Bajaj Finserv Home Loan for Salaried
Interest Rate
8.85%
Processing Fee
1%
Loan amount
Upto 100000000
Tenure
Part-payment transaction should not be less than the total amount of 3 EMIs. However, there is no limit on the maximum amount. This is subject to you clearing your first EMI. You need not give cheques / DD / come to branch since now you can also prepay sitting at your home / office through our Online Customer Portal – Experia.

Enjoy the flexibility to pre-pay the loan with idle funds.

Re-apply for the pre-paid amount within the drop-line facility anytime within the loan tenure timeframe without any additional documentation.

Interest is payable only on the utilized loan amount. There is no interest levied on the prepaid amount.

Get customized insurance policy offer.

Bajaj Finserv Home Loan is one of the leading finance companies with a myriad of options when it comes to loans. Amongst its rich product offerings of loans, Home Financing solutions really stands out. These home loans are available to varied customer categories, promising competitive interest rates along with a wide range of features including - 0 foreclosure cost and provision of making partial prepayments.

Bajaj Finserv Home Loan at a glance
Annual Interest Rate 8.85%
Loan Term Up to 25 Years
Loan Amount Rs. 30 Lacs to upto Rs.15 Crores
Pre-Closure Charges Up to 4% of Principal Outstanding

Features

  • Borrowers enjoy prepayment facilities.
  • Home loan amount up to Rs. 15 Crores and the borrower gets an approval in 5 minutes (depending on the case).
  • Borrowers are offered prepayment facility and there is also NIL foreclosure charges.
  • Access to online account.
  • Loan tenure ranges up to 20-25 years.
  • Borrowers enjoy flexible EMI options.
  • The borrowers have the provision of making part payments.

Why Choose Bajaj Finserv?

Bajaj Finserv is one of the diversified non-banking financial companies in India. The company offers an extensive array of loans for the customers, home financing solutions being the highlight. With the help of service delivery model, Home Loans are delivered not only quickly but without facing any hassle. Bajaj Finserv also offers doorstep delivery services for the loan application.

Key Facts

  • If you are seeking bajaj finserv Home Loan, then loan quantum you can avail is as high as Rs. 15 Crore. In case you are applying for a higher loan amount, your EMIs will also be higher.
  • Availing Bajaj Finserv Home Loan gives you the options to choose between Fixed and Floating rate of interest as per your preferences. If you are opting for floating rate of interest, you can easily safeguard yourself from the ever-rising home loan interest rates. On the other hand, if you opt for fixed rate of interest rates, you get to lock the interest rate for a fixed time period.
  • If you pay off your loans before the due date, you don’t have to pay any prepayment charges (applicable only for floating rate loans).

Bajaj Finserv Home Loan Eligibility


Salaried Individuals

  • If you are employed in the government sector or a reputed private company, you are eligible to apply for a home loan with Bajaj Finserv.
  • Your age should be at least 21 years at the time of disbursal of the loan and a maximum age of 60 at the time of maturity of the loan.
  • In order to avail Bajaj Finserv Home Loan, your monthly income should be at least Rs. 8,000.

Self-Employed

  • Self-Employed Professionals – Doctors, Engineers, Dentists, Architects, Chartered Accountants, Cost Accountants, Company Secretary, Management Consultants are eligible to apply.
  • If you are Self-Employed Non-professionals (SENP) such as – Traders, Commission Agents, Contractors, etc. you can avail Bajaj Finserv Home Loan.
  • Whether you are self-employed professional or self-employed non-professional, you should be filing income tax returns.
  • You should be above 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.
  • Being a self-employed individual, it is imperative to have a co-applicant.
  • Your monthly Income should be at least Rs. 8,000 in order to qualify for Bajaj Finserv Home Loan.

Documentation


Salaried

  • In order to avail Bajaj Finserv Home Loan, the documents you need to submit as a Proof of Identity are – Copy of Valid Passport, Voter’s ID Card, Valid Driving License with Passport Size Photograph, and Pan Card or Aadhaar Card.
  • To avail Bajaj Finserv Home Loan, you need to submit following documents as a Proof of Income – Copy of Latest 3 months’ salary slips, certificate for fixed salary, or Latest Form 16 along with Last 6 months’ bank statement or Passbook of the salary account.
  • In order to avail Bajaj Finserv Home Loan, you need to submit following documents as a Proof of Residence – Copy of Latest Electricity Bill, Utility bill, piped gas bill, Telephone bill not more than 2 months old, Passport, Aadhaar card, Voter ID, or Driving License.
  • In addition to above-mentioned documents, you also need to submit Processing Fee Cheque.

Self-Employed

  • For Identity Proof you need to submit – Copy of Valid Passport, Voter’s ID Card, Valid Driving License with Passport Size Photograph, Pan card or Aadhaar card.
  • As a Proof of Income, the documents you need to submit are – Copy of Latest 3 months’ salary slip, certificate for fixed salary, or Latest Form 16 along with Last 6 months’ bank statement or Passbook of the salary account.
  • For availing Bajaj Finserv Home Loan, the documents you need to submit for Proof of Residence are – Copy of Latest Electricity Bill, Utility bill, Piped gas bill, Telephone bill not more than 2 months old, Passport, Aadhaar card, Voter ID, or Driving License.
  • Having a co-applicant is mandatory in order to avail a home loan with Bajaj Finserv. Adding one increases your loan eligibility or if in case the co-applicant is also a co-owner in the property. A co-applicant can be a spouse or father/son, mother/daughter, etc.
  • You will have to pay a non-refundable processing fee for your home loan application. You can pay it through a cheque.

Bajaj Finserv Home Loan for Salaried


A general home loan scheme offered by Bajaj Finserv assists its customers to purchase an under construction / ready / resale house, construct a house on a self-owned land, purchase a plot and then construct a house thereafter. This home loan can also be used for home extension and home improvement.

The minimum loan amount you can borrow is Rs. 3 Lacs and the maximum is Rs. 1 Crore. The loan amount will depend on your joint income i.e. the income of the co-applicant will be considered as well.

You can repay you home loan over up to 30 Years tenure, where minimum loan tenure is 3 Year.

Bajaj Finserv allows you to repay your home loan over up to 30 years tenure, where the minimum loan tenure is 3 Years.

Loan to Value Ratio

When you apply Bajaj Finserv Home Loan, you will have to pay a certain amount known as ‘Margin Money’ to the bank. This will speak for your competency to repay the loan all by yourself. Higher the margin money you can pay, higher the loan you can apply for.

Loan Amount Value of the Property Margin Money
Up to Rs. 30 Lacs 90% 10%
Above Rs. 30 Lacs to Upto Rs. 75 Lacs 80% 20%
Above Rs. 75 Lacs 75% 25%

Interest Rates

As a loan borrower, you have the choice of choosing either a Floating Rate of Interest or Fixed Rate of Interest as per your convenience. The bank will charge a floating rate of interest from a borrower where interest rate will be change by the time depending on the Marginal Cost Lending Rate (MCLR) of Bajaj Finserv. In this case, the interest rate will not fall below the MCLR rates.

For all those customers who have availed disbursement or received a sanction prior to March 31, 2016 they can carry on operating on base rate. Existing customers can get in touch with the bank’s customer care department, if they are interested in moving to MCLR.

The interest rate slab for Salaried is as follow –

  • If the borrower is availing a loan amount of up to Rs. 30 Lacs or above, then the borrower will be charged an interest rate of 8.85% p.a.

The interest rate charged from the salaried borrower will be 50 basis points lower than the self-employed borrower.

Processing Fee

The borrower will have to pay processing fee of up to 1% of the Loan amount subject to minimum of Rs. 10,000.

Prepayment Fee

For floating rate loans, there are no prepayment charges. Prepayment charge of 2% of outstanding principal/amount prepaid, applicable on Fixed rate loans.

Late Payment

@24 % per annum or 2% per month

Balance Transfer

You get to transfer your Home Loan to Bajaj Finserv on the basis of your income. The eligibility for the balance transfer will be decided on the basis of the seasoning and your past track record of existing loan. You can avail 100% top up at home loan rates.

Bajaj Finserv Home Loan for Self-Employed


As per this scheme, you get to avail a minimum of Rs. 10 Lacs to a maximum of Rs. 1.50 crore. These loan amounts will be available on floating rate of interest. Maximum of Rs. 1.50 crore in Tier I and Tier II cities, Rs. 50-75 lacs in Tier III cities and Rs. 50 Lakhs in other cities.

The repayment period for bajaj finance home loan is 20 years’ subject to the borrower’s age, ideally it should not exceed 65 years at loan maturity. When you successfully maintain a good repayment record for 24, 36, 60 months from the date of first disbursement to avail 1st, 2nd, and 3rd rate deduction, rest assured you will get three assured rate reductions.

You can use home loans to purchase an under-construction / ready / resale house. In addition, you can also use home loans for self-construction, plot plus construction, home extension & improvement. You don’t have to pay any charges for early closure.

If you have a part disbursement request, you will have to come to the nearest loan centre of the bank along with the builder demand letter and various other supporting documents such as – disbursement request form.

The disbursal of the funds by the bank will depend on the stage of construction of the property. You cannot acquire more than one residential property under this scheme. For the second loan, apply under Vanilla Home Product of the bank. As per this product, the EMI cycle will remain the same i.e. 10th of every month.

Eligibility

  • This loan is eligible for all the resident self-employed customers (both professionals and non-professionals).
  • Cash/credit/overdraft accounts won’t be considered under this product, only current and saving bank accounts will be accepted.
  • It is important that the bank account is operational for a minimum of 12 months.
  • Company’s current accounts, where you are a partner, will be accepted along with your personal savings bank accounts. In addition, provided that the property should not be purchased in the name of the company and the company is the guarantor to the loan.

This particular scheme cannot be clubbed with any other scheme.

Interest Rates

The interest rate slab is as follows –

  • You will be charged an interest rate of 9.25% p.a. (MCLR + 1.10%)

If you have availed disbursement or received an approval before March 31st, 2016, you can carry on operating on base rate. If you are an existing customer and want to move to MCLR, then you can get in touch with the bank’s customer care department.

Prepayment Fee

For the floating rate loans, there is 0 prepayment charge.

Processing Fee

The processing fee is up to 1% of the loan amount subject to minimum of Rs.10,000.

Late Payment

@24 % per annum, 2% per month

Bajaj Finserv Top-Up Home Loan


Get additional finance of upto Rs. 50,00,000, where loan tenure same as the outstanding home loan tenure.

You can avail a Top-up Loan for the following requirements:

  • For construction of residential/commercial premises – Permitted
  • For personal requirement and business purposes – Permitted subject to condition as mentioned in the affidavit

You cannot avail a Top-up Loan for the following requirements:

  • For purchase of another residential/commercial premises – Not permitted

An undertaking cum affidavit to be collected from the borrower specifying the end use of the loan and that the loan shall not be used for any speculation, illegal activities, litigation or any other notorious activities

Eligibility

NRI/Resident Indian can avail of Top-Up Loans based on the following conditions:

  • The property is to be owned by an NRI only or in joint ownership (Applicable only for NRI customers)
  • Top-up loans can only be extended against complete residential property with no pending post disbursal documentation
  • For an existing Home Loan borrower, clear repayment history is important. There should not be more than 1 EMI bounce in the last one year and the same should have been cleared before the next EMI date
  • Existing Home Loan customers are eligible for a Top-Up Loan after six months’ clear repayment.
  • For a Top-Up loan with takeover of a Home Loan from other bank, one year clear repayment track will be required.

Interest Rates

The interest rate slab is as follows –

  • You will be charged an interest rate of 9.25% p.a. (MCLR + 1.10%)

How interest gets calculated?

Interest calculations on the account will be made on End of Day (EoD) drawing power set for your account minus any additional funds parked in the account. This will lead to savings on the home loan equivalent to the funds parked.

For e.g. You have availed of a loan of Rs. 100 Lacs and you have parked Rs. 2 lacs on an average in the bajaj loan account.

The utilized drawing limit in this case will be Rs. 100 lacs minus Rs. 2 lacs i.e. Rs. 98 Lacs. Interest payable at the end of the repayment cycle will be calculated on Rs. 98 Lacs resulting in savings on interest payable on the loan.

Customers who have availed disbursement or received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.

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