Apply Home Loan Online in India

Home Loan

Apply Home Loan Online of up to Rs. 5 Cr Starting @7.10%*

✓ Home Loan from ₹5 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

Buying a new house is now easier than ever. Bajaj MARKETS is your one-stop destination for all your home loan needs. Get a home loan of up to ₹5 Crores at affordable interest rates starting from just 7.10% per annum. You also get a flexible tenure of up to 30 years, allowing you to repay the loan amount comfortably without worrying about your finances. The loan application process is easy and seamless and requires minimal documentation.

Home Loan Details

Interest Rate

7.10% p.a. onwards

Loan Amount

Up to ₹5 Crores

Loan tenure

Up to 30 years repayment tenure

Processing Fee

Between 0.5% to 6% of the loan amount

Offers & Schemes

Top up of up to 50% sanctioned Home Loan, PMAY Interest subsidy, Exciting perks & benefits

We, at Bajaj MARKETS, connect you with some of the best housing loan providers in India. You can compare the offers from our various lending partners and choose the one with terms that suit you the best. The loan application process at Bajaj MARKETS is seamless and hassle-free. You can easily apply for a home loan online and get easy and quick approval.

Compare and Apply for Home Loan Online

Compare Home Loan top lending partners at Bajaj MARKETS and choose as per your requirement.

Home Loan Providers

Interest Rates

Loan Amount/Tenure

Bajaj Housing Finance Limited

7.10% p.a. onwards

Max Loan Amount - ₹5 Crores

Max Loan Tenure - 30 Years

PNB Housing Finance Limited

7.50% p.a. onwards

Max Loan Amount - ₹5 Crores

Max Loan Tenure - 30 Years

ICICI Bank

7.60% p.a. onwards

Max Loan Amount - ₹5 Crores

Max Loan Tenure - 30 Years

Home First Finance Company

11.90% p.a. onwards

Max Loan Amount - ₹40 Lakhs

Max Loan Tenure - 20 Years

Union Bank of India

7.40% p.a. onwards

Max Loan Amount - ₹5 Crores

Max Loan Tenure - 30 Years

LIC Housing Finance

7.55% p.a. onwards

Max Loan Amount - ₹15 Crores

Max Loan Tenure - 30 Years

Shubham Housing Finance

11.90% p.a. onwards

Max Loan Amount - ₹50 Lakhs

Max Loan Tenure - 25 Years

Home Loan Features and Benefits

  • Interest Rate Starting at 7.10%: The housing loan interest rate starts at an attractive interest rate of 7.10%. The affordable interest rate ensures better long-term loan management.

  • Repayment tenure of up to 30 years: Enjoy a flexible loan repayment tenure of up to 30 years. You can avail affordable EMIs that can be comfortably paid over the years.

  • Funding of ₹5 Crores: Attain homeownership with a house loan that ranges up to ₹5 Crores.

  • Zero Prepayment and Foreclosure Charges: You can choose to repay all or a part of your loan without additional foreclosure costs.

  • Hassle-Free Process: The process of getting your home loan is easy and convenient. The documentation is simple and so are the eligibility criteria. Enjoy a hassle-free process.

  • PMAY Scheme: This is a government-funded scheme that aims at making housing loans affordable for first-time homeowners for the urban and rural poor in India. This PMAY scheme offers a reduction in housing loan EMIs by getting a subsidy on your Home Loan Interest Rate.

  • Tax Benefits: Being a house loan borrower makes you eligible for various tax benefits and exemptions under Sections 24, 80C, 80EE, and 80EEA of the Income Tax Act, 1961 that can help you to save on loan repayment.

Home Loan Eligibility Criteria

Eligibility criteria for house loans are simple and easy for customers of Indian nationality. The criteria depend on whether you are salaried or self-employed, while other things remain common.

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

If you’re thinking about finally owning a space of your own and looking to find out whether or not you can actually secure a housing loan from us, check out the home loan eligibility online in detail that might come in handy and will be helpful for you.

Home Loan EMI Calculator

A Home Loan EMI calculator is an algorithm-based tool that can help you instantly compute your house loan EMI amount. All you need to do is feed in your loan amount, expected interest rate, and preferred repayment tenure. Within seconds, the online tool will show you your overall EMI outflow. 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 house loan option suits you the best.

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

Documents Required for Home Loan

Below mentioned is the list of important documents required while applying for a house loan:

  • Identity Proof: PAN Card, Aadhaar Card, Driving Licence, Voter ID

  • Address Proof: Electricity Bill/Water Bill/Phone Bill, Valid Passport, Aadhaar Card, Driving Licence, Voter ID

  • Income Proof Documents:

  1. For Self-employed Applicant/Co-applicant: 3 years Income Tax Returns, 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

  2. For Salaried Applicant/Co-Applicant: Last 3 Months Salary Slips, A Copy of Form 16 or Income Tax Return (ITR) of last two years

  • Other Documents: Form-16 or your latest salary slip, Last 3 months Bank account statements, Property Papers

Check out the detailed complete list of home loan documents here which are required to apply for a housing loan.

How to Apply for Home Loan

Applying for a Housing Loan is now easier than ever. All you will essentially require while filling in your housing loan application online are a few basic details. If you are unsure and searching on the internet about how to get a home loan online, these instructions will guide you to do that.

Below mentioned is the house loan application procedure to apply online via Bajaj MARKETS:

  • Step 1: Fill in the Details: An applicant will have to initially enter some basic information. These include your phone number and date of birth as is displayed on the PAN card.

  • Step 2: Employer Details and Income Information: You will now be required to share details about your current employment along with your yearly income. Additionally, you will have to inform whether you have identified the property for which you wish to take a home loan.

  • Step 3: PAN and Marital Info: The third step will ask you questions about your marital status, gender, and your PAN number. Post that, you will have to click on the ‘Proceed’ button that can be found in the bottom-right corner.

  • Step 4: View Home Loan Offers From our Partners: After that, you will be shown the maximum amount that you can avail yourself of from our various lending partners and decide the best bank for a house loan as per your requirements. You will now be able to see the monthly EMI that you’ll have to pay, inclusive of the interest rate.

  • Step 5: Finalise the Home Loan: You will have to now select one of the loan options from our lending partners and choose the tenure for repayment.

  • Step 6: Online Verification: The final step of the home loan application process will ask you to verify your identity through a secure online process. When the verification process is completed successfully, the approved loan money will be disbursed to you in no time. 

Types of Home Loan

Housing Loans can be further divided into numerous sub-categories based on their exact use and the circumstances under which it is taken out. Below is a list of the types of home loans in India that borrowers apply for most frequently:

  • Home Purchase Loan: This form of loan is generally taken up by borrowers who wish to purchase already constructed properties or under-construction properties. As per the RBI guidelines, the borrower can receive a home loan of up to 75%-90% of the property value from a lender.

  • Property Loan: This form of loan is taken out by those who either wish to purchase a plot of land for investment purposes or to build a house. In the case of a composite/property loan, the first installment of the loan amount is disbursed to the borrower when the relevant documents concerning the purchase are furnished. The subsequent disbursals depend on the construction status of the house.

  • Plot Loan: A plot loan is offered by a bank to purchase a plot of land on which the borrower plans to build a house. Plot loans are different from home loans as home loans are granted for the purchase of a constructed property, whereas a plot loan or a land loan is only for purchasing the land (with no construction done). Just like housing loans, plot loans are also to be paid in monthly EMIs and the repayment tenure can go up to 25 years.

  • Home Renovation Loan: Home renovation or repairing expenses can also be funded through sanctioned housing loans. In this case, however, the tenure for repayment is generally shorter, given that the amount granted for the home renovation is relatively lesser than the kind granted for the purchase of an entire home. However, the interest rate for home improvement loans is typically like that for a regular Property Loan.

  • Home Construction Loan: This type of house loan is available for individuals who need finances for house construction purposes. This type of loan is granted only if the borrower owns a plot of land and plans to construct a house on it. Just as in the case of a composite loan, the disbursal depends on the stages of construction.

  • Bridge Loan: It is a short-term housing loan and is suitable for individuals who wish to buy a new house with the sale proceeds of the existing home. The loan helps in covering the gap between the purchase of a new house and the sale of an existing house.

  • Home Extension Loan: This kind of house loan particularly comes in handy when a borrower wants to add more space to their humble abode. Under this form of lending, financial institutions typically disburse amounts that could cover up to 75%-90% of the estimated construction expense, depending on the loan amount and the Loan-To-Value ratio.

  • Step-Up Loan: While repaying this sort of a house loan, a borrower pays lower amounts as EMIs during the initial years. However, they can always increase the EMI amount with time, which is one of the salient features of this form of Loan. This type of loan is generally taken out by young professionals who have just begun building a career.

  • Interest-Saver Loan: This type of home loan bears similarities to that of a loan overdraft facility. In this case, the borrowers’ home loan account is directly linked to that of their bank. Any amount deposited in the bank account over and above the EMI amount is used as a prepayment towards the loan, which helps the borrower save on the interest amount. 

NOTE: Before you go ahead and apply for a housing loan, there are a set of dos and don’ts that you must keep in mind. Some of these concern your credit behavior and post-purchase behavior. Let us understand this in detail.

Home Loan Application: Dos and Don’ts

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

Dos

Don’ts

Every lender has a set income limit for individuals as per the locations. It is usually high for people living in metro cities. You must make sure you qualify for the income limit to get your house loan application approved.

It is paramount to maintain a healthy credit report and score. Having a poor credit score could be an indicator of financial instability and reflect poorly on your ability to repay the loan.

Make sure all your pending dues for existing card bills and EMIs are paid as lenders track your credit score during the application process.

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 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 housing loan application process easier.

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.

Do I Get Any Tax Benefits on Home Loan

Being a Home Finance borrower makes you eligible for various tax benefits and exemptions under the Income Tax Act, 1961, namely:

Section

Nature of Home Loan Tax Deduction

Max. Taxable Amount

Section 24

Interest paid

₹2 Lakhs

Section 80C

Principal (including stamp duty and registration fee)

₹1.5 Lakhs

Section 80EE

Additional interest (for first-time home buyers)

₹50,000

How to apply for a home loan using the Bajaj MARKETS app

Buying your dream house is now easier than ever. With the Bajaj MARKETS app, availing home loans is a simple process. Here are the steps you need to undertake:

 

  • Step 1: Enter your personal and employment details to check the right loan offer 

  • Step 2: Select the loan offer that works best for you

  • Step 3: Enter the preferred loan amount and tenure

  • Step 4: Upload the required documents for verification

After the application submission, the lenders will conduct a background check. After verification, you will be approached by the representative of the lender.

Home Loan FAQs

What is Home Loan?

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 installments (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.

How do I apply for a Home Loan?

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

  • Step 1: Fill required details in the home loan application form

  • Step 2: Choose the lending partner

  • Step 3: Estimate Borrowing Power

  • Step 4: Mention Property Details

  • Step 5: Get Loan Approval

Visit https://www.bajajfinservmarkets.in/apply-for-home-loan/ to apply for House Loan Online.

How does a Home Loan work?

It essentially works like any other loan, except 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 have to pay it off with interest like any other form of borrowing.

How long does it take to get a home loan sanctioned?

Typically, it takes about a month for a housing loan to be sanctioned. However, this 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. 

Who can be a Co-Applicant on my Home Loan?

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. 

What is the maximum Home Loan that I can avail of?

With Bajaj MARKETS, you can avail a loan of up to ₹5 Crores. However, the loan amount that you will receive will depend on factors such as the lending partner and your financial health.

What are the fees and charges for availing a Home Loan?

In addition to your interest rate, all you will have to pay is a processing fee. The same will be adjusted from your final House Loan amount. There are no other additional hidden charges.

What if my Home Loan gets rejected?

If the lending institution is unwilling to approve the title deeds, the loan may be rejected. Usually, such faulty titles can be rectified. In this case, you will need to approach your builder for the necessary documents. If the reasons for your house loan application rejection are a poor credit score or yearly income, you will work on these factors in your personal capacity.

Latest Home Loan News

Mumbai’s real estate sector registers its best July in a decade even as home loan interest rates rise

Despite the rising interest rates, Mumbai's real estate sector saw its best July in a decade, which may be advantageous for publicly traded real estate firms like Godrej Properties and Oberoi Realty, among others.

 

As per research done by Edelweiss Securities, Mumbai's real estate market had a 15% year-over-year growth and a 14% consecutive gain, with 11,340 registrants only in July. In contrast to this, house loan interest rates have increased by 0.9% since May 2022.

 

Significantly, 50% of Mumbai's 11,340 residences were between 500 and 1,000 square feet, indicating that the demand for compact homes is boosting the city's real estate market.

- Aug 05, 2022

State Lowers Home Loan Interest Rate to 8% for Govt Staff

The home building advance (HBA) for state employees in Bhubaneswar was increased on Tuesday from ₹25 Lakhs to ₹40 Lakhs. Additionally, the government has instituted an 8% interest rate for the same. More than 3 Lakh employees will receive profit from this move.

According to the state government, all employees are qualified to apply for this loan in two phases at a 60:40 ratio.

The 7.1% HBA rate has been determined by the Union Ministry of Housing and Urban Affairs for employees of the central government who receive this loan between April 2022 to March 2023. The officials also affirmed that as the principal and interest are recovered from the employees' salaries, hence, there would be no financial impact on the government.

- Jul 15, 2022

RBI doubles home loan limits of co-op banks

In an effort to augment the home loan component, the Reserve Bank of India has doubled the amount of housing loans you can avail from cooperative banks and has also equipped rural cooperative banks with the ability to fund real estate projects meant for residential purposes. 

In addition to this, the Reserve Bank of India has also equipped urban cooperative banks with banking facilities meant to aid senior citizens and the differently-abled. 

The limit for Tier-1 urban cooperative banks has been raised from Rs. 30 Lakhs to Rs. 60 Lakhs and that of Tier-2 urban cooperative banks have risen from Rs. 70 Lakhs to Rs. 1.40 Crores. 

When it comes to rural cooperative banks, for those with assets worth of less than Rs. 100 Crores, the limit has been raised to Rs. 50 Lakhs, from Rs. 20 Lakhs. For the rest, with a net worth of more than Rs. 100 Crores, the limit has been raised to Rs. 75 Lakhs, from Rs. 30 Lakhs.
According to experts, the growth rate of urban cooperative banks has fallen behind that of commercial banks, which can be gauged by the credit to deposit ratio – which stood at 59% on the 31st of March 2021, in comparison to 74% for commercial banks on the same date. With the RBI’s decision to alter the lending limits of cooperative banks, both urban and rural, as well as allowing rural cooperative banks to lend for the purpose of commercial real estate, their profitability will be greatly boosted, as they can now serve a wider audience.

- Jun 14, 2022

HDFC To Be Merged With HDFC Bank To Create Financial Behemoth. Here's The Rationale

On Monday, 04 April, 2022, HDFC Limited announced that it will merge with HDFC Bank. The share merger ratio will be 42 shares of HDFC Bank to 25 shares of HDFC. Post the merger, 100 percent shares of HDFC Bank will be held by the public shareholders. 41 percent shares of HDFC Bank will be owned by the existing shareholders of HDFC.

HDFC Bank said that the share exchange ratio is fixed based on the joint valuation report issued by the independent valuers. Also, a SEBI registered merchant banker supports the fairness opinion.

This merger will help HDFC Bank build a housing loan portfolio and expand its existing customer base. The bank said that their platform will provide a well-diversified low cost funding base to the long tenor loans offered by HDFC.

HDFC has set up 445 offices across India which can be used to sell all the products offered by both HDFC Limited and HDFC Bank. HDFC has financed more than 90 lakh houses across the country. Its affordable home loans and business in the rural area will help HDFC Bank diversify their portfolio. In turn,the private lender can provide flexible and cost-effective mortgage offerings to customers.

Due to its high level of current and savings accounts deposits, HDFC Bank has access to funds at lower costs. As a result, the merger of HDFC with HDFC Bank will bring more competitive housing products to the market.

- Apr 05, 2022

HDFC Ltd Approves Highest Ever Rs. 2 Lakh Crore Home Loans In FY22

HDFC Ltd. has approved over Rs. 2 lakh crore worth of home loans in the fiscal year 2022. For a financial year, this is their highest ever. As per the official statement issued by HDFC Ltd., their thrust on digital initiatives and the current surge in demand for housing have helped them achieve the target of Rs. 2 lakh crore.

The growth of the housing finance segment is a result of the low-interest rates, favourable demographics, stable property prices, stamp duty rates of each state, and the government’s thrust on housing through credit linked subsidy schemes like PMAY.

HDFC Ltd. has increased from their last year’s home loan approvals worth Rs. 1.55 lakh crore and has shown a growth of 30%. They achieved the target through digitalisation. HDFC set up a digital platform for loans and retail deposits, initiated ‘HDFC Customer Connect’ to solve customer queries and launched virtual offices for customer services. This increased their online retail loans from less than 20% to over 89% post-pandemic.

Of the total home loans approved by December 31, 2021, 30% in volume terms and 13% in value terms, have been to customers from the Economically Weaker Section and Low Income Groups. According to Renu Sud Karnad, Managing Director of HDFC Ltd, this demand is a structural one and will continue to rise in affordable and high-end markets.

- Mar 25, 2022