Bajaj Housing Finance provides instant access to your home financing needs. Whether you are buying a new home, renovating, or constructing, Bajaj Housing Finance Home Loan helps you with competitive interest rates and flexible repayment options.
This loan is specifically designed to deliver to the diverse needs of homebuyers in India. It simplifies the process of securing funds for your dream home. With a focus on customer convenience, Bajaj Housing Finance ensures a hassle-free application and disbursal process.
This comprehensive guide will help you through every aspect of the Bajaj Housing Finance Loan. Let's explore how this loan can help you achieve your dream of owning a home.
Bajaj Housing Finance Home Loan Overview
The Bajaj Housing Finance Home Loan is a financial product that provides the necessary funds to purchase, construct, or renovate a residential property. It is a secured loan, with the property serving as collateral. Bajaj Housing Finance offers this loan to both salaried and self-employed individuals.
The loan is known for its competitive interest rates and flexible repayment tenures. It also comes with a host of features and benefits that make it an attractive option for prospective borrowers.
| Feature | Description |
|---|---|
| Loan Purpose | Purchase of a new or resale home, self-construction, home renovation, and extension. |
| Loan Amount | Up to ₹5 Crore* or higher, depending on eligibility. |
| Interest Rate | 7.45%* p.a. onwards |
| Repayment Tenure | Up to 32 years*. |
| Processing Fee | Up to 4%* of the loan amount + GST. |
| Prepayment Charges | Nil for floating rate loans. |
| Balance Transfer | Facility available with a top-up loan option. |
| Target Audience | Salaried and self-employed individuals, including NRIs. |
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Bajaj Housing Finance Loan Amount, Tenure & Interest Rates
Understanding the financial aspects of a housing loan is crucial. Bajaj Housing Finance offers a substantial loan amount with a long repayment tenure. The interest rates are competitive, making the loan affordable for a wide range of borrowers.
The table below provides a detailed breakdown of the loan amount, tenure, and interest rates.
| Parameter | Details |
|---|---|
| Minimum Loan Amount | As per the applicant's eligibility. |
| Maximum Loan Amount | Up to ₹5 Crore*. |
| Loan Tenure | Up to 32 years*. |
| Interest Rate (Salaried) | 7.45%* p.a. onwards |
| Interest Rate (Self-Employed) | 7.85%* p.a. onwards |
| Rate Type | Floating and Fixed (for a limited period). |
Bajaj Housing Finance Home Loan Interest Rates
Here are more details on the Bajaj Housing Finance Home Loan Interest Rates for various plans:
| Home loan type | Current Home Loan Interest Rates (p.a.) |
Home Loan interest rates for salaried applicants
| Home Loan | 7.45%* to 18%* p.a. |
| Home Loan (Balance Transfer) | 7.55%* to 18%* p.a. |
| Top-up Loan | 8.55%* to 10.40%* p.a. |
Home Loan interest rates for self-employed applicants
| Home Loan | 7.85%* to 18.00%* p.a. |
| Home Loan (Balance Transfer) | 8.25%* to 18%* p.a. |
| Top-up Loan | 8.95%* to 10.85%* p.a. |
Home Loan interest rates for professional borrowers
| Home Loan | 7.55%* to 18%* p.a. |
| Home Loan (Balance Transfer) | 7.65%* to 18%* p.a. |
| Top-up Loan | 8.65%* to 10.45%* p.a. |
Your credit score can also play a major role in the interest rates:
| CIBIL Score | For Salaried Applicants | For Self-Employed Applicants |
| 800 | 7.45%* to 18%* p.a. | 7.85%* to 18.00%* p.a. |
| 750 - 800 | 7.45%* to 18%* p.a. | 7.85%* to 18.00%* p.a. |
Bajaj Housing Finance Home Loan Fees & Charges
Apart from the interest rate, there are other fees and charges associated with a housing loan. It is important to be aware of these charges to avoid any surprises later. Bajaj Housing Finance is transparent about its fee structure.
The table below lists the various fees and charges applicable to the Bajaj Housing Finance Loan.
| Fee Type | Charges |
| Processing Fee | Up to 4%* of the loan amount + GST. |
| Documentation Charges | As per actuals. |
| Prepayment/Foreclosure Charges | Nil for floating rate loans. Up to 4%* for fixed-rate loans. |
| Late Payment/Penal Interest | As per the loan agreement. |
| CIBIL Report Charges | As per actuals. |
| Legal and Technical Fee | As per actuals. |
| Stamp Duty and Registration Charges | As per state government norms. |
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Bajaj Housing Finance Home Loan Eligibility Criteria
To avail of a housing loan from Bajaj Housing Finance, you need to meet certain eligibility criteria. These criteria are in place to ensure that the borrower has the financial capacity to repay the loan. The eligibility requirements for salaried and self-employed individuals are different.
The table below outlines the detailed eligibility criteria.
| Criteria | Salaried Individuals | Self-Employed Individuals |
| Age | 23 - 67 years*. | 23 - 70 years*. |
| Income | Minimum monthly salary of ₹10,000. | Minimum PAT of ₹15,000 per month. |
| Work Experience | Minimum 3 years of work experience in a public or private sector | Minimum 3 years of business vintage. |
| Credit Score | 750* or above. | 750* or above. |
| Citizenship | Resident Indian or NRI. | Resident Indian only. |
*The upper age limit is considered as the age at the time of loan maturity. This is subject to change depending on the property profile.
Documents Required for Bajaj Housing Finance Loan
A comprehensive set of documents is required to apply for a housing loan. These documents help in verifying the identity, address, income, and property details of the applicant. It is advisable to keep these documents ready to ensure a smooth application process.
The list of required documents is provided below.
| Document Category | Required Documents |
| Identity Proof | Aadhaar Card, Passport, Voter ID, Driving License. |
| Address Proof | Aadhaar Card, Utility Bills, Passport, Driving License. |
| Income Proof (Salaried) |
|
| Income Proof (Self-Employed) |
ITR and P&L statement for the last 3 years, Business proof, Bank statements for the last 6 months. |
| Property Documents | Sale agreement, Title deed, Allotment letter, Property tax receipt. |
| Other Documents | PAN Card, Recent photographs, Cheque for processing fee. |
Bajaj Housing Finance Home Loan EMI Calculator
An EMI calculator is a useful tool for planning your housing loan. It helps you determine the monthly installment you need to pay towards your loan. The calculator takes into account the loan amount, interest rate, and tenure to provide an accurate EMI.
You can use the EMI calculator to plan your finances effectively. The inputs required are the loan amount, interest rate, and tenure.
The output will be the EMI, total interest payable, and the total repayment amount.
Bajaj Housing Finance vs Other Home Loan Lenders
Choosing the right lender is as important as choosing the right property. It is essential to compare the offerings of different lenders before making a decision.
The table below provides a comparison of the Bajaj Housing Finance Home Loan with other leading lenders in the market.
| Lender | Interest Rate (p.a.) | Processing Fee | Maximum Tenure |
| Bajaj Housing Finance | 7.45%* onwards. | Up to 4%* of the loan amount. | 40 years*. |
| HDFC Bank | 7.90*% p.a onwards | Up to 0.50%* of the loan amount | 30 years |
| ICICI Bank | 7.65%* onwards | Up to 0.50%* of the loan amount | 30 years |
| State Bank of India | 7.50%* onwards | Up to 0.35%* of the loan amount | 30 years |
| LIC Housing Financ | 7.50%* onwards | Up to 0.50%* of the loan amount | 30 years |
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Bajaj Housing Finance Home Loan Features & Benefits
The Bajaj Housing Finance Home Loan comes with a range of features and benefits that make it a preferred choice for homebuyers. These features are designed to provide convenience, affordability, and flexibility to the borrowers.
Some of the key features and benefits are listed below.
- Competitive Interest Rates: The loan is offered at attractive interest rates, making it affordable for a wide range of borrowers.
- Flexible Tenure: A long repayment tenure of up to 32 years* allows for smaller EMIs, reducing the financial burden on the borrower.
- Quick Processing: The loan application is processed quickly, and the disbursal is done within 48 hours* of approval.
- Multiple Loan Types: The loan can be availed for various purposes, including home purchase, construction, and renovation.
- Transparent Fees: There are no hidden charges, and all fees and charges are communicated to the borrower upfront.
- Excellent Customer Support: Bajaj Housing Finance provides excellent customer support through its branches and online channels.
- Prepayment Flexibility: The loan comes with the option of part-prepayment and foreclosure, allowing the borrower to repay the loan early without any penalty on floating rate loans.
Types of Bajaj Housing Finance Loans
Bajaj Housing Finance offers different types of housing loans to cater to the diverse needs of homebuyers. These loans are designed for specific purposes, ensuring that the borrower gets the right kind of financial assistance.
The different types of housing loans are explained below.
- Home Purchase Loan: This is the most common type of housing loan, used for purchasing a new or resale property.
- Construction Loan: This loan is for individuals who want to construct a house on a plot of land they own.
- Home Renovation / Extension Loan: This loan is for renovating or extending an existing house.
- Balance Transfer: This facility allows you to transfer your existing home loan from another lender to Bajaj Housing Finance to avail of a lower interest rate.
- Top-up Loan: You can avail of a top-up loan on your existing home loan to meet other financial needs.
- Loan Against Property: Bajaj Housing Finance offers Loan Against Property (LAP) of up tp ₹5 Crore from an interest rate of 8.99%* p.a. onwards.
Apply Online for Bajaj Housing Finance Home Loan
The application process for a Bajaj Housing Finance Housing Loan is simple and hassle-free. You can apply for the loan online or by visiting a branch.
The step-by-step process is outlined below:
- Check Eligibility: The first step is to check your eligibility for the loan using the online eligibility calculator.
- Gather Documents: Collect all the required documents, including identity proof, address proof, income proof, and property documents.
- Fill Application Form: Fill out the application form with all the necessary details.
- Submit Documents: Submit the application form along with the required documents.
- Verification: Bajaj Housing Finance will verify the documents and your credit history.
- Loan Sanction: Once the verification is complete, the loan will be sanctioned.
- Disbursal: The loan amount will be disbursed to your account.
Bajaj Housing Finance Repayment Options & Prepayment Terms
Bajaj Housing Finance offers flexible repayment options to its borrowers. The loan is repaid through Equated Monthly Installments (EMIs). The EMI amount is determined by the loan amount, interest rate, and tenure.
The interest is calculated on a monthly reducing basis. Bajaj Housing Finance also allows for part-prepayment and foreclosure of the loan.
There are no prepayment charges for floating rate loans. For fixed-rate loans, a prepayment penalty of up to 4%* may be applicable.
Summary & Key Insights
The Bajaj Housing Finance Housing Loan is a comprehensive and customer-friendly financial product. It offers a high loan amount, a long repayment tenure, and competitive interest rates. The loan is available for various purposes, including home purchase, construction, and renovation.
The application process is simple and hassle-free, with quick disbursal. The transparent fee structure and excellent customer support make it a preferred choice for homebuyers. The loan also comes with the flexibility of prepayment and foreclosure.
Overall, the Bajaj Housing Finance Housing Loan is an excellent option for individuals looking to finance their dream home.
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Frequently Asked Questions
The minimum down payment required for the Bajaj Housing Finance Home Loan is typically 20% of the property value. However, it is highly dependent on the profile and property value.
Yes, you can avail a Bajaj Housing Finance Loan for an under-construction property.
For your Bajaj Housing Finance Home Loan, if you have a floating rate loan, there are no prepayment charges. For a fixed-rate loan, a penalty of up to 4%* may be applicable.
There is no lock-in period for the Bajaj Housing Finance Home Loan.
For the Bajaj Housing Finance Housing Loan, self-employed borrowers need to provide their ITR and P&L statement for the last 3 years, business proof, and bank statements for the last 6 months.
Yes, NRIs can apply for a Bajaj Housing Finance Home Loan.
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