How do you get a home loan?
You can get a Home Loan by applying on the Finserv MARKETS website. You need to enter your personal details, check your eligibility criteria, enter your property details. Once the loan application is verified and accepted, the funds will be disbursed online.
Is home loan a good idea?
A House Loan is an excellent idea to help you finance the purchase of your house. This way, you can own a house without saving the entire purchase price and gradually pay off the Bajaj Finserv Home Loan.
Is taking home loan beneficial?
A House Loan will give you benefits under Income Tax as well as ownership of your home. You can get a deduction for interest paid under Section 24 of the Income Tax Act up to Rs. 2 lakhs if the property is used for your residence. If the property is rented out, then you can deduct all the interest paid from your rental income. You can also get a deduction for principal amount repaid up to Rs. 1,50,000 under Section 80C of the Income Tax Act.
What is the eligibility for a home loan?
The Bajaj Finserv Home Loan eligibility for a salaried individual are as follows:
Citizen of India
Employed for at least 3 years
Age of the borrower between 23 years to 62 years
Minimum house loan amount is Rs. 10 lakh and maximum amount is Rs. 3.5 crores
What is the criteria for home loan?
The Home Loan eligibility criteria for self employed borrower are as follows:
Indian citizen
Minimum 4 years of business experience. However, for doctors and chartered accountants, 3 years of business experience is required
Minimum age of applicant is 25 years and maximum age is 75 years
Minimum loan amount is Rs. 12 lakhs and maximum loan amount is Rs. 5 crore
What documents need for home loan for self employed?
The documents required to apply for Home loan for self employed person are:
Identity proof documents (PAN card, Passport, Driving License, Voter ID, Aadhar Card)
Address proof documents (Passport, Driving License, Voter ID, Aadhar Card, Gas bill, electricity bill, telephone bill, ration card, Lease rental agreement)
Bank statement for 6 months
Income Tax return for the previous 2 years
Proof of commencement of business such as business registration, tax registration papers etc.
Photograph
What are the requirements to apply for a home loan for salaried employee?
The documentation requirements for a Bajaj Finserv Home Loan for salaried employee are:
Identity proof documents (PAN card, Passport, Driving License, Voter ID, Aadhar Card)
Address proof documents (Passport, Driving License, Voter ID, Aadhar Card, Gas bill, electricity bill, telephone bill, ration card, Lease rental agreement)
Form 16 and latest salary slip
Bank account statement for the last 3 months
Income Tax returns
Photograph
What documents do you need to get preapproved for a home loan?
You can get pre-approved for Bajaj Finserv Home Loan by submitting the following documents:
Identity proof documents (PAN card, Passport, Driving License, Voter ID, Aadhar Card)
Address proof documents (Passport, Driving License, Voter ID, Aadhar Card, Gas bill, electricity bill, telephone bill, ration card, Lease rental agreement)
Form 16 and latest salary slip
Bank account statement for the last 3 months
Once you are pre-approved for the house loan, the fund disbursal is faster and you can buy your dream home faster.
Can home loan be transferred to another bank?
Yes. Bajaj Finserv Home Loan transfer is possible. You can transfer your existing home loan to Bajaj Finserv and get a lower interest rate on your existing home loan. You can also get a top up loan to get additional funds.
How do I transfer my home loan to another bank?
The procedure to do a Bajaj Finserv Home Loan Balance Transfer is very simple. First, you need to approach Bajaj Finserv for a balance transfer of home loan by entering your personal and loan details. You need to approach your existing lender for a balance transfer. When the existing lender agrees, you need to take a No Objection Certificate and Balance Certificate and submit it to Bajaj Finserv. Once the loan is transferred, your payments will be made to Bajaj Finserv.
Should I transfer my home loan?
You can opt for Bajaj Finserv Home Loan Balance Transfer if the rate of interest is more beneficial at Bajaj Finserv. A beneficial rate will lead to higher savings of interest over a long term. It is also possible to get a top up loan at a lower rate of interest when you do a balance transfer.
What are the documents required for mortgage loan?
The documents required for a mortgage loan differ based on whether the loan applicant is self employed or a salaried person. The documents required for a Bajaj Finserv Home Loan for a self employed person are:
Identity proof documents (PAN card, Passport, Driving License, Voter ID, Aadhar Card)
Address proof documents (Passport, Driving License, Voter ID, Aadhar Card, Gas bill, electricity bill, telephone bill, ration card, Lease rental agreement)
Bank statement for 6 months
Income Tax return for the previous 2 years
Proof of commencement of business such as business registration, tax registration papers etc.
Photograph
The documents required for a Bajaj Finserv Home Loan for a salaried person are:
Identity proof documents (PAN card, Passport, Driving License, Voter ID, Aadhar Card)
Address proof documents (Passport, Driving License, Voter ID, Aadhar Card, Gas bill, electricity bill, telephone bill, ration card, Lease rental agreement)
Form 16 and latest salary slip
Bank account statement for the last 3 months
Income Tax returns
Photograph
How can I get a home loan from Bajaj Finserv?
You can get a Bajaj Finserv Home Loan by making a loan application online. To make a loan application, you need to enter the following information:
Personal details
Income details to ascertain borrowing amount
Property requirement details
Once these details will be verified, you will become eligible for a Bajaj Finserv Home Loan and the funds will be disbursed.
Is Bajaj Finserv good for home loan?
Bajaj Finserv Home Loan is an excellent home loan product. You not only have benefits like zero foreclosure charges but you can opt for flexible repayment options up to 300 months, take advantage of Pradhan Mantri Awas Yojana scheme, opt for balance transfer and easy top up loans. Bajaj Finserv also provides a complementary health card so you can keep a track of your health.
Which factors determine my home loan eligibility?
The following are the factors that determine your eligibility for a home loan.
Credit Score
Existing Debt Payments
Net Annual Income
Employment status
Age
Your Property Details
- Residence Type
What is the difference between a fixed rate and floating rate home loan?
Fixed Interest Rate |
Floating Interest Rate |
Interest Rate is higher |
Interest Rate is lower |
Not affected by financial market conditions |
Affected by changes in the financial market |
For Fixed Interest Rate the EMIs are fixed |
EMIs change according to the interest rate or MCLR |
It’s easier to plan your budget |
Managing your budget or manage financials is quite difficult |
Fixed interest rate gives a sense of security |
Floating Interest Rate helps to generates savings |
It's suitable for short/medium-term loan (3-10 years) |
It's suitable for long term loan (20-30 years) |
Lesser risk |
Higher risk |
Can I prepay my outstanding home loan amount?
Yes, you can prepay your outstanding loan amount. However, the bank may charge the prepayment penalty in order to safeguard themselves from any potential loss in a situation of loan prepayment during the loan tenure.
Does having a personal loan affect home loan eligibility?
Having a personal loan does not affect your home loan eligibility. If you already have a personal loan and are thinking to apply for a home loan, banks do offer you the home loan provided your debt to income ratio is not above 50%.
