Home Loan

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 ₹15 Crores at affordable interest rates starting from just 7.70% 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

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.

On This Page: Partners | Features & Benefits | Eligibility | Documents | How to Apply | Home Loan | Types | Rejection Reasons | FAQs

Compare and Apply for Home Loan Online

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

Home Loan Features and Benefits

• Interest Rate Starting at 7.70%: The housing loan interest rate starts at an attractive interest rate of 7.70%. 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 ₹15 Crores: Attain homeownership with a house loan that ranges up to ₹15 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.

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.

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:

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:

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.

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