc. If you agree with the terms and conditions mentioned in the sanction letter, sign the letter and send it back to your lender.
- Pay a one-time loan processing fee and let your lender conduct legal and technical checks.
- Finally, sign the loan agreement and expect a loan disbursal.
Tips on How to Get a Home Loan Approved Easily
Here are a few tips that will help you experience easy Home Loan approval:
- To start with, if you want to be approved for a housing loan instantly, perform a CIBIL score check before beginning the Home Loan application and apply for a loan only if your CIBIL score is 750 or above. Such a score indicates high creditworthiness and repayment capacity. Borrowers with such a credit score, therefore, can get approved for a loan quickly.
Also Read: Tips to Maintain Your Business CIBIL Score Above 700
- To experience quick Home Loan approval and a hassle-free loan process, keep all the documents ready with you. All lenders mention the list of documents they need for loan processing. Go through this list and keep all documents handy with you.
- Try and meet the Home Loan eligibility criteria set by your lender. If you do not meet your lender’s eligibility requirements, your loan application may get rejected.
- Use a Home Loan EMI Calculator to know the EMIs you will have to pay for the given tenor and loan amount. You can also use a Home Loan Eligibility Calculator to know the approximate loan amount you can be eligible for. Apply for an amount equal to this amount or something lower than this to experience quick Home Loan approval.
- Make sure your debt-to-income ratio is low. Lenders may not sanction a loan to borrowers with a higher debt-to-income ratio and therefore, if your debt-to-income ratio is high, your loan application may get rejected.
- If you have too many loans running at the same time, try and clear a few loans. This will bring down your debt-to-income and can lead to instant Home Loan approval.
- If your Home Loan eligibility is low, add a co-borrower to enhance your chances of loan approval.
Final Words
In conclusion, Home Loans offer competitive interest rates, substantial loan amounts, and tax benefits. Borrowers can secure up to 90% of the property's value, repayable through manageable EMIs. The online application process ensures swift approval and hassle-free disbursal upon meeting eligibility criteria and submitting required documents.
*Terms and conditions apply.
Also Read: How to Calculate Home Loan EMI
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Trending Articles

[N][T][T][N][T]
How to Use a Home Loan for a Home Office Setup?2025-07-30 | 3 min

[N][T][T][N][T]
The Importance of an Encumbrance-Free Title in Home Buying2025-07-30 | 4 min

[N][T][T][N][T]
Smart Ways to Improve Your Home Loan Eligibility2025-07-29 | 2 min

tax Tax
[N][T][T][N][T]
How to Reduce the Loan Against Property Interest Rate?2023-12-11 | 3 min

[N][T][T][N][T]
How Your Profession Affects Your Home Loan Eligibility2025-07-28 | 5 min

[N][T][T][N][T]
Choosing the Right Home Loan Tenure2025-07-28 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Know the Survey Number of Land in India2025-04-01 | 2 min

home+loan Home Loan
[N][T][T][N][T]
BBMP: Full Form, History, and Role in Bangalore’s Governance2025-03-20 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Ways to Check RERA Registration Status of Real Estate Projects2025-03-20 | 2 min

[N][T][T][N][T]
Understanding the Effects of Missed EMI on Your Home Loan2025-07-25 | 3 min

[N][T][T][N][T]
Home Loan Tax Benefit for Self-Occupied and Let-Out Property2025-07-23 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Buying a Home: Understanding the 'No EMI till Possession' Scheme2025-03-19 | 2 min

[N][T][T][N][T]
Home Loan Disbursement Process – What Borrowers Should Know2025-07-23 | 4 min

cibil Cibil
[N][T][T][N][T]
Here Is How a Bounced Cheque Can Affect Your CIBIL Score2023-06-06 | 5 min

home+loan Home Loan
[N][T][T][N][T]
A Guide to Applying for DTCP Approval for Patta Land Online2025-01-13 | 6 min

[N][T][T][N][T]
Should You Get Pre-Qualified for a Home Loan Before Buying?2025-07-15 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Stamp Duty in Bihar: Key Documents and Fees Simplified2025-01-16 | 2 min

[N][T][T][N][T]
What is FSI and Why It Matters When Buying Property in India2025-07-11 | 4 min

[N][T][T][N][T]
Is Switching Your Home Loan Lender Midway a Smart Move?2025-07-15 | 4 min

[N][T][T][N][T]
FSI vs. FAR: Understanding the Difference and Why It Matters2025-07-11 | 2 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Bhu Bharati Telangana: Your Guide to Seamless Land Record Management2025-07-11 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Exploring the Impact of Credit Applications on Your CIBIL Score2025-07-08 | 5 min

[N][T][T][N][T]
Understanding the ECN Number in Your CIBIL Report2025-07-08 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
What Is Refinancing a Mortgage and How Does It Work for Property Owners?2025-06-17 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Understanding FMB Sketch Online in Tamil Nadu: A Comprehensive Guide2025-04-14 | 3 min

home+loan Home Loan
[N][T][T][N][T]
CIBIL Score Rules – What Every Home‐Loan Applicant Should Know2025-07-08 | 4 min

home+loan Home Loan
[N][T][T][N][T]
Understanding eNACH Mandates: Meaning, Benefits, and How it Works2025-04-03 | 3 min

[N][T][T][N][T]
Mutation of Property: Meaning, Process, and Importance2025-03-20 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Stamp Duty and Property Registration Charges in Kerala: A Comprehensive Guide2025-04-11 | 2 min

home+loan Home Loan
[N][T][T][N][T]
MCGM Property Tax Mumbai: Online Payment, Calculation, and Exemptions Explained2025-04-14 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Credit Scores and Loan Against Property – What Borrowers Should Know2025-07-07 | 4 min

home+loan Home Loan
[N][T][T][N][T]
What is Patta Chitta and How to Apply for it Online?2025-04-01 | 2 min

loan+against+property Loan Against Property
[N][T][T][N][T]
A Guide to Viewing Jharkhand Land Records Online via JharBhoomi Portal2025-04-01 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Commencement Certificate: Meaning, Role, Requirement and Importance2025-03-06 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
A Guide to Kaveri Online Services Portal for Property Registration in Karnataka2025-04-01 | 3 min

home+loan Home Loan
[N][T][T][N][T]
BanglarBhumi West Bengal Land Records2025-03-04 | 3 min

[N][T][T][N][T]
Removing Credit Enquiries from CIBIL – What You Should Know2025-07-04 | 6 min

[N][T][T][N][T]
4 Steps to Avoid Identity Theft and Credit Fraud2025-07-03 | 4 min

[N][T][T][N][T]
What is a Good CIBIL Score Range and Why Does It Matter?2025-07-03 | 7 min

home+loan Home Loan
[N][T][T][N][T]
How a ‘Settled’ Status Can Affect Your CIBIL Score and Your Home Loan Chances2025-07-03 | 6 min

[N][T][T][N][T]
Understanding the Concept of Freehold Property in India2025-07-02 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Knowing When It's Time to Upgrade Your Home2025-07-02 | 2 min

home+loan Home Loan
[N][T][T][N][T]
House Rent Allowance Under Section 10(13A) of the Income Tax Act2025-03-05 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding GWMC Property Tax: Payment Methods, Calculation, and Benefits2025-03-13 | 3 min

[N][T][T][N][T]
How Home Loan Rates Are Determined – What You Should Know2025-06-26 | 5 min

[N][T][T][N][T]
Key Benefits of Availing of a Home Loan2025-06-26 | 4 min

[N][T][T][N][T]
How to Use a Prepayment Calculator Effectively?2025-06-26 | 6 min

[N][T][T][N][T]
What is Fractional Homeownership?2025-06-25 | 5 min

[N][T][T][N][T]
3 Tips to Lower the Interest Rate on a Home Loan2025-06-25 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Pick the Best Home Loan Tenure that Suits Your Budget2023-06-29 | 5 min

[N][T][T][N][T]
Property Card in Mumbai: How to Apply and Check the Status2025-06-23 | 5 min

home+loan Home Loan
[N][T][T][N][T]
How Can Prepayment of Your Home Loan EMI Help in the Long Run?2025-06-24 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Understanding What Affects Home Loan Interest Rates2025-06-20 | 4 min

home+loan Home Loan
[N][T][T][N][T]
Paid Off Your Home Loan? Know What to Do Next2025-06-10 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Understanding How Home Loan Interest Rates Are Determined2025-05-12 | 5 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Guntha to Acre Conversion – A Simple Guide to Land Measurement2025-06-19 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Access Your Login Details in Bajaj Customer Portal?2024-02-02 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Factors to Consider Before Opting for Home Loan Balance Transfer2024-06-21 | 5 min

cibil Cibil
[N][T][T][N][T]
Tips to Maintain Your Business CIBIL Score Above 7002024-02-02 | 5 min

cibil Cibil
[N][T][T][N][T]
Different Types of Credit Scoring Models You Must Know2024-03-14 | 5 min

[N][T][T][N][T]
Circle Rate vs. Market Rate – Understanding the Difference2025-06-17 | 4 min

home+loan Home Loan
[N][T][T][N][T]
Top 5 Home Loan Calculators to Simplify Your Home Financing Journey2025-06-17 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Need Funds After Taking a Home Loan? Here's What You Can Do2025-06-16 | 4 min

home+loan Home Loan
[N][T][T][N][T]
Upgrading to a Bigger Home? Here is How to Plan Your Finances Right2025-06-16 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Joint Application in Home Loan – Pros, Cons, and Key Considerations2025-06-16 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Smart Ways to Understand and Use a Home Loan EMI Calculator2025-06-09 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How MSME Loans Can Help Small Enterprises to Scale and Thrive2025-06-10 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan Basics Made Simple: Understanding Principal and Interest2025-06-10 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Loan Against Property vs. Personal Loan: Which Should You Choose?2025-06-06 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Change Your Home Loan e-Mandate on the BHFL Customer Portal2025-03-21 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Smart Steps for Purchasing Property from an NRI: A Guide2025-05-29 | 3 min

[N][T][T][N][T]
AnyROR Gujarat and the e-Dhara Land Record Systems2025-02-26 | 3 min

home+loan Home Loan
[N][T][T][N][T]
IGR Odisha: A Guide to Online Property Services and Registration2025-03-20 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Domicile Certificate: Meaning, Documents, and How to Apply Online2025-04-14 | 2 min

home+loan Home Loan
[N][T][T][N][T]
PM Surya Ghar: Muft Bijli Yojana: Empowering Households with Rooftop Solar2025-04-01 | 3 min

[N][T][T][N][T]
IGRS Uttar Pradesh – Making Property Registration Easy2025-06-12 | 5 min

[N][T][T][N][T]
4 Simple Tips to Get a Higher Loan Amount on Your Home Loan2025-06-11 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan Tranche Disbursement – A Homebuyer’s Guide2025-06-11 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan Balance Transfer Explained – Is Multiple Transfer Possible?2025-06-11 | 3 min

[N][T][T][N][T]
Moving to a New Home? Don’t Overlook the Tax Angle2025-06-11 | 3 min

[N][T][T][N][T]
Your Guide to Picking the Right Home Loan Lender2025-06-10 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min

home+loan Home Loan
[N][T][T][N][T]
What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min

[N][T][T][N][T]
Smart Ways to Fund and Plan Your Summer Home Renovation2025-06-09 | 4 min

[N][T][T][N][T]
How Economic Shifts Affect Home Loan Rates2025-06-09 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Home Loans: Smart Financing with Long-Term Benefits2025-06-09 | 3 min

[N][T][T][N][T]
Benefits of Home Loan Interest Rate Conversion: Explained2025-06-09 | 4 min

[N][T][T][N][T]
Understanding Home Loan Subsidies