With a Home Loan, you can now realize your dream of owning a home! At Finserv MARKETS, you can avail a home loan at low interest rates and minimal documentation. Your dream home is now yours. So, apply for a Home Loan on Finserv MARKETS today!
Bajaj Housing Finance Limited is renowned for offering long term financing through Home Loan, Home Loan Balance Transfer, Loan Against Property, Loan Against Property Balance Transfer.
Home First Finance Company (HFFC) is a NBFC that provides affordable housing loans, to help people realize their ultimate dream of owning a home.
PNB Housing Finance, one of the largest finance companies in India, specializes in providing financial services to the customers, through Housing Loans and Loan Against Property.
With a Home Loan, you can purchase the house of your dreams in the most easy and hassle-free way. At Finserv MARKETS, you can apply for a loan amount of up to Rs 3.5 Crore and take advantage of exciting benefits such as additional Home Loan Top Up of up to 50% of your sanctioned home loan amount and much more! What's more? You can also reduce your current Home Loan EMI by transferring your existing home loan to us at the lowest rate of interest in India using the Home Loan Balance Transfer facility.
If you have a working partner, you can opt for a joint home loan to avail a higher loan amount.
You can also explore more about The Pradhan Mantri Awas Yojana (PMAY) which, was recently launched and implemented with the mission of providing “Housing for All”. It intends offer housing loan interest subsidy to the middle income and the Lower income Group/ Economically weaker Section.
Finserv MARKETS helps you choose from a diverse range of secured lending products. You also get to compare various loan offers by the best of the lending partners. So, you are indeed spoilt for choice!
There's no tedious paperwork involved. Your application is approved within minutes and you can get the loan in no time.
We are proud to deliver on our promise to more than 100 million customers. Our reliable interface helps the lending partners reach out to people all across India and provides the best lending experience.
Want a Home Loan? Follow the steps below and hit that Apply button now!
The EMI that you have to pay depends primarily on three factors:
You can calculate the amount of monthly instalments with the help of the home loan EMI calculator by filling out the desired loan amount, the pre-determined rate of interest and the fixed tenure.
The eligibility criteria depends on your nationality, age and your years of work experience.
You can check the detailed home loan eligibility criteria for an in depth look into the same.
You need to submit the following documents while applying for a home loan from us:
Check out the entire list of documents required for home loan for further details.
As a part of the home loan application process, you may incur the following charges:
The processing fee is a one-time charge that must be paid to the loan provider post the approval of the application. The charge varies depending upon the type of loan scheme and the processing steps involved.
As the name suggests, lenders levy a prepayment charge when you repay your loan before the completion of the loan tenure.
If you decide to switch your home loan to another financial institution as a way to avail benefits such as a lower rate of interest, then you will have to pay a conversion fee.
In the case of cheque dishonour, where there are insufficient funds for withdrawal, the lender will levy a cheque dishonour charge.
A penalty is levied if you are unable to pay your Equated Monthly Installments (EMIs) as stated in the home loan agreement.
You may incur a charge, at the discretion of the lender, if you want changes in your loan repayment terms.
Incidental charge is the penalty levied to recover the cost incurred when recovering dues from a borrower who has defaulted on their monthly payment(s).
Miscellaneous fees are payable for any charges incurred on extra documentation or photocopy of documents.
The Pradhan Mantri Awas Yojana (PMAY) Scheme is an initiative provided by the Government of India that aims at providing affordable housing for the urban poor. Affordable homes will be built across selected cities and towns using eco-friendly construction methods in the best interest of the urban poor population in India. Also, under the Credit Linked Subsidy Scheme (CLSS), beneficiaries under PMAY are eligible for an interest subsidy if a loan is availed to purchase or construct a house.
In a Home Loan Balance Transfer, you can transfer your home loan from one bank to another. These could be Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB). The borrower has to fulfill the eligibility criteria for availing Home Loan as per the Bank's terms and conditions and has serviced interest and/or installment of the existing loan regularly, as per the original terms of loan sanction. The borrower should have valid documents evidencing the title to the house to avail benefits of this scheme.
Instant Home Loan is an instant sanction for the customer’s loan application. You are eligible to get pre-approved Home Loan offers if you have an existing salary or savings account with the bank. With quick documentation and verification process online, you can also generate your Home Loan sanction letter in just a few clicks.
Every lending institution has a set income limit for individuals based on particular locations. The income requirement is usually high for individual's residing in metro cities. You need to make sure you qualify for the income limit to get your home loan application approved.
It is important to maintain a healthy credit report and score. Having a poor credit score could be an indicator to the lender that you may not be able to repay your future home loan.
Ensure that all your pending dues for existing card bills and EMIs are paid off. The lenders track record of your credit history and credit score when getting started with the home loan application process.
Even if a home loan application gets an in-principle approval based on the CIBIL score, the final approval of the loan can be expected only if you submit the required documents in a timely and credible manner
It is important to acquire a No Objection Certificate (NOC) from the lender for loans that you've cleared. Obtaining this certificate will make your home loan application process easier
Home loans are a long-term responsibility, to avail the loan you must have a stable career to be eligible. A history of job-hopping within a short period might lower your chances of loan approval and your application is very likely to get rejected.
If your home loan application gets rejected you need to start working on improving your CIBIL Score. Past failures in paying EMIs, settling credit card bills and outstanding loan balances, may have a huge impact on the applicant’s ability to acquire fresh credit. The age and the ability of the applicant to earn a steady income, are also some of the major factors considered. Start by settling your outstanding loan payments and bills on time. This will help you when your credit-worthiness is being evaluated.
It is not mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she 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.
If your new mailing address is the same for which the Home Loan has been taken, you may change the address by logging in to our Customer Portal. If your new mailing address is not the one for which the loan has been taken, you will need to visit us in person at your nearest branch along with an original and self-attested copy of your new address proof and photo identity.
You may update your mobile number and email address by logging in to our Customer Portal.
Provisional Interest Certificate gives the Principal and Interest breakup for the scheduled EMI for a complete Financial Year i.e. from April to March. This calculation can be used for claiming the Income Tax rebates in appropriate cases under Section 80C as well as Section 24 of the Income Tax Act. The calculations are based upon Current Principal Balances, Current ROI and Current EMI along with any changes recorded in the Current Financial Year. Any change that may happen before the end of the Financial Year will alter the calculation and the figures. You can get this by logging in to our Customer Portal.
The Provisional Income Tax Certificate can change under certain circumstances like change in Interest Rate. The projection is calculated on “as is” basis and does not consider any future change that may happen either on the Interest, EMI or the Principal.
Your EMI consists of two parts—paying back the principal amount you borrowed, plus the interest rates charged ‘on’ it. Three factors come into the equation—how much you borrowed, the rate of interest, and the loan tenure. There are ways to bring your EMI down: for one, it drops automatically if there is a drop in the interest rates, or if you pay back more than you need to (called a ‘partial prepayment’).
There are two ways of going about this: 1. An Electronic Clearing Service (ECS) is an easy and convenient option, available exclusively to those that have a bank account. Your easy EMIs get auto debited out automatically from your account every month, at a specified date. 2. With us, you may also choose to hand in a fresh set of Post-Dated Cheques (PDCs) ahead of time, from any bank account. Note that this is only for those customers in non-ECS locations. ECS is the preferred mode, as it’s faster and there are no chances of errors. Plus, there’s no hassle of replacing PDCs when the EMI changes, or when they run out.
When there’s an unexpected increase in interest rates, we first attempt to make things easier on you by increasing the loan tenure—within permissible limits. If this doesn’t resolve the issue—covering interests under current EMI—we’ll need to increase the EMI. Another solution—you can choose to part-prepay online via the Customer portal. Alternatively, you can make a partial prepayment at our nearest branch to reduce the interest amount.
You can choose to pay your EMIs by electronic methods (ECS), by handing in post-dated cheques, or through direct payments. Going in for the ECS option, you’ll need to pay the revised amount from the subsequent month; you’ll be paying the differential amount separately, during the current month. If you’re going with the PDCs, you’ll need to completely replace your old cheques. You can also choose to increase the EMI amount whenever you choose to during the loan tenure, which will result in reducing the loan tenure. To avail this option just logon to our Customer Portal.
When interest rates go up, the interest component of an EMI also goes up. The EMI is kept constant as explained in the previous section, which results in a lower principal component. If the rates move up continuously, then there might be a situation where the interest Component becomes more than the EMI. In such a situation, principal component (EMI minus interest component) gives a negative figure. Consequently, the outstanding balance, instead of being reduced from the opening principal with the principal component, gets increased with the negative principal component. This is commonly referred to as negative amortization. A loan where the amortization is negative does not get repaid, ever since the regular payments are insufficient to cover the interest component. The unpaid interest gets added to the principal and makes it grow. The situation gets reversed only when interest rates start falling. The customer does part-prepayment or increases the EMI.
In case of a home loan with variable rate, the interest rate used to calculate the interest component is subject to variation. When rates change, one of the following changes can be done to a loan: 1. The term of the Loan is extended (when rates go up) or contracted (when rates go down). 2. The Instalment (EMI) amount is reset (increased in case rates go up & reduced in case rates come down). 3.As a practice, the term of the home loan is extended since the self-employed customer, might have given PDC’s and it would be difficult to replace them on every rate change. However, in case of under construction properties, the Pre-EMI amount is increased by default.
In case the latest interest rate component exceeds 85% of the EMI amount at any time, it should be a warning to the customer. This will ensure that variation in interest rates does not cause any inconvenience.
Internal floating reference rate is the benchmark reference rate. This is determined on the basis of market conditions and the cost of funds for the company. These changes depend on various external factors and economic conditions.
As per our re-pricing policy, home loan interest rates are reviewed every 2 months and a decision is taken whether to change the interest rates or keep that unchanged.
This is a bi-annual exercise that is yet another an industry first for any NBFC in the country. As a goodwill gesture and to maintain transparency with our valued, existing self-employed customers, we ensure through our pro-active downward re-pricing strategy, that none of our existing customers are more than 100 basic points over and above the last 3 months average sourcing rate. If customers are higher than 100 bps from our last 3 months average sourcing rate, we carry out downward re-pricing of the rate of interest for them. This brings them to maximum 100 bps above the last 3 months average sourcing rate.
Home Loan sanctioned for under construction property is disbursed in instalments by us. These disbursements in instalments are called part / subsequent disbursement. You will need to make an online request to Bajaj Finserv for the part disbursement.
The time taken by Bajaj Finserv depends on the category in which your property falls. We categorize every property into APF (Approved Project Facility) and Non APF. The time taken by the processing for part disbursement would be: 4 working days - If the property is part of Approved Project Facility and 7 working days - If the property is not part of Approved Project Facility.
You will need to submit online request for part disbursement to Bajaj Finserv, along with the following documents. 1. Scanned copy of demand letter from the builder. 2. Receipt of last payment made to the developer.
No, foreclosure of your loan will have no impact on your CIBIL score. Once the loan is foreclosed the same would be reported to CIBIL as ‘Closed’ and it would have no impact on your CIBIL Score.
Pre-EMI interest is the interest that you need to pay on the amount you borrow. Commencing from the date of each disbursement, you can pay each month, until EMI payments start.
Based on your city of residence, your home loan eligibility depends on your salary. This should be the following - (1). Minimum Salary; Rs. 30,000 - For Delhi, Gurugram, Faridabad, Greater Noida, Noida, Ghaziabad, Mumbai, Thane, and Navi Mumbai. (2). Minimum Salary; Rs. 25,000 - For Bangalore, Pune, Hyderabad, Chennai, Ahmedabad, Kolkata, Jaipur, Chandigarh, Coimbatore, Nagpur, Surat, Cochin, Baroda, Indore, Vizag, Nasik, Aurangabad and Lucknow.
The minimum value of your property should be as follows: (1). 40 Lakhs - For Mumbai, Delhi (excluding NCR). (2). 30 Lakhs - For Bangalore, Pune, Hyderabad, Chennai, Thane, Navi Mumbai, NCR (Faridabad, Gurgaon, Ghaziabad, Noida and Greater Noida.) (3). 20 Lakhs - For Kolkata, Ahmedabad, Chandigarh, Cochin, Coimbatore, Indore, Jaipur, Nagpur, Surat, Baroda, Nashik and Vijayawada. (4). 15 Lakhs - For Aurangabad, Vizag and Lucknow.
The TAT for issuance foreclosure statement is typically 7 working days.
A beneficiary family: 1. Provided that he/she does not own a pucca house (an all-weather dwelling unit) in his / her name in any part of India. 2. Provided also that in the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the Scheme.
A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household.
The income norms for various Household categories are defined as under: 1. EWS households/individuals with an annual income up to Rs. 3.00 lakh. 2. LIG households/individuals with an annual income more than Rs. 3.00 lakh and up to Rs. 6.00 lakh. 3. MIG I households/individuals with an annual income more than Rs.6.00 lakh and up to Rs.12.00 lakh 4. MIG II households/individuals with an annual income more than Rs12.00 lakh to INR 18.00 lakh.
Following documents needs to be submitted to avail PMAY subsidy scheme: 1. Declaration Form (Stamp duty to be the same as Affidavit, as per State Laws). 2. Permanent Account Number (PAN). If PAN is not assigned, Form 60 is required. 3. Aadhaar Number all the applicants in the Beneficiary family (For MIG I & MIG II category). 4. Income proof of the applicant [Applicable Income Proof documents - ITR or Form 16 (1 year)/ Salary Slip (Gross Monthly Salary*12)]. 5. PMAY Addendum (Stamp duty to be the same as Top-up addendum, as per State Laws). 6. End-Use Undertaking Certificate.
Once the loan amount is disbursed subject to eligibility, BHFL will claim the subsidy benefit the subsidy for eligible borrowers from NHB (National Housing Bank). For all eligible borrowers, the subsidy amount would be paid to BHFL. Once BHFL receives the interest subsidy, it will be credited upfront to the loan account and EMI will be readjusted.
This is done basis the loan amount, repayment tenure and interest rate that is charged. For more information on this, use the monthly EMI calculator on our Home Loan EMI Calculator page.
Visit the Eligibility Criteria page, fill in the details and calculate your loan eligibility.
There is no limit to the loan amount, however interest subsidy will be calculated on a maximum of Rs. 6 lacs for EWS/LIG, Rs. 9 lacs for MIG I and Rs. 12 lacs for MIG II. Also, there is no limit to the property value but there is a limit to the carpet area for each of the category. The carpet area of houses being constructed or enhanced under this component of the mission should be up to 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only. The maximum carpet area of the dwelling unit is 160 Sq.m./1722 sq. feet for MIG I category and 200 sq.m./2152.78 sq. feet for MIG II category.
The applicable interest subsidy on the eligible loan amount for each of the category is given below: 1. EWS/LIG: 6.5%. 2. MIG I: 4%. 3.MIG II: 3%.
No, households cannot avail the benefit under CLSS as spouse in beneficiary family/household already owns one property.
The PMAY subsidy is applicable for a maximum considered tenure of 20 years. BHFL can offer tenure as per existing policy however, subsidy will be calculated, lower of: 1. 20 years 2. Offered tenure by BHFL.
The property should have basic civic infrastructure like water, toilet, sanitation, sewerage, road, electricity etc.
Yes. To process the case under PMAY scheme for MIG I & MIG II categories, it is a mandatory requirement to provide the Aadhaar card details of all the applicants in the beneficiary family.
BHFL will not take any processing charge from the beneficiary for eligible housing loan amount as per income criteria under the Scheme. For additional loan amounts beyond the eligible loan amounts for interest subsidy, processing fees will be charged by BHFL.
The TAT for issuance foreclosure statement is typically 12 working days.
Repairing work to the existing house can be undertaken in houses which are kutcha, semi pucca and require extensive renovation to make it into a pucca house. However, this is applicable only for applicants in the EWS and LIG categories.
1) Floating Reference Rate – It is a benchmark rate used by Financial Institutions to determine effective interest rates on loans. 2) Outstanding Principal – Principal amount which reduces every month in line with amortization/repayment schedule. It is called as Principal Outstanding (POS). 3) Sanctioned Limit – Sanctioned loan amount is referred to as Sanctioned Limit for flexi facilities wherein customers can prepay or withdraw anytime to the extent of available limit. 4) Floating Rate – A floating interest rate is an interest rate that moves up and down according to the rise or fall in the market interest rates. 5) Fixed Rate - A fixed rate is an interest rate that is set to remain the same for the term of a loan.
Indian Health Organisation Pvt.Ltd or IHO is the India subsidiary of Aetna, a global healthcare service provider. IHO focuses on offering clinical excellence using the latest digital technology while tying up with a wide network of healthcare partners. Facilities and services offered span across 38 Indian cities and include telephonic/video consultations with international doctors, conducting blood tests at the patients' residence, home delivery of medicines and offering caregiving services.
The benefits of availing this health card are as follows; 1. Enjoy unlimited tele-consultation for up to 4 family members by certified Swiss doctors; 2. Benefit from 2 free health check-ups that cover 84 vitals tests and 12 health profile tests; 3. Enjoy 5 free consultations across partner clinics and hospitals; 4. Get free vouchers for pharmacy purchases worth Rs. 5000; 5. Enjoy 2 free Diet-related vouchers of Rs. 3500 each; 6. Get two dental care vouchers (limited to teeth cleaning and scaling); and 7. Get a discount card that helps save on day-to-day medical expenses which include diagnostics, medicine purchase and other treatments.
You need to book the services you wish to avail (such as check-ups) by calling on 18001034466.
For service-related complaints, please reach out to us on 18001034466. need to be direct to (provide email id of vendor). Typically, you should receive a solution or at least communication from the vendor in 3 days of registering a complaint.
Post encashment, our product team will share your details within a week with the health card provider/vendor Atena. A welcome call will follow wherein your details will be noted by the vendor. With this completed, you will receive an eKit within 24 hours of the call and a physical welcome Kit within 5 working days.
Your welcome kit contains the following – 1. A physical card that can be used across partner clinics/hospitals to avail special offers and discounts and 2. Coupons and vouchers to avail benefits.
Due to the fact that this is a value-added service and is part of the home loan package, to cancel you must inform the service provider by calling on 18001034466 or dropping an email on <vendor email id>. This will trigger the cancellation of the health card service and the membership fee will be refunded to us (Finserv Markets) within 5 working days. Post this, we will refund the amount to you. However, you can only cancel your subscription if the services offered are not availed.
The amount is deducted from your sanctioned loan amount. You need not pay anything extra.
A refund is only possible if you cancel your subscription without availing any service. Upon successful cancellation, the subscription amount is first refunded to us with 5 working days. Post this, we will send the refund the amount to you.
Your subscription lasts for 12 months.
Should you exhaust the services and vouchers offered, you will have renew your health card.
Yes, you can avail of tax deduction on home loans from total income under Section 80C and claim tax deductions up to Rs. 1.50 lakh under this section.
Marginal Cost of Funds Based Lending Rate (MCLR) is the minimum rate of interest of a bank below which the bank will not be able to lend. MCLR outlines the method by which the minimum rate of interest for the loan is determined by a bank- based on marginal cost or the additional or incremental cost of arranging one more rupee to the prospective borrower.
Yes, it is possible to switch from floating to fixed interest rates. The transition from fixed to floating interest rates or vice versa. However, you have to pay a conversion fee of up to 2% of the total loan amount.
Banks and other lending institutions offer loans of up to 90% of the total value of the house property. The Loan-to-Value ratio is based on RBI regulations, which states that individual home loans can be funded only up to 90% of the loan value if the total loan amount is up to Rs. 30 lakh.
Yes, you can apply for two Home Loan at the same time. However, it depends directly on your income and the probability of repaying the debt. You can apply for a loan from the same finance company or bank or may explore other options.
Your loan service provider or lender will provide you with a loan repayment schedule that will show when your first payment is due, the number and frequency of your payments, and the amount of each loan payment.