Everything You Need to Know About Bajaj Housing Finance Home Loans in India

Bajaj Housing Finance offers a range of home loan products for salaried and self-employed individuals, featuring competitive interest rates, flexible repayment options, and benefits like balance transfer and top-up loans. Interest rates start from 8.50% p.a., with loan amounts up to Rs 5 crore and tenures up to 40 years. Bajaj Housing Finance provides quick loan approvals, minimal fees, and a hassle-free application process, making it an ideal choice for home buyers and those seeking financial flexibility.

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Investbegin

6/15/20242 min read

Bajaj Finance Home Loans
Bajaj Finance Home Loans

Everything You Need to Know About Bajaj Housing Finance Home Loans in India

Bajaj Housing Finance offers a variety of home loan products catering to both salaried and self-employed individuals. The loans come with competitive interest rates, flexible repayment options, and additional facilities such as balance transfer and top-up loans.

Interest Rates
  • For Salaried Applicants:

    • Home Loan: 8.50% - 15.00% p.a.

    • Home Loan Balance Transfer: 8.70% - 15.00% p.a.

    • Top-up Loan: 9.80% - 18.00% p.a.

  • For Self-employed Applicants:

    • Home Loan: 8.60% - 15.00% p.a.

    • Home Loan Balance Transfer: 8.70% - 15.00% p.a.

    • Top-up Loan: 9.80% - 18.00% p.a.

Fees and Charges
  • Processing Fees: 0.3% onwards

  • Prepayment Charges: No prepayment charges for floating rate loans taken by individuals

  • Foreclosure Charges: No foreclosure charges for floating rate loans availed by individuals

  • Loan Statement Charges: NIL

  • Interest and Principal Statement Charges: NIL

  • EMI Bounce Charges: Rs 3,000

  • Penal Interest: Up to 2%

  • Secure Fee: Up to Rs 4,999 (one-time)

Types of Home Loans
  1. Bajaj Housing Finance Online Home Loan:

    • Purpose: For purchasing a home with quick disbursal within 48 hours of document submission and approval.

    • Loan Amount: Up to Rs 5 crore (higher amounts based on eligibility)

    • Tenure: Up to 40 years

  2. Bajaj Housing Loan for Doctors:

    • Purpose: Specifically for doctors to finance home purchases or transfer existing home loans to Bajaj Housing Finance.

    • Loan Amount: Up to Rs 5 crore (higher amounts based on eligibility)

    • Tenure: Up to 40 years

  3. Bajaj Housing Finance Loan Balance Transfer:

    • Purpose: For transferring existing home loans from other banks and HFCs to Bajaj Housing Finance at lower interest rates.

  4. Bajaj Housing Finance Top-up Home Loan:

    • Purpose: For existing home loan borrowers to get additional funds for personal expenses like weddings, medical treatments, education, etc.

    • Loan Amount: Up to Rs 1 crore (higher amounts based on eligibility)

Eligibility Criteria
  • For Salaried Applicants:

    • Nationality: Indian

    • Age: 23 to 62 years

    • Employment: Employed in Private Companies, Public Sector Undertakings, or MNCs

    • Experience: Minimum of 3 years

    • Residence: Should reside in a city where Bajaj Housing Finance operates

  • For Self-employed Applicants:

    • Nationality: Indian

    • Age: 25 to 70 years

    • Business Vintage: Minimum of 5 years in the current enterprise

    • Residence: Should reside in a city where Bajaj Housing Finance operates

Documents Required
  • KYC Documents: Proof of Identity (Aadhaar, PAN, Passport, Driving License, Voter ID), Address Proof (utility bills, passbook, ration card, etc.)

  • Property Related Documents: Title deed, allotment letter, property tax receipt

  • Income Proof:

    • Salaried Applicants: Salary slips for the past 3 months

    • Self-employed Applicants: Business proof, ITR, P&L statement, Bank account statement for the last 6 months

  • Professional Proof: Education certificates for MBBS degree and above (self-employed professionals-doctors) and valid COP for self-employed professionals-CAs

Application Process

Applicants can apply for a Bajaj Housing Finance Home Loan online or by visiting a branch. The process involves:

  1. Submission of Documents: Provide necessary KYC, income, and property-related documents.

  2. Eligibility Check: Bajaj Housing Finance evaluates the applicant’s eligibility based on credit score, income, and other factors.

  3. Loan Approval: Once approved, the loan is disbursed within a short time frame.

EMI Calculator

Applicants can use Bajaj Housing Finance's EMI calculator available on their website to estimate their monthly EMI based on the loan amount, tenure, and interest rate.

Bajaj Housing Finance offers a comprehensive range of home loan products with competitive interest rates and flexible terms, making it a suitable choice for various financial needs related to home buying and other personal expenses.

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