BAJAJ FIN SERV Home Loan

Home Loan Overview

Make your dream home a reality with Bajaj Housing Finance. We offer a sizable home loan of Rs.5 Crore* or even higher, based on eligibility. Our interest rates start at 8.70%* p.a. for eligible salaried individuals and professionals, with EMIs as low as Rs.783/Lakh*. With a flexible repayment tenor of up to 30 years, you can repay your EMIs conveniently.

We also offer other benefits, such as disbursal within 48 Hours* of document submission and approval, effortless balance transfer with a top-up of Rs.1 Crore* or higher. A housing loan from us may also enable you to take advantage of tax benefits under various sections of the Income Tax Act (ITA).

Features & Benefits of Home Loan

Competitive Interest Rate of 8.70%*

Make the most of our attractive Housing Loan interest rate today. At 8.70%* p.a., salaried and professional applicants can benefit from Home Loan EMIs as low as Rs.783/Lakh*.

Repayment Tenor of 30 Years

Opt for a longer tenor to make your EMIs more affordable over the years. Choose a tenor of up to 30 years and repay comfortably.

Zero Part-Prepayment and Foreclosure Charges

Home loan borrowers who are individuals with a floating interest rate can prepay parts of their home loan or foreclose the entire sum without any additional fees or penalty.

5,000+ Approved Projects

Choose a property from our list of 5,000+ approved projects and enjoy the best borrowing terms, along with quick and hassle-free processing.

Top-up of Rs.1 Cr*

When you transfer your loan balance to Bajaj Housing Finance, you not only stand to benefit from a lower interest rate and reduced EMIs, but you also get the option to avail of a Top-up Loan – be it for debt consolidation or home renovation.

Customized Repayment Options

Want to purchase an under-construction property and pay only a part of your EMIs to begin with? With us, you benefit from customized repayment options.

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 8.80%* p.a.

Hassle-Free Application

Enjoy a truly hassle-free experience with our application process. Skip the branch visits and opt for our doorstep document pick-up service.

External Benchmark Linked Loans

You also have the option to link your Home Loan interest rate to an external benchmark, i.e., the Repo Rate, and benefit from reduced payouts during favourable market conditions.

Loan Amount of Rs.5 Cr*

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.

Disbursal in 48 Hours*

Home Loan applicants can expect to receive their sanction within 48 Hours* , following the approval of their application and documentation verification.

Online Tools for Better Decision-Making

Home loan borrowers and applicants alike, can make good use of our online calculator tools to plan their repayment schedule and loan applications better. The Eligibility Calculator and the EMI Calculator helps individuals arrive at their ideal loan amount and tenor, that suits their financial standing.

Online Account Management

Borrowers continue to enjoy a seamless borrowing experience even after the amount is disbursed. One can access all their loan account details and related documents through the Bajaj Housing Finance Customer Portal, without any external dependency.

Documents

Documents Required for Home Loans in India:

To complete your application, you will need to submit supporting documents for the personal, employment, income, and financial information you have mentioned on the form.

Personal

 KYC documents – Photo ID (Aadhaar Card, PAN Card, Voter ID, Driving Licence, etc.), residential proof (utility bills, Ration Card, Passbook, etc.)

Income

 Salary slips – 3 months (salaried applicants, salaried professional applicants), proof of business (self-employed professional, non-professional applicants), etc.

Qualification

 Education certificates – MBBS and above (self-employed professionals – doctors), valid COP (self-employed professionals – CAs), etc.

Financial

Bank account statement – 6 months, ITR, P&L statement (self-employed professional, non-professional applicants), etc.

Property related

 Title deed, property tax receipts, allotment letter, etc.

Note: Additional documents may be requested at the time of loan processing.

Tips

Tips to Increase Your 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 is an essential factor for getting a Home Loan approved. If you have a low credit score, work on turning it into a good credit score by paying off your debts on time, reducing your credit utilization ratio, and correcting any errors in your credit report. Note that checking your credit report regularly does not hurt your credit score.
Choose a property within your budget: Lenders will assess your repayment capacity based on your income, expenses, and other debts. So, choose a property that is within your budget, and don't borrow more than what you can afford.
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 20% of the property value as a down payment so that you can comfortably pay your Home Loan EMIs on the rest of the amount.
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 20% 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 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 house loan approval. So, apply for a Home Loan only when you need it.
Choose a lender wisely: Do your research and compare the interest rates, fees, and terms and conditions offered by different lenders. Choose a lender who offers a competitive home loan interest rate and favorable terms and conditions.

Things to keep in Mind

When applying for a Home Loan, keep these things in mind

A Home Loan can help you become a homeowner while providing tax benefits. To apply for housing finance, you typically need to pay a percentage of the property cost upfront, with the remaining loan amount paid over a fixed period. Both the principal loan amount and interest repayments are eligible for tax deductions under Income Tax laws. Applying for a Housing Loan can be done in person at a bank branch or loan processing center, or online. Here are some tips to keep in mind when applying for a Home Loan:

Tip 1: Calculate your Equated Monthly Installments (EMIs) and determine how much you can afford based on your take-home pay and expenses, including other loan and credit card repayments. You can quickly know your home loan EMI amount using the .

Tip 2: Apply for a loan amount that is within your eligibility to increase your chances of getting approved, and plan for the rest of the down payment accordingly. You can understand the general parameters for home loan eligibility from the Bajaj Housing Finance website.

Tip 3: Consider applying for a housing loan with a lender where you already have a relationship as this can reduce the time and documentation required for the Know Your Customer (KYC) procedure.

Tip 4: A good repayment record and a high CIBIL score can work in your favor, as the bank may offer faster approval and disbursal, flexible repayment schedules, or lower processing charges. In some cases, you may also be offered a lower interest rate on the home loan.

Tip 5: Check that the project where you plan to buy your house has all regulatory and environmental clearances in place or check if your bank has a list of approved projects. This can help with the faster approval of your home loan application.

Tip 6: If you need a higher loan amount but your salary does not permit it, consider taking a joint loan with a spouse, parent, or sibling. You could also opt for a longer home loan tenor, which means a lower EMI and less burden on your monthly finances.

Reduce Your Burden?

How to Reduce Your Home Loan Interest Burden?

Every borrower wonders how to get low-interest Home Loan as this decreases the cost of borrowing and makes repayment stress-free. Getting a low Home Loan interest in India is simply a matter of improving your eligibility for the loan and showcasing disciplined credit behaviour. Read on for some tips.

Compare Lenders Before Applying

One of the most important things to do before taking a Home Loan is to compare lenders for lower interest rates. While this is not the only criteria you should look for, this can help you get the lowest rate among all the options if you meet the lender’s eligibility terms. Bajaj Housing Finance offers competitive interest rates starting at just 8.60%* p.a. for salaried and professional applicants.

Maintain a High Credit Score

The easiest way to secure the lowest possible Home Loan interest rate is to have a high CIBIL score. This is because a high score reflects a good credit history with various credit types in terms of your repayment track record and credit utilisation.

Consider a Home Loan Balance Transfer

If you are wondering how to get a low interest Home Loan while repaying your loan, consider transferring it to another lender offering a lower rate. This is known as a Home Loan Balance Transfer, which can help you plan your finances better and save money. However, you should consider the fees and charges associated with switching your loan, and only proceed if you are saving more despite these charges.

*Terms and conditions apply

IDENTITY AND RESIDENCE (KYC)

Factors that Impact Your Home Loan Interest Rate

There are many factors that affect Housing Loan interest rate, including external market conditions, such as the repo rate and inflation. Some of the other factors that affect Home Loan interest are in your control. These depend on your eligibility for the loan and aspects such as your income, credit score, and more. Apart from these, the LTV and tenor you choose are also important factors that affect the Home Loan interest rate offered to you. Take a look at important ones that can help you save more during repayment.

Interest Rate Type

The type of interest rate you opt for impacts your overall interest rate outflow. Fixed rates are normally higher than floating rates by 1–2%.

CIBIL Score and Financial Stability

Your credit score depicts your creditworthiness. A high score of 750+ positions you as a reliable borrower. This can help you get a more competitive interest rate as the lender’s risk of default during repayment is reduced. Your job/work security, income, or salary are also factors that affect the Home Loan interest rate offered to you. They affect your repayment ability, and lenders offer a competitive rate to borrowers who have a higher ability to repay on time.

Home Loan Amount and Type

Loan-to-value ratio (LTV) is the percentage of the property’s market value the lender offers as a loan. In India, this varies between 75–90% as per RBI mandate. However, you can choose to pay a higher down payment to reduce the loan amount. Doing this can help enhance your eligibility, as the lender’s risk is reduced. Apart from this, interest rates are affected by the type of Home Loan you choose, be it for purchase, renovation, or construction.

Property Location and Condition

Property value is another factor that affects Home Loan interest rates. The location of the property, surrounding infrastructure, age of the property, and amenities available are all considered to evaluate its worth. If a property is considered valuable, lenders charge a more competitive interest. However, if a property is old or has a location that is not in demand, they may charge higher interest.