The Bajaj Finserv Home Loan has made it simple and affordable for us to fulfil our desire to own our own house.
Almost all of us dream of owning a nice home that we can leave comfortably and happily without having to worry about paying rent or having to deal with landlords. As of today, goods and services are becoming more expensive every day, which increases the cost of living. Thus, obtaining our dream home as soon as possible is of paramount importance.
Typically, a home loan involves 3 steps: approval, sanction, and disbursement.
- Firstly, your application for a home loan is reviewed and approved once you submit it.
- Secondly, once all goes well, a sanction letter is generated, and we usually refer to it as the loan being sanctioned.
- Finally, the loan amount is disbursed in accordance with its terms.
Most people get confused between sanction and disbursement when it comes to home loans. There are significant differences between them.
Sanction letters are written confirmations that your lender has approved your home loan. Hence, on a sanction letter, one finds information like the sanctioned amount, the loan term, the interest rate, and other terms and conditions. Review the sanction letter carefully when you receive it. Finally, submit a signed copy of the sanction letter to the lender.
A disbursement is the final step in the loan process, in which the lender transmits the loan amount through a cheque or demand draft. The lender disburses the loan once they have received the fully signed documents from you. The letter of sanction is the document that must be signed and returned.
Home Loans at Bajaj Finserv: Know These Things-
In this post, we will discuss everything you need to know about getting a Home Loan from Bajaj Finserv. This site provides information regarding interest rates, types of home loans, other charges, repayment terms, EMI payments, application procedures, and required documents.
If you read this post carefully and thoroughly, you will be able to make an informed decision regarding the purchase of your dream home with the help of a Home Loan. Several times, I have seen people miss some important points and later ask questions after receiving the loan. If you have questions, it is better to ask them now before applying for a loan.
Before moving forward, I would urge you to please take a moment and check the interest rates on Home Loans offered by other leading Banks and Home Finance Companies. Just CLICK HERE to find out more.
1.) An Overview:
SL. NO. | PARTICULARS | INFORMATION |
a.) | Loan Amount | Maximum 5 Crores |
b.) | Loan Tenure | Maximum 30 Years |
c.) | Interest Rate (Floating) | 6.70% - 14.00% per annum |
d.) | Interest Rate (Fixed) | 12% per annum |
e.) | Processing Fees | Starts at 0.5% of the loan amount (up to 6%) + GST |
2.) Types of Home Loans provided by Bajaj Finserv:
Home Loan Balance Transfer –
Features: – Hassle-free transfer of an existing Home Loan to Bajaj Finserv.
Interest Rates: – Attractive fixed and floating interest rates.
Loan Amount: – Up to Rs. 5 Crores
Maximum Tenure: – 30 years
Top-up Home Loan –
Features: – Fund financial obligations when servicing your home loan without any worries by opting for a top-up loan. You can use this high-value amount for weddings, urgent medical procedures, education expenses,
or however you deem fit.
Interest Rates: – Attractive fixed and floating interest rates.
Loan Amount: – Up to Rs. 1 Crore
Maximum Tenure: – 30 years
Pradhan Mantri Awas Yojana –
Features: – Should you qualify, take a Bajaj Finserv Home Loan under the Pradhan Mantri Awas Yojana scheme. Interest subsidy on housing loans to eligible beneficiaries belonging to the EWS, LIG and MIG segment for construction or purchase of their first homes.
– Savings up to Rs. 2.67 lakhs for eligible beneficiaries.
– Subsidy on loan amount defined against each category.
Interest Rates: – Enjoy a maximum subsidy of 6.5% on the interest rate.
Loan Amount: – Up to Rs. 6,00,000
Maximum Tenure: – 30 years, with subsidy up to 20 years of loan.
Joint Home Loans –
Features: – Make a home loan more affordable by opting for a joint home loan. With this provision, you can apply with a co-borrower and enhance loan eligibility significantly. Since you share the responsibility of repayment, lenders are also likely to offer a higher loan sanction. However, there are only a few who can qualify as co-borrower. A co-borrower for a joint home loan must be either of the following: Parent / Spouse / Sibling / Unmarried Daughter / Son
Interest Rates: – Attractive fixed and floating interest rates.
Loan Amount: – Up to Rs. 5 Crores
Maximum Tenure: – 30 years
Women’s Home Loan –
Features: – A home loan for women offers ample funds at a competitive rate so that women can be independent homeowners and build their asset portfolios.
Interest Rates: – Attractive fixed and floating interest rates.
Loan Amount: – Up to Rs. 5 Crores
Maximum Tenure: – 30 years
Home Construction Loan –
Features: – Make the dream of constructing your own house come true with the Bajaj Finserv Home Construction Loan. This offering is tailor-made for individuals seeking financial support to construct a house on a vacant plot. Cover all expenses, right from planning to execution, effortlessly with this feature-rich secured loan.
Interest Rates: – Attractive fixed and floating interest rates.
Loan Amount: – Up to Rs. 5 Crores
Maximum Tenure: – 30 years
Plot for Purchase –
Features: – Buy a plot of land in a city of your choice with easy financing from a loan for land purchase.
Interest Rates: – Attractive fixed and floating interest rates.
Loan Amount: – Up to Rs. 5 Crores
Maximum Tenure: – 30 years
Home loan for advocates and private / government / bank employees –
Features: – Bajaj Finserv offers ample financing at the best interest rates to various professionals through loans such as its home loan for private employees, home loan for government employees, home loan for bank employees, and home loan for advocates.
Interest Rates: – Attractive fixed and floating interest rates.
Loan Amount: – Up to Rs. 5 Crores
Maximum Tenure: – 30 years
3.) Eligibility Criteria:
For Salaried Individuals:
– Those employed by the government or reputed companies on a permanent basis.
– The individual must be a citizen of India.
– The individual should have at least 3 years of work experience.
– The applicant must be at least 23 years of age at the time of loan commencement and up until 62 years at the time of final repayment.
For Self-employed Individuals:
– Individuals who file income tax returns are eligible to apply.
– The individual must be a citizen of India.
– The individual should have at least 5 years of business continuity in current business.
– The applicant must be at least 25 years of age at the time of loan commencement and up until 70 years at the time of final repayment.
4.) Documents Required:
a.) Filled Application Form.
b.) KYC documents – Passport, Driving License, Aadhaar Card, Voter Id Card (any one).
c.) Your employee ID card.
d.) Salary slips of the last 2 months.
e.) Bank account statements for the last 3 months (salaried)/ 6 months (self-employed).
f.) Document of proof of business of minimum 5 years (for businessmen/ self-employed individuals).
Please note: The list of documents mentioned is indicative. During loan processing, additional documents may be needed. The same will be communicated to you as and when required.
5.) How to apply for Bajaj Finserv Home Loan:
Offline:
An individual can visit any Bajaj Finserv branch near them and fill out the application form. In addition to the application, the applicant must submit all required documents.
Online:
An applicant may also apply for a Housing loan online on their official website by filling out the required application form.
Click Here to visit the official website of Bajaj Finserv
