Bajaj finance home loan: Bajaj Finance home loan is a pretty convenient way to get one step closer to your dream home.
But how does one apply for it and ensure 100% approval? Let’s have a look.
By getting a decent amount of home loans from a trusted lender like Bajaj Finserv, you can purchase a home for yourself with great ease.
However, it is no surprise that the process is only hassle-free and quick for you as long as you fill the Bajaj Finance home loan application appropriately and complete all the other steps with proper care.
Before you should go on to start with filling your application, you must also make sure that you are fulfilling all the eligibility requirements for Bajaj Finance Home Loan.
In this article, we are going to help you in completing your Bajaj Finserv Home Loan application which is going to guarantee 101% quick approval.
So without any further ado, let’s get started!
What is Bajaj Finance Home Loan?
Bajaj Finance Home loan is a monetary remedy that allows borrowers to get some funds for purchasing a residence at a fixed repayment tenure as well as a prespecified Bajaj Finance home loan interest rate.
Borrowers then have to repay this home loan amount in the form of EMIs of Equated Monthly Installments, and the bank is going to maintain the possession of the estate till the time the borrower/s pays the full amount that was sanctioned to him.
Generally, home loans are intended for making a new investment or/and formation of a residence, however, there are plenty of solutions available that cater to an old property’s renovation and house repair as well.
With a competitive Bajaj Finance home loan interest rate, Bajaj Finserv offers flexible tenures for home loan repayment that extend to as long as 30 years.
Different Kinds Of Bajaj Finance Home Loans Available
Before you can start with your Bajaj Finance home loan application process, you must understand your requirement for the home loan that you are going to apply to and the category you fit into according to your profile.
The following are different options of Bajaj Finance home loans that are available:
- Construction home loan
- Home loan for the purchase of a plot of land
- Home loan- balance transfer
- Top-up home loan
- Joint (with a co-applicant) home loans
- Home loan under the government scheme of Pradhan Mantri Awas Yojana
Bajaj Finance Home loans for:
- Women
- Government Workers
- Private Employees
- Bank Employees
- Advocates
Now let’s look at the complete process of applying for a Bajaj Finance Home Loan to get the amount sanctioned to you as quickly and conveniently as possible.
How to Apply for Bajaj Finance Home Loan?
To apply for a Bajaj Finserv Loan Against Property, you must first start with the below-mentioned steps for availing of the Bajaj Finance home loan with maximum convenience:
- Check out your credit score report and in case of any errors, make sure to correct them as soon as possible.
- Calculate the EMI amounts with the help of the Bajaj Finance home loan calculator and then choose the amount of loan according to your repayment ability.
- Make sure to have all the essential documents ready with you. The list of all the mandatory documents required by the bank is mentioned below.
- Check out and compare all the offers for the most promising home loan options available.
- Make sure to fulfill all the eligibility requirements before you go on to fill your application for a Bajaj Finserv Loan Against Property.
The entire procedure of applying for a home loan at Bajaj Finance is pretty simple as well as direct.
Bajaj Finance home loans are available at high-value finance of as much as Rs. 3.5 crore in the case of applicants who work on a salary basis.
And in the case of self-employed borrowers, the limit is Rs. 5 crores.
Applicants will be required to give in all the necessary details for competing for their Bajaj Finance home loan application including some personal information, employment, and income details, as well as information about the property that has to be purchased.
Once complete, you will need to provide all the required documentation online and then coordinate with the process of verification for getting approval.
In case all the information provided by you is in place and the amount of the home loan gets approved by the bank, the sanction letter is going to be issued as soon as possible.
Applicants must keep in mind that the process of Bajaj Finance home loan is different for salaried and self-employed individuals.
The following is a complete guide for the home loan process in the case of both types of individuals. Let’s have a look:
Also read – HDFC Home Loan
Application Process for Salaried Individuals
Step 1: Input all the required financial, personal, as well as employment details in the suitable sections.
Step 2: The Bajaj Finance Home Loan calculator is going to assist you in working out the amount of home loan that you are qualified to avail of. You may also check their EMI calculator for home loans if you wish to understand what the EMI amounts are going to be.
Step 3: After that, you will need to provide the necessary information about the estate that you have selected.
Step 4: The agent at Bajaj Finserv is then going to reach you and take the full procedure forward. You will then need to submit the required documentation.
Step 5: Verify your application and get don with the hassle-free home loan procedure with Bajaj Finance.
The application process for Self-employed Individuals
Step 1: Choose the method of online home loan application first.
Step 2: Tap on the option of Submit as soon as you are done filling in all the required details.
Step 3: The pre-approved home loan bank offer is then going to be conveyed to you by the agents from Bajaj Finserv.
Applying for Bajaj Finance Home Loan through SMS
You can also apply for Bajaj Finance Home Loan via SMS. The following are all the easy steps to do so:
Step 1: Type ‘HLCI’ and send it to 9773633633.
Step 2: The agents at Bajaj Finserv are then going to reach you with all the applicable and pre-approved bank offers on the home loan.
With the above-mentioned instructions for applying for a Bajaj Finance home loan, you can go on to start with completing all the required steps according to your type of employment.
Now let’s check out the eligibility requirements for Bajaj Finance Home Loan and how to see if you fulfil the criteria.
Bajaj Finance home loan calculator is one of the most convenient ways for determining your eligibility for housing loans.
Use the above link to check yours.
With this online tool, you can easily be aware of your eligibility for the home loan in advance and avoid any kind of hassles later.
It is a great way to help you make an informed decision and avoid rejection of your home loan application which may further negatively affect your credit report as well.
Eligibility Requirements To Avail of A Bajaj Finserv Home Loan
Any Indian citizen who retains a strong economic profile has the chance to avail of a Bajaj Finserv Loan Against Property.
The eligibility requirements to apply for the home include:
- Age limit in the case of salaried borrowers: 23 years to 62 years
- Age limit in case of self-employed borrowers: 25 years to 70 years
- Suggested CIBIL score rating: 750
- Minimum monthly income: Rs.25,000
- Job experience in case of salaried borrowers: At least 3 years
- Continuity of business in case of self-employed borrowers: At least 5 years
Minimum Salary For A Home Loan
Bajaj Finance institution expects all the borrowers to have a monthly income of at least Rs. 25 thousand to Rs. 30 thousand if they wish to avail of a Bajaj Finserv Loan Against Property.
For people residing in areas such as Delhi, Delhi-NCR, Mumbai, Thane, and others, the monthly income must at least be Rs. 30 thousand.
And in the case of borrowers from cities like Goa, Chennai, Bangalore, as well as Hyderabad, one must be earning a minimum of Rs. 25 thousand per month.
Factors Affecting the Eligibility of Home Loan
To avail of a Bajaj Finance home loan, an individual needs to meet all the eligibility requirements that guarantee the repayment capacity of a borrower as mentioned above.
The following are some factors that can affect the eligibility of a borrower to avail of Bajaj Finserv Loan Against Property:
- Credit score rating of the borrower
- Monthly salary
- Ongoing financial responsibilities as debt
- Status of Employment
- Applicant’s age (along with co-applicants age, if any)
- Estate to be bought
Also read – Canara Bank Home Loan
Documents Required To Apply For A Home Loan
One of the most crucial parts of your Bajaj Finance home loan application is the documents that the bank requires from you to submit.
The following is the list of all the documents that you must keep ready before proceeding with your Bajaj Finserv home loan application:
- KYC Documents
- Proof of address
- Proof of identity
- Photograph of the borrower/s
- Form 16 or salary receipts (latest)
- Bank account statement for the past six months
- In case of self-employed borrowers or businessmen/businesswomen: Proof of continuity of business
Bajaj Finserv Interest Rate
The current Bajaj Finance Home Loan interest rate starts at 6.70%.
Moreover, the attractive fee structure, as well as charger, allow the borrowers to lower their EMI amounts to Rs 645/lakh.
Conclusion
If you follow the above-mentioned guide carefully and rightfully, you are certainly going to get approved for a Bajaj Finance home loan in no time.
Make sure that you fulfill the bank’s eligibility requirements, submit all the required documents appropriately, and have a decent credit score rating to show to the bank.
Another point that is usually one of the most overlooked things is your new property.
Make sure to keep in mind all aspects of the new property including its location, ownership, permissions, etc.
So that was all! Go apply for a Bajaj Finance home loan right away through their website or SMS ‘HLCI‘ at 9773633633.
Frequently Asked Questions (FAQs)
How can I use the Bajaj Finance Home Loan Calculator?
To use the Bajaj Finance home loan calculator and know about your EMI amount, all you have to do is enter the following details:
Amount of home loan: Enter the amount of home loan that you want to avail from the bank.Home loan repayment tenure: Enter the tenure of your repayment for the home loan. Keep in mind that you have to write it in years.
Bajaj Finance home loan Interest Rate (per annum): Enter the Bajaj Finance home loan interest rate per annum. And that’s it! After inputting all these details, you will see the EMI amount for your Bajaj Finance home loan on your screen in an instant.
When will the EMI payment for my Bajaj Finserv Home Loan start?
You are going to start with the EMI payment on your Bajaj Finserv home loan as soon as the cheque for disbursement gets prepared. After you collect your home loan amount, you will start paying the EMI amount according to the specified cycle.
This implies that in case the date determined for your EMI payment is the 7th of every month and the loan amount is delivered to you on the 29th of the ongoing month, then for the initial month, you will be paying your installment computed from the date the home loan was approved to the first date of the installment. And from next month ahead, you will be paying regular installments on the specified date.
Is there any maximum limit on the amount of Bajaj Finance Home Loan that one can apply for?
For salaried borrowers who have a minimum of three years of job experience, the maximum amount of home loan that can be availed is ₹3.5 crore. And for self-employed borrowers who have a continuity of business of five years, the maximum limit is ₹5 crore.
However, you must keep in mind that these numbers are barely indicative and the actual home loan amount that can be sanctioned to an individual is going to depend on their Bajaj Finance home loan application.
Which one is better: Fixed Interest Rate Or Floating Interest Rate?
Well, both kinds of housing loans retain their advantages and disadvantages. With fixed interest rate housing loans, the rate of interest continues to remain consistent throughout the repayment tenure.
This allows the borrower to forecast the EMI amounts. It is beneficial when the interest rates on home loans are going low.
On the other hand, for floating interest rate housing loans, the rate of interest keeps changing based on economic shifts as well as policy decisions by the RBI. You should choose this interest rate type in cases when you can expect the rate of interest to go low in the future.