Bajaj Finserv Home Loans

Bajaj Finserv Home Loan for Salaried

Processing Fee
1

Loan Amount
₹ 10 Crores Max.
Tenure
1 - 25 Years

Description:

Bajaj Finserv Home Loan
 

Loan Amount

Rs. 30 Lacs to upto Rs.15 Crores

Interest Rates

8.35%

Tenure

Up to 25 Years

Processing Charges

Up to 2% of the loan amount

Preclosure Charges

Up to 4%

 

Bajaj Finserv Home Loan is one of the leading finance companies with myriad of options when it comes to loans. Amongst its rich product offerings of loans, Home Financing solutions really stands out. These home loans are available to varied customer categories, promising competitive interest rates along with a wide range of features including - 0 foreclosure cost and provision of making partial prepayments.  

 

Features -

 

Why Choose Bajaj Finserv

Bajaj Finserv is one of the diversified non-banking financial companies in India. The company offers an extensive array of loans for the customers, home financing solutions being the highlight. With the help of service delivery model, Home Loans are delivered not only quickly but without facing any hassle. Bajaj Finserv also offers doorstep delivery services for the loan application.

 

Key Benefits -

 

Salaried Borrowers

Eligibility

 

Documents

Home Loan Products for Salaried Borrowers
 

Home Loan for Salaried – Bajaj Finserv offer home loans for both salaried and self-employed individuals. Whether the borrower is a government employee or he/she is working with some private company, Bajaj Finserv has an apt home loan for all.  

Eligibility & Documents

 

Interest Rate & Charges

 

Foreclosure charges -

 

Moratorium Period – The borrowers are offered a 3-month repricing holiday, where the repricing starts only after 3 months from the time the loan has been booked. According to Bajaj Finserv, the borrower should go for re-pricing in the 3rd month and should continue in the 4th month as well from the date on which the loan has been disbursed.

After Application Process – When Bajaj Finserv receives borrower’s duly filled application form along with the necessary documents, following things will take place -

Co-Applicant – Having a co-applicant is not mandatory. In the event, someone is the co-owner of the property, then he/she should also become the co-applicant in acquiring the home loan. If the borrower is the sole owner of the property, then any family member can be the co-applicant.

Provisional Interest Certificate – This certificate helps in giving both the Principal and Interest breakup for a scheduled EMI for April to March. The borrower can use this calculation in order to claim income tax rebates under Section 80C and Section 24 of IT Act. In case any change happens prior to the end of the Financial year, it will change the figures and calculation.

 

You can get this in the following ways-

 

Top Up Loan – Bajaj Finserv offers Top-Up Loan for all the home loan borrowers. Under this scheme, the borrower is offered additional amount over and above his/her existing home loan to fulfil the dream of owning a home.

 

Features -

 

Interest Rate and other charges -

 

Foreclosure charges -

 

Eligibility -

 

Documents -

 

Home Construction Loan – This is a loan for all those borrowers who already own a land and require more funds to construction of their home on that self-owned land. The loan amount is not disbursed, to the borrower, in one go. You place draw request with your lender, on the basis of the stage of the construction, for the release of funds. The borrower have to pay the interest rate only on the amount he/she uses instead of the whole loan amount.

 

Features -

 

Interest Rate and other charges -

Foreclosure charges -

Eligibility -

Documents -

 

Land Purchase Loan – As it is self-explanatory by its name, this loan is availed, by the borrower, to buy a land. This loan will come handy when resale plot is being purchase and when a plot is being purchased through allotment.

 

Features -

 

Eligibility -

 

Documentation -

 

Joint Home Loan – Joint Home Loan allows the borrowers to buy a home by sharing the debt with a co-borrower. In case, the property is co-owned by the borrower with a close relative, then also he/she can avail Joint Home Loan.

 

Features -

Interest Rate and other charges -

Foreclosure charges -

 

Eligibility -

 

Documentation -

 

Home Loan Balance Transfer – It is basically transferring of borrower’s existing home loan to Bajaj Finserv at an affordable interest rates and low EMIs.

 

Features -

 

Documents -

 

Fees and charges -

 

 

Self-Employed Borrowers

Nowadays, job satisfaction has become a top priority for most of the people, there has been an influx of people who are interested in starting their own business and earn a living for themselves. So, to cater the financial needs of these entrepreneurs, Bajaj Finserv offer home loan for self-employed individuals.

Eligibility

Documents

Home Loan Products for Self-Employed Borrowers

Home Loan for Self-Employed – Bajaj Finserv offers one of a kind offering for all those self-employed borrowers who are buying ready to occupy property. While the borrowers are being provided with the funds to buy a dream home, they are also offered funds to meet varied expenditures on fixtures and fittings. Equipped with a home loan + facility, the borrowers won’t have to worry about applying for a separate personal loan.  

 

Eligibility -

 

Fees & Charges

Co-applicant – Having a co-applicant is not important. In case, a borrower is the co-owner of the property, he/she should also be the co-applicant for the home loan. If the borrower is the sole owner of the property, then any immediate member of the family can be the co-applicant.

Tenure – You can get the loan to a maximum tenure of 20 yrs.

Provisional Interest Certificate – This certificate helps in giving both the Principal and Interest breakup for a scheduled EMI for April to March. The borrower can use this calculation in order to claim income tax rebates under Section 80C and Section 24 of IT Act. In case any change happens prior to the end of the Financial year, it will change the figures and calculation. The calculations will be on the basis of Current Principal Balances, Current ROI and Current EMI along with the charges recorded in the current financial year.

You can get this in the following ways-

 

There are certain situations where Provisional Income Tax Certificate can undergo a change such as interest rate. It is on the basis of “as is” that the projection is calculated and any future change on EMI, principal, or interest will not be considered such as

Approval before finalizing the property – On the basis of the borrower’s income eligibility, Bajaj Finserv will issue an in-principle approval for the home loan. On the basis of this, the borrower can decide on the property he/she needs to buy. The final sanction of the home loan will be executed on the basis of the property’s evaluation.

 

Home Loan Balance Transfer – Under this loan, transferring of the borrower’s existing home loan to Bajaj Finserv at an affordable interest rates and low EMIs is carried out.

 

Features -

 

Eligibility -

 

Documents -

 

Fees and charges -


 

 

Home Loan for Doctors

Bajaj Finserv offer home loan specially for the doctors. As Home Loan for doctors, the borrowers can avail a loan up to Rs. 2 Crores and the loan also gets an approval within 24 hours.

 

Features -

 

Eligibility

Documents

 

Home Loan for Firms & Companies – For both firms and companies, Bajaj Finserv offers home loan of up to Rs. 15 Crores.

 

Fees & Charges

 

Do I need a co-applicant for a Home Loan? Who can be my co-applicant?

It is not mandatory to have a co-applicant to borrow Bajaj Finserv Home Loan. If someone is the co-owner of the property in question, it is necessary that the person should also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.

 

What are the eligibility criteria Bajaj Finserv consider while approving the home loan?

The eligibility criteria that the bajaj finserv consider while approving or disapproving a loan are –

 

Is it possible to get approval for home loan without finalizing on my property?

Based on the income of an applicant, Bajaj Finserv can offer an in-principle approval for Home Loan. Based on this, you can decide which property to buy. However, the final sanction of your Home Loan will be based on the assessment of the identified property.

 

Can I avail of a partial disbursement?

Depending on the category of the borrower’s property, whether it’s an APF (Approved Project Facility) or non-APF, it can take up to 7 days to partially disburse the home loan.

 

What is the applicable moratorium period for home loan?

A new borrower gets a 3 month moratorium period. Bajaj Finserv starts repricing after 3 months period from the time you booked the loan and carry it out in the 4th month from the date of loan disbursement.

 

How often the interest rates changes for a Bajaj Finserv Home Loan?

Depending upon the repricing policy of Bajaj Finserv, the interest rates may change in every 2 months.

 

What is Pre-EMI Interest?

Pre-EMI interest is the interest that a borrower would pay on the borrowed amount before the actual EMIs start. Starting from the date of each disbursement, you can pay each month.

 

Can I change my loan repayment instrument?

You can change your loan repayment instrument anytime you want, either to pay using electronic methods (ECS), handing in post-dated cheques, or through direct payments.

 

Does the Income Tax certificate change depending on the changes in interest rates?

Provisional Income Tax Certificate may change under some conditions like changes in the interest rate. It does not consider any future change that may happen either on the Interest, EMI or the Principal.

 

How can I update my registered mobile number and the email address?

You can update your registered mobile number or email address in either of the following ways –

 

How can I update my mailing address?

In case your new mailing address is same for which you have applied the loan, you can change your mailing address in either of the following ways –

Otherwise, you will need to visit any Bajaj Finserv nearest branch in person, along with an original and self-attested copy of your new address proof and photo identity. Proof of new residence will be required.

 

How long will it take for my Home loan to be processed?

Once you have submitted a completed application form for your home loan including all the  supporting documents, Bajaj Finserv will examine all the documents you have provided. If the provided documents are correct, a certain amount will be sanctioned depending on the factors such as - the amount you have applied for, the value of the collateral property, and your ability to repay loans. If (for some reason) Bajaj Finserv decide not to approve the loan, you will be informed accordingly.

Next, in-house lawyers and property experts appointed by Bajaj Finserv, will verify the property documents and carry out a thorough technical examination of the property for evaluation.

Once it’s done, Bajaj Finserv will initiate the disbursement of your Home Loan.

 

What are the costs associated with availing of Bajaj Finserv Home Loan?

The additional charges includes, Processing Fee of 1% of the loan amount, Rs. 1,000 for each EMI bounce, and Secure fee of Rs. 3999.

Various other charges include - Prepayment and Part-payment, depending on the repayment of the loan before the tenure.