home loan

Everyone wants to buy their dream home, but few people have enough money saved up to take on such a large financial commitment. Bajaj Housing Finance provides home loans to eligible candidates at an affordable interest rate, long term tenors, and even a sizable sanction amount, so you don’t have to worry about the cost of your dream home.

The interest rate for a home loan for salaried and self-employed applicants starts as low as 8.20%* per annum, and your EMI’s start as low as Rs. 776/Lakh*, with a loan sanction of Rs. 5 Crores or higher based on your loan eligibility, and to top it all off, you can repay this home loan with a comfortable long-term tenor of up to 30 years.

Here are some of the benefits of applying for a home loan with Bajaj Housing Finance: 

Competitive Interest Rates

Current home loan interest rates start as low as 8.20%* per annum for salaried and self-employed applicants. Apply today to take advantage of the low interest rates and avoid having to pay large interest payments. 

Repayment Tenor

You can choose a long-term repayment option of up to 30 years with Bajaj Housing Finance, which can help you repay the loan in a comfortable manner in the form of an affordable home loan EMI’s.

Sizeable Sanction

Based on your home loan eligibility criteria, you can receive a sizeable sanction of Rs. 5 Crores* or higher from Bajaj Housing Finance, and with a sizeable sanction, you won’t have to worry about the cost of your dream home.

Also Read: How to Increase Home Loan Eligibility Criteria

Zero Part-Prepayment and Foreclosure Charges

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If you have chosen a floating interest rate on your home loan, you can make partial prepayments or foreclose the entire loan amount without incurring any additional charges.

Home Loan Balance Transfer 

If you already have a loan with another lender but are paying a higher interest rate, you can opt for a Home Loan Balance Transfer with Bajaj Housing Finance and benefit from interest rates as low as 8.20%* per annum, saving you money on interest payments.

Top-Up Loan

When you choose a Home Loan Balance Transfer, you will not only benefit from lower interest rates, lower EMIs, and other advantageous lending terms, but you will also be eligible for a top-up loan of up to Rs. 1 Crore.

Link External Benchmarks

To benefit from lower interest payouts during favorable market conditions, you can link your floating interest to an external benchmark such as the repo rate.

Quick Disbursal

Once you’ve submitted the necessary documentation and the loan application process has begun, you can expect the funds to be in your loan account within 48 hours*.

Hassle-Free Application Process   

The process of applying for a home loan has become easier over the years, and Bajaj Housing Finance has streamlined it even further to ensure that borrowers can apply for a home loan without hesitation by offering features like doorstep document pick-up service.

Customizable Repayment Options

If you want to buy a property that is still under construction and pay partial EMIs during the initial phase, you can create a customised repayment plan with Bajaj Housing Finance.

Online Home Loan Tools

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A home loan necessitates extensive financial planning, and with Bajaj Housing Finance, you can use a variety of online tools to assist you in making your decision. On the website, you can find online tools such as a home loan EMI calculator, an area calculator, a home loan eligibility calculator, and so on.

 What should you consider before applying for a home loan?

  • Credit Rating (CIBIL score)

Before applying for a home loan, your CIBIL score is an important factor to consider because a lender will conduct a thorough background check to determine if you are financially sound and capable of repaying your home loan without defaulting on your monthly installments.

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When your CIBIL score is above 750, it is in your best interest to apply for a home loan so that you can take advantage of advantageous lending terms such as large sanction amounts, competitive interest rates, long term tenors, and faster approvals. If your CIBIL score is on the low end of the scale, the lender may reject your loan application entirely or offer higher interest rates with a shorter tenor.

  • Existing Debt

As a borrower looking to purchase your dream home, it is recommended that you first clear your existing debts before applying for a home loan with a lender because if you have a lot of ongoing credit such as personal loans or credit card dues, the lender will not deem you credit worthy and may reject your loan application.

A lender will always assume 50% of your monthly income towards the repayment of your home loan, but if you have an existing credit profile that uses more than 50% of your monthly income, the lender will be hesitant to approve your home loan application.

  • Documentation
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When applying for a home loan, you will be required to submit a set of documents, which you must have ready before approaching the lender for a home loan. The documents you submit must be genuine because if there is any fraudulent activity, the lender will reject your loan application entirely or even file criminal charges against you.

If you are missing any documents, you must notify the lender and submit them as soon as possible. Keep in mind that your loan approval is contingent on the documents, and the sooner you submit them, the faster your loan will be processed.

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