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Home Loan FAQs
Bajaj Housing Finance offers attractive Home Loan terms and benefits to applicants who have strong credit profiles. To be eligible for such terms, applicants should ideally have a CIBIL score of 750+.
The Home Loan EMI amount is dependent on three key aspects:
Home Loan Principal Amount: This amount is the Home Loan sanction amount and has a direct impact on your Home Loan EMI. The larger your Home Loan amount is, the bigger your Home Loan EMI may be.
Home Loan Interest Rate: The Home Loan interest rate is the rate at which you have to repay the principal amount. Naturally, a high interest rate leads to a steeper EMI amount. Bajaj Housing Finance also allows borrowers the opportunity to link their interest rate to the RBI Repo Rate.
Home Loan Repayment Tenor: The repayment tenor is the total time you can take to repay your Home Loan amount in full. A longer tenor can facilitate smaller EMIs but can add to your total cost of borrowing.
You can also use the Home Loan EMI Calculator to pre-emptively calculate your EMI amount before you apply for a Home Loan.
Yes, Bajaj Housing Finance does allow individuals with a floating interest rate Home Loan to repay ahead of schedule without any additional fee. Here are the two ways in which one can consider doing so:
- Part-prepayment: By making part-prepayments on your Home Loan, you can make lumpsum payments over your regular EMI payments, and bring down your repayment amount ahead of your repayment schedule.
- Foreclosure: By foreclosing your Home Loan, you essentially repay the full outstanding amount in one go, before the end of your repayment tenor.
Yes, both you and your spouse can be joint applicants on your Home Loan. There are several benefits of applying for a joint Home Loan, some of which are:
- Increased Home Loan eligibility
- Increased Income Tax savings
- Increased Ease of Home Loan Repayment
Having a co-applicant usually helps Home Loan applications as it increases your loan eligibility and bolsters your repayment capacity. Applicants who fall short of meeting the eligibility criteria are advised to apply with strong co-applicants to enhance their Home Loan application.
Bajaj Housing Finance allows borrowers to repay their Home Loans at their own pace, with a repayment tenor that can stretch up to 30 years, basis their eligibility.
Any applicant that can meet the applicable eligibility criteria is welcome to apply for a Home Loan:
|Salaried Individuals||Self-Employed Individuals|
|The applicant must be employed with a stable source of salaried income from a public or a private company or a multinational with a minimum 3 years of work experience||The applicant must be self-employed with a business continuity of over 5 years in the current enterprise|
|He/she must be between 23 and 62 years of age*||He/she must be between 25 and 70 years of age**|
|He/she must be a residing Indian citizen||He/she must be a residing citizen of India|
** Please note that the maximum age is considered as age at the time of loan maturity.
The Top-up Loan is refinancing option commonly available to Home Loan Balance Transfer applicants who meet the eligibility criteria. When the borrower avails of the balance transfer facility, they can also avail of additional funds of Rs.1 Crore* or higher, that comes with no end-use restrictions.
Potential Home Loan applicant can use the Home Loan Eligibility Calculator to check their loan eligibility before applying for a Home Loan, to optimise the chances of speedy loan approval. Here are the steps to using the calculator:
Select the city you wish to buy your property in from the drop-down menu.
Enter your date of birth.
Use the slider to declare your monthly income.
Use the next slider to declare your monthly obligations.
The calculator window then shows you’re the Home Loan amount you are eligible for
Applying for a Home Loan with Bajaj Housing Finance is a quick process that is easy-to-navigate and hassle-free. Follow the steps mentioned below to complete your application:
Visit the official Bajaj Housing Finance website and navigate to Home Loan form.
Enter your basic details, such as your full name, mobile number, employment type, residential and financial information.
Select the type of Home Loan you require – Fresh Home Loans, or Home Loan Balance Transfer.
Generate the OTP and key it in to go to the next step.
Confirm if you have already identified your property and select the property type if you have.
Enter your current monthly obligations and your PAN details.
Submit the application.
Our customer representative will connect with you shortly.
*Terms and conditions apply.