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How about checking some pre-approved offers you might be eligible for?

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Am I Eligible to get a home loan?

The eligibility criteria depends on your nationality, age and your work experience. Use our home loan eligibility calculator to find out the loan amount that you are eligible for.

 

What are the documents required for a home loan?

The documents that need to be submitted would be dependent on your occupation status i.e. self-employed or salaried.

It would range from your identification documents to your address proof and bank statements.

Check out the entire list of documents required for home loan.

 

Why Avail a Home Loan from Finserv MARKETS?

We, at Finserv MARKETS, provide flexible repayment options with attractive interest rates, minus the tedious paperwork. There is also the convenience of availing home loans up to Rs. 3.5 Crores with rapid loan disbursal. Getting a Bajaj Finserv Home Loan on Finserv Markets is a hassle-free process, as you have to submit minimal documentation and the process is completely online. What’s more? You can avail exciting benefits such as such as flexible repayment, balance transfer, and top-up options.

Check out Bajaj Finserv Home Loan and get one-step closer to your home.

 

Types of Interest Rates in Home Loan

  1. Fixed Interest Rate:

A fixed interest rate is an unchanging rate charged on liability, the rate of interest remains even throughout the loan tenor. Depending on the offer, you may be allowed to switch over to the floating rate system after the completion of the loan tenure. Since the rate remains fixed, you know how much interest charges you’re paying upfront. Your loan will be shielded from frequent rate fluctuations and save money in the long run if the lending rates increase. If the standard lending rates fall, you will not be able to benefit since the interest component remains frozen.

  1. Floating Interest Rate:

A floating interest rate is an interest rate that moves up and down with the rest of the market or according to the current most lending rates of the bank. The interest rate is linked to the latest published rate of the bank which in turn depends on multiple factors such as RBIs monetary policy and lending rate revisions, the bank’s response to the revision etc. The perks of opting for a floating rate is that you have the advantage of being billed on the basis of the latest rate. If the rates fall, you save on interest charges. But, if the standard rate gets hiked up, the loan has to be billed at a higher rate.

 

Factors that determine Home Loan Interest Rates

There are multiple factors that determine home loan interest rates. Let’s have a look at some of the leading factors to help you negotiate the best rate.

  • Income: The industry you work and your employer is one of the major income factors. A stable and high income, sufficient enough to afford a home loan that will be rewarded with a lower home loan interest rate.

  • Credit Score: When you apply for a home loan, your credit report involves checks on your past and current credit. If you’re up to date with a good credit score, you’re likely to get a competitive interest rate.

  • Location of the Property: If the location of your property is situated in a prime location or is being procured from a trusted builder/agency, you can look forward to an optimal charge on the interest rate front.

  • Loan Amount: The proposed loan amount has the ability to influence the rate of interest. The higher the loan amount, chances are that you will get a lower rate.

  • Type of Loan: The rates offered also depends on the types of home loan you’re availing. Standard loans such as home purchasing will come at standard rates while its counterparts like a home improvement can be charged a higher rate.

  • Loan Tenure: The loan tenure opted for has a say when the bank decides the interest rate to be offered to you. If you’re willing to opt for a longer-term, the interest rate offered is lower.

  • Type of Interest Rate: The interest charges on your home loan is dependent on the type of interest rate whether it is a “Fixed” or the “Floating” rate you opt for.

  • Employment Type: If your employment type is of a salaried individual you are likely to get a slightly lower rate compared to the self-employed, owing to the risks involved.

  • Ongoing Promo Offers: Promo offers are made by lenders on multiple fronts, made locally and some at the national level. Lenders tie-up with multiple partners such as builders, aggregators to offer tailor-made deals which include competitive interest rates.

 

How to Calculate Effective Interest Rate

The interest rate applicable on home loans consist of two components, the base rate, and markup rate. The combination of these two is what you will be paying on the loan.

  • Base Rate: It is the standard lending rate of the bank, applicable for all retail loans and changes frequently on the basis of multiple inputs.

  • Markup: This component of a small percentage is added to the base rate to arrive at the EIR (Effective Interest Rate) for a specific type of home loan and varies from one type to another.

Effective Interest Rate (EIR) = Base Rate + Markup

The Marginal Cost of Funds Based Lending Rate (MCLR) is aimed to bring more accountability and flexibility to the way rates are published by banks and financial institutions in India.

Frequently Asked Questions on Home Loans

  • ✔️I have applied for a Bajaj Finserv loan. What are the next steps in the Bajaj Finserv lending process?

    After we receive your duly completed application form, our team of experts will examine all your papers. If your papers are found to be in order, we will sanction a certain amount. This would depend on different factors like the value of collateral/property, your creditworthiness and the amount you’ve requested for. In case your loan is rejected, we would duly inform you of the same.

  • ✔️Is it mandatory to have a co-applicant when applying for a home loan? If yes, who can be a co-applicant for my home loan?

    If someone is the co-owner of the property in question, then it would be necessary for that person to be the co-applicant for the home loan. However, if you are the sole owner of the property then any member of your family can be the co-applicant.

  • ✔️Is Provisional Interest Certificate provided to the customer?

    Yes! You can do this by simply logging into our online Customer Portal. The Provisional Interest Certificate will give you the breakup of the principal and interest of your scheduled EMIs for the complete financial year. This can be used for claiming tax deduction under Section 80C and Section 24 of the Income Tax Act, 1961.

  • ✔️Does the Income Tax certificate change when home loan balance transfer rates change?

    Yes! Your Provisional Income Tax Certificate can change based on certain circumstances like changes in interest rate etc. It does not consider any future changes that may take place on the EMI, Principal or Interest. It is calculated on the “current basis”.

  • ✔️How will the Equated Monthly Installments (EMI) on my Bajaj Finserv pre-approved loan be calculated?

    Your EMI is based on the principal amount borrowed and the interest rate charged on it.

  • ✔️What are the different options for making EMI payments on my Bajaj Finserv pre-approved loan?

    There are two ways to make your EMI payments. An Electronic Clearing Service (ECS) that’s convenient and easy through your existing bank account. You could also make your payments by handing in a set of post-dated cheques (PDCs) ahead of time from any bank account. However, this option is available only for those individuals in non-ECS locations.

  • ✔️I have applied for a quick home loan on a floating rate of interest. How will an increase in this rate of interest impact me?

    If there is an unexpected increase in interest rates, we would do everything in our capacity to make things easier for you. The first step in this process would be to increase your loan tenure within permissible limits. If this doesn’t work, we would then have to increase the EMI. Other options in such a scenario include making a partial prepayment or choosing to make a part-prepay online via our Customer Portal.

  • ✔️What is Mortgage Origination Fee?

    Mortgage origination fee is simply a cost meant for the verification done by a Financial institution in order to provide a Mortgage loan. The Costs included under the loan origination fee include: • Property Valuation • Property Title verification • Underwriting verification.

  • ✔️What is the processing fee for Home Loans?

    The processing fee covers the cost of credit appraisal. It usually ranges between 0.50% – 1.00% of the home loan amount plus applicable taxes.

  • ✔️How to calculate the home loan interest rate?

    Your home loan interest rate is generally calculated daily and then charged to you at the end of each month. Your bank will take the outstanding loan amount at the end of each business day and multiply it by the interest rate that is applied to your home loan, then divide that amount by 365 days. At the end of the month, the daily interest charge is added together and charged on your home loan. To work out how much your interest repayments will be, you can take the help of a home loan interest rate calculator.

  • ✔️What are the main factors that affect interest rate of home loan?

    1. The applicants credit score 2. Prevailing MCLR Rates 3. The location of the home 4. Value of the property

Happy Customers of Finserv MARKETS

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