Bajaj Finserv Home Loan

Loan AmountRs. 30 Lacs to upto Rs.15 Crores
Interest Rates8.35%
TenureUp to 25 Years
Processing ChargesUp to 2% of the loan amount
Preclosure ChargesUp to 4%

Bajaj Finserv Home Loan is one of the leading finance companies with 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.  

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 Benefits

Home Loan + – This is indeed a path-breaking offer for all those borrowers who are buying ready to occupy property. While Bajaj Finserv finances your dream home, they completely understand the need to spend on the fixtures and fittings giving a charming look to the place. As a part of the overall package, Bajaj Finserv will offer additional amount, depending on the borrower’s eligibility, furnishing and fixtures. 

Home Loan Balance Transfer – In case, the borrower is not satisfied with the services of his/her existing home loan, he/she enjoys the provision of switching to Bajaj Finserv. The borrowers will get to enjoy numerous benefits such as – instant online approval, top-up loan at attractive rates, online application process, online account access, minimal documentation, and customized insurance scheme. The borrowers are also offered – 3 EMI holidays, no part-payment charges, and no foreclosure charges. 

Top-Up Loans – If the borrower opts for home loan balance transfer, he/she can also avail a top-up loan at affordable rate of interest. The borrower can use this amount for a home improvement or go on a holiday. 

Refinance – In case the borrower has purchased the property within last 12 months with their own funds, then they can avail a refinance option and can take a home loan up to the property’s registered value. 

No Foreclosure charges – The borrowers are offered the option of foreclosing their home loan anytime during the tenure of the home loan. The borrowers don’t need to worry about any foreclosure charges. 

Flexi Scheme – As per this scheme, the borrower can prepay and decline the money within the drop-line facility with the help of a hassle-free self-service process. The borrowers can save interest cost when they make prepayment for any of idle/additional funds. 


Salaried Borrowers

Eligibility

  • You should be a resident of India. 
  • Your age should be between 25-58 years.
  • As a salaried individual, you need to have a work experience of a work experience of 3 years or more.  

Documents

  • A duly filled & signed application form containing correct personal details of the borrower. 
  • The borrower need to share Proof of Identity including – voter ID card, copy of passport, or driving license. All these documents should carry photograph of the borrower along with his/her name as this will act as a proof of the borrower’s identity. 
  • The borrower need to submit 2 latest passport size photographs. 
  • For proof of address, the borrower need to provide a copy of ration card or electricity/telephone bill, rental agreement, or passport. As all these documents will be having the address of the borrower, therefore this will act as a proof of the borrower’s address. 
  • As proof of age, the borrower has to submit any of the following – driving license, passport, PAN Card, Birth Certificate.
  • As a proof of signature, the borrower has to submit a copy of – driving license, PAN Card, passport, bank account statements attested by the banker. Additionally, the proof of income of the borrower is also needed. With the help of these, the bank will be in a better position to make out the borrower’s repayment capability. The borrower need to ensure that he/she has maintained the same signature throughout the loan period. 
  • As a proof of income, the borrower need to submit his/her bank statement of last 3 months or latest income tax return or Form-16 of last 2 years.

Home Loan Products for Salaried Borrowers

Home Loan for Salaried – Bajaj Finserv offer home loans for both salaried and self-employed individuals. Whether the borrower is a government employee or he/she is working with some private company, Bajaj Finserv has an apt home loan for all.  

Eligibility & Documents

  • The borrower should be a resident of India. 
  • He/she should age between 25-58. 
  • As a salaried individual, he/she should have a work experience of 3 years or more. 
  • Minimum loan amount offered is Rs. 30 Lac and the maximum amount is Rs. 10 Crores.

Interest Rate & Charges

  • Bajaj Finserv Home Loan rate of interest is 8.35%. 
  • For the salaried individuals, 1% of the loan amount is charged as processing fees. 
  • Bounce charges of Bajaj Finserv are Rs. 2,500 for each bounce. 
  • The penal interest is 2.00% per month. 
  • Secure Fee of Bajaj Finserv is Rs. 4,999.

Foreclosure charges –

  • Non-individual: Floating rate & all borrowers: fixed rate is for >1 months is 4% plus applicable taxes. 

*For term loan on principal outstanding. 

*For line of credit (flexi pure) charges are calculated on the sanctioned limit. 

*For flexi saver (dropline flexi) charges are calculated on current dropline limit. 

Moratorium Period – The borrowers are offered a 3-month repricing holiday, where the repricing starts only after 3 months from the time the loan has been booked. According to Bajaj Finserv, the borrower should go for re-pricing in the 3rd month and should continue in the 4th month as well from the date on which the loan has been disbursed. 

After Application Process – When Bajaj Finserv receives borrower’s duly filled application form along with the necessary documents, following things will take place –

First, all the documents will be thoroughly examined by Bajaj Finance Limited. When the documents are found correct, a certain loan amount is sanctioned, however it depends on varied factors such as – borrower’s capability to repay the loan, the amount the borrower had asked for, and the value of the collateral property. In any case, the borrower is being denied for the loan, he/she will be informed. 

Next, in-house legal people and property experts of BFL will verify the documents of the property. These experts will then conduct a detailed examination of the property for evaluation reasons. 

When both the loan procedures are completed, Bajaj Finserv will disburse the home loan.  

Co-Applicant – Having a co-applicant is not mandatory. In the event, someone is the co-owner of the property, then he/she should also become the co-applicant in acquiring the home loan. If the borrower is the sole owner of the property, then any family member can be the co-applicant. 

Provisional Interest Certificate – This certificate helps in giving both the Principal and Interest breakup for a scheduled EMI for April to March. The borrower can use this calculation in order to claim income tax rebates under Section 80C and Section 24 of IT Act. In case any change happens prior to the end of the Financial year, it will change the figures and calculation. 

You can get this in the following ways-

By logging into our Customer Portal – “Experia”

Write a mail to wecare@bajajfinserv.in

With the change in interest rate, Provisional Income Tax Certificate will also undergo a change. 

Top Up Loan – Bajaj Finserv offers Top-Up Loan for all the home loan borrowers. Under this scheme, the borrower is offered additional amount over and above his/her existing home loan to fulfil the dream of owning a home. 

Features –

  • The borrowers can avail a top-up loan at a competitive interest rate as compared to other loans. 
  • Availing a top-up loan involves minimal documentation. The loan can be repaid with the help of easy EMIs and the borrower doesn’t have to pay any prepayment charges. 
  • The loan can be availed exclusively by the salaried individuals. 
  • In the value of the property in question is high, then in that case the top-up loan can be more than the original home loan. 
  • Top-up home loan can be availed by both existing and new customers who have availed Balance Transfer facility. 

Interest Rate and other charges –

  • Bajaj Finserv Home Loan rate of interest is 8.35%. 
  • For the salaried individuals, 1% of the loan amount is charged as processing fees. 
  • Bounce charges of Bajaj Finserv are Rs. 2,500 for each bounce. 
  • The penal interest is 2.00% per month. 
  • Secure Fee of Bajaj Finserv is Rs. 4,999.

Foreclosure charges –

  • Non-individual: Floating rate & all borrowers: fixed rate is for >1 months is 4% plus applicable taxes. 

Eligibility –

  • The borrower should be a resident of India. 
  • He/she should age between 25-58. 
  • As a salaried individual, he/she should have a work experience of 3 years or more. 
  • Minimum loan amount offered is Rs. 30 Lac and the maximum amount is Rs. 10 Crores.  

Documents –

  • Duly filled application form along with photograph. 
  • Proof of Identity (Any One)- PAN Card/Voter ID Card/passport/Aadhaar Card/job card issued by NREGA/Driving license. 
  • Proof of Address (Any One) – Voter ID Card/Aadhaar Card/Passport/Driving License. 
  • Details of Income – Latest salary slips/Form-16
  • Bank account statements of last 6 months. 

Home Construction Loan – This is a loan for all those borrowers who already own a land and require more funds to construction of their home on that self-owned land. The loan amount is not disbursed, to the borrower, in one go. You place draw request with your lender, on the basis of the stage of the construction, for the release of funds. The borrower have to pay the interest rate only on the amount he/she uses instead of the whole loan amount. 

Features –

  • Home Construction Loan are approved quickly. Depending on the case, the loan can also be approved in just 5 minutes. 
  • The loan gets disbursed within 72 hours or less. The draw requests made by the borrowers gets processed quickly and on time. 
  • Every borrower of home construction loan will be offered at competitive interest rates. 
  • The borrowers enjoy free access to the loan amount online irrespective of where the borrower is. He/she just need to log in to the online account in order to check the payment schedule, to check the latest information about the loans, interest certificate, track payments, through the digital customer portal. 

Interest Rate and other charges –

  • Bajaj Finserv Home Loan rate of interest is 8.35%. 
  • For the salaried individuals, 1% of the loan amount is charged as processing fees. 
  • Bounce charges of Bajaj Finserv are Rs. 2,500 for each bounce. 
  • The penal interest is 2.00% per month. 
  • Secure Fee of Bajaj Finserv is Rs. 4,999.

Foreclosure charges –

  • Non-individual: Floating rate & all borrowers: fixed rate is for >1 months is 4% plus applicable taxes. 

Eligibility –

  • The borrower should be a resident of India. 
  • He/she should age between 25-58. 
  • As a salaried individual, he/she should have a work experience of 3 years or more. 
  • Minimum loan amount offered is Rs. 30 Lac and the maximum amount is Rs. 10 Crores.  


Documents –

  • Duly filled application form along with photograph. 
  • Proof of Identity (Any One)- PAN Card/Voter ID Card/passport/Aadhaar Card/job card issued by NREGA/Driving license. 
  • Proof of Address (Any One) – Voter ID Card/Aadhaar Card/Passport/Driving License. 
  • Details of Income – Latest salary slips/Form-16
  • Bank account statements of last 6 months. 

Land Purchase Loan – As it is self-explanatory by its name, this loan is availed, by the borrower, to buy a land. This loan will come handy when resale plot is being purchase and when a plot is being purchased through allotment. 

Features –

Land purchase loan helps the borrowers when they are buying a plot via direct allotment. 

This loan also help the borrowers to buy a resale plot. 

The borrowers can easily fund their plot purchase easily and most important quickly. In case the borrowers need more funds, they can opt for Top-Up loan and it is available for all those borrowers who opt for home loan balance transfer. 

  • Land purchase loan gets approved quickly. Depending on the case, the loan can also be approved in just 5 minutes. 
  • The borrower, for buying a land, has to put down a considerable amount in one lump sum payment. In case of delay in the payment can result in losing the plot, owing to this Bajaj Finserv ensures that the application is approved quickly and the loan gets disbursed within 72 hours or less. 
  • Every borrower of land purchase loan will be offered at competitive interest rates. 
  • The borrowers enjoy free access to the loan amount online irrespective of where the borrower is. He/she just need to log in to the online account in order to check the payment schedule, to check the latest information about the loans, interest certificate, track payments, through the digital customer portal. 

Eligibility –

  • The borrower should be a resident of India. 
  • He/she should age between 25-58. 
  • As a salaried individual, he/she should have a work experience of 3 years or more. 
  • Minimum loan amount offered is Rs. 30 Lac and the maximum amount is Rs. 10 Crores.  

Documentation –

  • Duly filled application form along with photograph. 
  • Proof of Identity (Any One)- PAN Card/Voter ID Card/passport/Aadhaar Card/job card issued by NREGA/Driving license. 
  • Proof of Address (Any One) – Voter ID Card/Aadhaar Card/Passport/Driving License. 
  • Details of Income – Latest salary slips/Form-16
  • Bank account statements of last 6 months.

Joint Home Loan – Joint Home Loan allows the borrowers to buy a home by sharing the debt with a co-borrower. In case, the property is co-owned by the borrower with a close relative, then also he/she can avail Joint Home Loan. 

Features –

  • The borrower doesn’t have to wait for long as the Joint Home Loan gets an approval instantly. 
  • There may be a situation where the borrower has to make urgent payment in order to secure his/her dream home. Owing to this, once the application is approved, the loan amount is disbursed as quickly as possible. 
  • The borrowers get to enjoy low interest rates on Joint Home Loan. 
  • The borrowers enjoy the convenience of having around the clock access to their home loan account. He/she can, with the help of digital customer portal, easily check their payment schedule, have a look at the important details related to the loans, track repayments, interest certificate. 

Interest Rate and other charges –

  • Bajaj Finserv Home Loan rate of interest is 8.35%. 
  • For the salaried individuals, 1% of the loan amount is charged as processing fees. 
  • Bounce charges of Bajaj Finserv are Rs. 2,500 for each bounce. 
  • The penal interest is 2.00% per month. 
  • Secure Fee of Bajaj Finserv is Rs. 4,999.

Foreclosure charges –

  • Non-individual: Floating rate & all borrowers: fixed rate is for >1 months is 4% plus applicable taxes.

Eligibility –

  • The borrower should be a resident of India. 
  • The age of the borrower should be between 25-58. 
  • A salaried individual should have work experience of 3 years or more. 
  • A borrower can avail a minimum loan amount of Rs. 30 Lac and maximum amount he/she can avail is Rs. 10 Crores.  

Documentation –

  • Duly filled application form along with photograph. 
  • Proof of Identity (Any One)- PAN Card/Voter ID Card/passport/Aadhaar Card/job card issued by NREGA/Driving license. 
  • Proof of Address (Any One) – Voter ID Card/Aadhaar Card/Passport/Driving License. 
  • Details of Income – Latest salary slips/Form-16
  • Bank account statements of last 6 months. 

Home Loan Balance Transfer – It is basically transferring of borrower’s existing home loan to Bajaj Finserv at an affordable interest rates and low EMIs. 

Features –

  • With Bajaj Finserv Balance Transfer, the borrowers get to enjoy low interest rates and low EMIs on the home loan. 
  • The borrowers enjoy certain advantages when they use home loan balance transfer option such as – no foreclosure charges and no prepayment charges. 
  • Bajaj Finserv also offer 3 EMI holidays, helping the borrowers to plan their finances in a much better way. 

Eligibility –

  • The age of the borrower should be between 25-58.
  • The number of dependents of the borrower is also considered. 
  • The qualification of the borrower. 
  • The CIBIL score of the borrower. 
  • The existing debt that the borrower is having. 
  • Monthly net income of the borrower. 

Documents –

  • Proof of address (Any One) – Voter ID Card/Aadhaar Card/Passport/Driving License. 
  • Proof of identity (Any One)- PAN Card/Voter ID Card/passport/Aadhaar Card/job card issued by NREGA/Driving license. 
  • Form 16/Latest salary slips.
  • Bank statement of salary account for the last 6 months. 

Fees and charges – 

  • Rate of interest is 8.85%.
  • The processing fee charged by Bajaj Finserv is 0.8%. 
  • Penal interest is of 2.00% per month. 

Self-Employed Borrowers

Nowadays, job satisfaction has become a top priority for most of the people, there has been an influx of people who are interested in starting their own business and earn a living for themselves. So, to cater the financial needs of these entrepreneurs, Bajaj Finserv offer home loan for self-employed individuals. 

Eligibility

  • The borrower must be a resident of India. 
  • The age of the borrower should be between 28-70 years.
  • As a self-employed individual, the borrower should have a minimum of 5 years of continuity in his/her current business.

Documents

  • Duly filled application form along with photograph. 
  • KYC Documents. 
  • Income details – IT returns & balance sheet & P/L account statement for the last 2 years
  • A minimum business continuity proof of 5 years. 
  • Bank account statements for last 6 months
  • Partnership deed
  • MOA/AOA

Home Loan Products for Self-Employed Borrowers

Home Loan for Self-Employed – Bajaj Finserv offers one of a kind offering for all those self-employed borrowers who are buying ready to occupy property. While the borrowers are being provided with the funds to buy a dream home, they are also offered funds to meet varied expenditures on fixtures and fittings. Equipped with a home loan + facility, the borrowers won’t have to worry about applying for a separate personal loan.  

Eligibility –

  • The borrower should be a resident of India. 
  • The borrower should age between 28-70 years. 
  • Being a self-employed individual, he/she should have a minimum of 5 years of continuity in his/her current business.

Fees & Charges

  • The borrowers of Bajaj Finserv Home Loan will have to pay processing fees of upto 2% of the loan amount. This will be deducted at the time of the disbursal of approved loan amount. 
  • Bajaj Finserv will charge Rs. 1,000 in the subsequent month for each bounce. 
  • Penal interest is 2.00% per month overdue charges will be levied basis 360 days per year. 

Co-applicant – Having a co-applicant is not important. In case, a borrower is the co-owner of the property, he/she should also be the co-applicant for the home loan. If the borrower is the sole owner of the property, then any immediate member of the family can be the co-applicant. 

Tenure – You can get the loan to a maximum tenure of 20 yrs.

Provisional Interest Certificate – This certificate helps in giving both the Principal and Interest breakup for a scheduled EMI for April to March. The borrower can use this calculation in order to claim income tax rebates under Section 80C and Section 24 of IT Act. In case any change happens prior to the end of the Financial year, it will change the figures and calculation. The calculations will be on the basis of Current Principal Balances, Current ROI and Current EMI along with the charges recorded in the current financial year. 

You can get this in the following ways-

By logging into our Customer Portal – “Experia”

By writing a mail to wecare@bajajfinserv.in

There are certain situations where Provisional Income Tax Certificate can undergo a change such as interest rate. It is on the basis of “as is” that the projection is calculated and any future change on EMI, principal, or interest will not be considered such as 

Approval before finalizing the property – On the basis of the borrower’s income eligibility, Bajaj Finserv will issue an in-principle approval for the home loan. On the basis of this, the borrower can decide on the property he/she needs to buy. The final sanction of the home loan will be executed on the basis of the property’s evaluation. 

Home Loan Balance Transfer – Under this loan, transferring of the borrower’s existing home loan to Bajaj Finserv at an affordable interest rates and low EMIs is carried out. 

Features –

  • With Bajaj Finserv Balance Transfer, the borrowers get to enjoy low interest rates and low EMIs on the home loan. 
  • The borrowers enjoy certain advantages when they use home loan balance transfer option such as – no foreclosure charges and no prepayment charges. 
  • Bajaj Finserv also offer 3 EMI holidays, helping the borrowers to plan their finances in a much better way. 

Eligibility –

  • The age of the borrower should be between 25-58.
  • The number of dependents of the borrower is also considered. 
  • The qualification of the borrower. 
  • The CIBIL score of the borrower. 
  • The existing debt that the borrower is having. 
  • Monthly net income of the borrower. 

Documents –

  • Proof of address (Any One) – Voter ID Card/Aadhaar Card/Passport/Driving License. 
  • Proof of identity (Any One)- PAN Card/Voter ID Card/passport/Aadhaar Card/job card issued by NREGA/Driving license. 
  • Form 16/Latest salary slips.
  • Bank statement of salary account for the last 6 months. 

Fees and charges – 

  • Rate of interest is 8.85%.
  • The processing fee charged by Bajaj Finserv is 0.8%. 
  • Penal interest is of 2.00% per month. 

Home Loan for Doctors

Bajaj Finserv offer home loan specially for the doctors. As Home Loan for doctors, the borrowers can avail a loan up to Rs. 2 Crores and the loan also gets an approval within 24 hours. 

Features –

  • The maximum loan amount a borrower can avail is Rs. 2 Crores. 
  • There is little documentation involved in this loan and online fund management facility, property search services, and doorstep services are also offered. 

Eligibility

  • The borrower should be a resident of India.
  • As a borrower, the age should be between 28-70 years.
  • Being a self-employed individual, he/she should have a minimum of 5 years of continuity in his/her current business.

Documents

  • Proof of Business – Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax Certificate.
  • The borrower need to provide last 3 years IT tax returns along with profit and loss account and balance sheet duly audited by a chartered accountant.
  • Cheque of Processing Fee.
  • Duly filled application form along with photograph. 
  • Existing Loans’ Sanction letters along with repayment track.
  • ID/ Age Proof – PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
  • MOA/AOA
  • Bank account statements for last 6 months

Home Loan for Firms & Companies – For both firms and companies, Bajaj Finserv offers home loan of up to Rs. 15 Crores. 

Fees & Charges

  • The borrowers of Bajaj Finserv Home Loan will have to pay processing fees of upto 2% of the loan amount. This will be deducted at the time of the disbursal of approved loan amount. 
  • Bajaj Finserv will charge Rs. 1,000 in the subsequent month for each bounce. 
  • Penal interest is 2.00% per month overdue charges will be levied basis 360 days per year. 
  • Foreclosure charges is 4% and will be applicable on current POS outstanding for term loan. Foreclosure charges for line credit gets calculated on the amount sanctioned by Bajaj Finserv. Foreclosure charges for Flexi saver gets calculated on the dropline amount. 
  • For part payment charges, there is no charges on Flexi and LOC term loan, but 2% along with applicable taxes on the part payment amount paid by the borrower.

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