Home Loan Eligibility Calculator

After receiving a duly completed application form, we examine all the papers you’ve handed in. When these are found to be in order, you get sanctioned a certain amount, depending on factors like: the amount you had asked for, the value of the collateral property, and your ability to repay loans (creditworthiness). In case of a rejection, you will be informed. Then our in-house lawyers and property experts will verify the property documents and carry out an evaluation, which thereby reduces the time taken to process the loan. Upon completion of both these procedures, we initiate the disbursement of your Home Loan.

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. For the list of documents, we can accept for verification Proof of new residence to be provided.

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 EMIs get paid 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 interest 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 FRR 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 installments by us. These disbursements in installments 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, to get a home loan, your salary 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.

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 120 sq.m./1291.67 sq. feet for MIG I category and 150 sq.m./1614.59 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, household cannot take 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 as Sanctioned Limit for flexi facilities wherein customer can prepay or withdraw anytime to the extent of available limit. 4) Dropline Limit – Dropline limit is the maximum amount which can be withdrawn by the customer in case of Flexi Facility . It reduces every month in line with the principal portion repaid through equated monthly installments. 5) 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. 6) Fixed Rate - A fixed rate is an interest rate that is set to remain the same for the term of a loan.

1. Credit History to determine creditworthiness 2. Occupation 3. Age of the applicant 4. The distance of the property 5. Work experience with the current company 6. Spouse income source 7. Repayment period 8. Relationship with the bank 9. Purpose of the loan 10. Surplus Income of the applicant

For a home loan, a father and his son (if there is only one) can be co-applicants in a home loan if they are joint owners in the property. If the father’s income is considered for home loan eligibility, his age will be considered to ascertain the tenure of the loan.

Yes, you are eligible for tax benefits on the principal amount repaid on the home loan from total income under Section 80C. However, you can only claim tax deductions up to a maximum amount of Rs. 1.50 lakh.

If you have a low credit score you are still eligible to avail a home loan at interest rate ranging anywhere between 11.50 per cent and 18 per cent. Due to low credit score the rate of interest may hike a little (between 13 per cent-18 per cent) for loan against property.