Home Loan

You can get a home loan of up to ₹15 Crores at affordable interest rates starting at 8.45% per annum. That’s not all. The tenure of up to 40 years allows you to optimise repayment to suit your financial capabilities. Read on to learn more about home loans and find out how to apply for one.

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.45% Apply Now

Home Loan Details

You can find some of the best housing loan providers in India on Bajaj Markets. You can compare the home loan interest rates and offers from lending partners to choose the one that best suits you.

Interest Rate	8.45% p.a. onwards
Loan Amount	Up to ₹15 Crores
Repayment tenure	Up to 40 years
Processing Fee	Between 0.5% and 6% of the loan amount
Part-payments	Must be at least 2 months’ EMI or more
Foreclosure	Possible after 6 -12 EMIs, as per lender’s terms

Compare and Apply for Home Loan Online

Comparing loan offers before you apply is a smart way to ensure that you get the best deal. In order to compare, check the interest rate, maximum loan amount, tenure, and charges on the loan.

Here are the details of home loans from our partners:

Home Loan Providers	Interest Rates	Maximum Loan Amount/Tenure
Bajaj Housing Finance Limited	8.45% p.a. onwards	Amount - ₹5 Cr Tenure - 40 Years
PNB Housing Finance Limited	8.50% p.a. onwards	Amount - ₹15 Cr Tenure - 30 Years
ICICI Bank	9.00% p.a. onwards	Amount - ₹5 Cr Tenure - 30 Years
Home First Finance Company	9.50% p.a. onwards	Amount - ₹40 Lakhs Tenure - 20 Years
Union Bank of India	8.50% p.a. onwards	Amount - ₹15 Cr Tenure - 30 Years
LIC Housing Finance	8.65% p.a. onwards	Amount - ₹15 Cr Tenure - 30 Years
Shubham Housing Finance	10.90% p.a. onwards	Amount - ₹50 Lakhs Tenure - 25 Years
Shriram Housing Finance	11.50% p.a. onwards	Amount - ₹1 Cr Tenure - 25 years

*Disclaimer: The values mentioned are applicable as of June 2023. The interest rates and associated charges can vary from one lending partner to the other and are subject to policy changes of the partner.

Calculate Your Home Loan EMI

Loan Amount

₹

Tenure

Months
Years

Rate of Interest

Monthly EMI

at % interest rate for months

Total Amount Payable

Principal Amount

Total Interest Amount

Apply Now

A Home Loan EMI calculator is an algorithm-based tool that can help you get instant estimates of your house loan EMI amount. All you need to do is enter your loan amount, expected interest rate, and preferred repayment tenure.

The online tool will show you your overall EMI outflow within seconds. A housing loan calculator can also help you compare loan options by simply altering the numbers you fed into the tool originally. This way, you will be able to decide which offer suits you the best.

Home Loan Amortization Schedule

Year	Principal	Interest	Balance

Home Loan Features and Benefits

Competitive Interest Rates

These rates dictate the cost of borrowing and start from 8.50% p.a.

Flexible Repayment Tenure

A flexible tenure ensures affordability and you can repay over 40 years (480 months).

High-Value Funding

Lenders offer as much as ₹15 Crores to help you purchase or construct a home.

Zero Prepayment or Foreclosure Charges

Enjoy zero charges for such payments and enjoy added value during home loan repayment.

Quick and Convenient Application

Apply online and get a digital loan sanctioned within a few hours, without any hassles.

Tax Benefits

You can avail tax benefits under the sections 24, 80C, 80EE, and 80EEA.

Disclaimer: Terms and conditions apply to the above-mentioned benefits, and these may vary based on the lender.

Eligibility Criteria for Home Loan

The eligibility criteria for housing loans are simple. These criteria depend on whether you are salaried or self-employed, your nationality, and other aspects that determine your creditworthiness.

Eligibility Criteria	For Salaried	For Self-employed
Nationality	Resident of India	Resident of India
Age	23 to 62 years	25 to 70 years
Work Experience/Business Continuity	At least 3 years of corporate work experience	5 years of running a successful business

To ensure that you are eligible, use the online home loan eligibility calculator. This tool takes into consideration several factors, such as your income, age, and area of residence, to give you an estimate of the amount you can borrow.

This can, in turn, help reduce the chances of your application being rejected. Checking your eligibility before also gives you the benefit of planning your finances in advance.

Documents Required for Home Loan

Here is the list of important documents required while applying:

1. Identity Proof

PAN Card
Aadhaar Card
Driving Licence
Voter ID

2. Address Proof

Electricity Bill/Water Bill/Phone Bill
Valid Passport
Aadhaar Card
Driving Licence
Voter ID

3. Income Proof Documents:

a) For Self-employed Applicant/Co-applicant

Income Tax Returns of last 3 years
Qualification Certificate for Doctors, CA and other Professionals
Audited Balance Sheet from Certified CA
Profit and Loss Statement of Previous 3 Years
Business Licence Details with Address Proof and TDS Certificate

b) For Salaried Applicant/Co-Applicant

Last 3 Months’ Salary Slips
A Copy of Form 16 or Income Tax Return (ITR) of last two years

You can check out the detailed list of home loan documents here which are required to apply for a housing loan. Make sure you have all the documents handy before applying.

How to Apply for Home Loan

With advancements in the fintech industry, applying for a housing loan is now easier than ever. Just enter a few basic details to fill out the online application form and upload the required documents. Here are the steps to apply for a home loan on Bajaj Markets.

Fill Details

Enter the required details in the application form.
Choose Partner

Choose your preferred lending partner.
Check Eligibility

Estimate your borrowing power.
Provide Property Details

Mention Property Details.
Get Approval

Get Loan Approval.

Home Loan Application: Dos and Don’ts

Here are some of the tips to avoid rejection of your house loan application:

Do’s	Don’ts
Make sure you meet the income requirements. If you do not, apply with a co-applicant. Every lender has a set income limit for individuals as per the locations. It is usually high for people living in metro cities.	Don’t apply with a poor credit score as it may increase the chances of rejection. Click here to know how to improve your credit score.
Make sure all your pending dues for existing card bills and EMIs are paid. Lenders track your credit score during the application process and these payments affect your credit score.	Don’t apply if you don’t have all the paperwork ready. Even if a house 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 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 housing loan application process easier.	Don’t apply if you have just switched jobs or started a new business. Housing loans are a long-term responsibility; hence, 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.

What to Do If Your Home Loan Application is Rejected

Lenders may reject your loan application based on your eligibility and application. In this case, you can re-apply for the loan. However, you need to know why your application was rejected.

A lender may reject your application for many reasons, as explained below.

1. Loan amount

Reason for rejection: Lenders assess the loan amount you can receive based on various factors. Lenders have a loan amount you can avail to ensure repayment. As a result, your application may be rejected if you apply for a loan amount higher than the eligible amount.
Possible solution: In this, you can reassess your loan requirement to see if applying for a lower loan amount may be feasible. You can also check the loan amount you are eligible for by using an online home loan eligibility calculator.

2. Credit score

Reason for rejection: Your credit score is a major factor in your eligibility for any type of credit, including home loan. If you have a credit score below 650, the home loan issuer may reject your application.
Possible solution: To remedy this, you can consider waiting for some time and improve your credit score before reapplying. You can also try negotiating with the lender to see if you avail the loan on different terms.

3. Current liability:

Reason for rejection: How much you owe plays a major role in your eligibility for future credit. If your total EMI amount is high and you do not have enough disposable income after that, the lender may reject your application.
Possible solution: Try to completely repay some of your current debt to free funds for new debt. As a rule of thumb, you should try to keep your debt-to-income ratio up to 50%. This means, your total monthly debt repayment should not be more than 50% of the monthly income. The lower it is, the better are your chances of availing new credit.

4. Income stability:

Reason for rejection: Income stability has an effect on your repayment ability. As such, the lender may reject your application if you do not have a stable income. This may be due to frequent employment change or not having the minimum income required to avail the you want.
Possible solution: Reapply once you have a few years of experience with the same organisation. You can also try to provide proof of other stable income means to meet the lender’s requirement.

5. Insufficient/Incorrect documents:

Reason for rejection: Documents are an important aspect of availing a loan as they enable lenders to verify your application. Given this, if you have not submitted all the documents or an incorrect document, your application may be rejected.
Possible solution: Reapply with the right set of documents for a seamless process. Get all the paperwork, as per the lender’s requirements and ensure that all information is accurate.

Home Loan FAQs

A housing loan is a form of financing which allows an aspiring homeowner to borrow funds for the purpose of either purchasing a property at a certain rate of interest and repayment period or constructing one. The borrower then repays the amount which has been given to them via equated monthly instalments (Or EMIs). For the duration of the loan repayment tenure, the bank or the financial institution that gave the home loan retains the ownership of the property until the sum that is owed by the borrower is repaid. While housing loans are taken up for the purchase or/and construction of a property, some home loans also cater to the renovation and repair requirements of the owned property. It must be noted that the property that one can pick up a loan for can either be residential or commercial in nature.

You can apply for a house loan at Bajaj Markets in a few simple steps:

Step 1: Fill required details in the application form
Step 2: Choose the lending partner
Step 3: Estimate Borrowing Power
Step 4: Mention Property Details
Step 5: Get Loan Approval

It essentially works like any other loan. You have to furnish details concerning your residential status and information about the home you plan on either buying or building. Once you receive the sanctioned amount, you pay it off with interest in EMIs.

The sanction period varies for each lender. It depends upon several factors that include processing times, provided documents, and more. The sanction may be delayed if there are issues with the submission of documents.

The co-applicant can be anybody from your immediate family including your spouse, parents, or adult children. A co-owner of the property must be the co-applicant of the loan.

With Bajaj Markets, you can avail a loan of up to ₹15 Crores. However, the loan amount that you will receive will depend on factors such as the lending partner and your financial health.

In addition to your interest rate, you will have to pay a processing fee. The same will be adjusted from your final house loan amount. In some cases, the lender may also levy prepayment or foreclosure charges.

Depending on the reason for rejection, you can reapply. You can also negotiate with the lender or apply with a different lender.

Home Loan Glossary

LTV: This refers to the loan to value ratio, which is the amount you get as a home loan divided by the total property value. It is expressed in a percentage. So if you are buying a home worth ₹1 Crore and getting a housing loan of ₹80 Lakhs, your LTV is 80%.
Margin: This refers to the down payment you make towards buying a home. The margin is the amount the lender doesn’t finance and which you pay on your own. In the above example, your margin is ₹20 Lakhs.
Interest rate: This is the cost of borrowing a home loan and is denoted in a percentage. A high interest rate leads to larger EMIs and vice versa.
Fixed rate of interest: This refers to an interest rate that is fixed all through or up to a certain point of the tenure. This ensures your EMIs are the same during repayment.
Floating rate of interest: This refers to an interest rate that changes as per market conditions. It offers you the benefit of lower interest rates when applicable. Lenders usually keep your EMIs the same even in this case and tweak the tenure instead.
EMI: This refers to the monthly amounts split across the repayment duration by which you repay your home loan. EMIs stand for Equated Monthly Instalments and consist of both a principal component and the interest due on your loan. This amount is calculated as per your principal, interest rate and tenure.
Tenure: This refers to the timeline you choose to repay your home loan. It goes up to 40 years on Bajaj Markets.
Offer Letter: This is a sanction letter sent by the lender as an official confirmation of your home loan request being approved. You can check the loan amount, tenure, interest and EMIs as well as other loan details in this letter.

Remember, this letter doesn’t mean your loan is being disbursed. It gives you the details as you complete the loan processes and while the verification of the property is underway.
Disbursement: Disbursement means the lender has released or sent the home loan amount to your account on the approval of your application.