Here, we are discussing the best home loan plans provided by Bajaj Finserv at low-interest rates. This article also deals with the home loan plans, loan balance transfer, customer care, mortgage rates, loan interest rates and much more.
All about Bajaj Finserv Home Loan
A home loan up to Rs.3.5 Cr. is provided by Bajaj Finance at an interest rate starting at Rs. 7.5 %. Bajaj Financial home loan service makes it flexible for its customers with the loan tenor max. 240 months, claim annual tax benefits, avail a loan top-up for max. Rs. 50 lakh, and saving up to Rs. 2.67 Lakh on interest through Pradhan Mantri Awas Yojana (PMAY’s) interest subsidy. So, if you are looking for a house purchase or home renovation then Bajaj financial home loan is the one-stop solution to fulfil all your dreams of a nice home.
Eligibility of getting Bajaj Finserv Home Loan
Anyone who has Indian citizenship, who can repay the home loan, is eligible for the home loan scheme, also keeping in mind the following points:
- Age limit valid for salaried is 23-62 years
- Age limit valid for self-employed is 25-70 years
- Minimum salary must be Rs.25,000
- Work experience for salaried should be 3 years
- Work experience for self-employed should be 5 years
- Business continuity of a minimum of 5 years has to be there.
- Minimum CIBIL score is 750
As mentioned above, the minimum salary for a home loan should be Rs.25,000 but in places like Delhi, Mumbai, Thane, Gurugram the minimum Rs.30,000.
Documents required for a Home Loan
Before applying for a Home loan, you must get your required documents ready so that the loan gets approved in one go without any obstacles. The documents required for Bajaj Finserv home loan are:
- KYC(Know your Customer) Documents
- Any Address proofs- Electric bill/water bill/ telephone bill/ valid passport/Adhaar Card/ Driving license/ Voter ID
- Identity proofs- PAN card/ Driving license/ Voter ID card/ Valid passport
- Passport-sized photographs
- Form 16 and latest salary slips
- Account statements for the last six months
- Business continuity Proof (self-employed, for businesspersons)
How to apply for a home loan at Bajaj Finserv?
Nowadays it has become very easy to get a home loan, keeping in mind all the necessary points required to get it. Bajaj Financial Home Loan can be availed by both online and offline processes.
The steps for a normal procedure of applying and getting a home loan from Bajaj Finserv are:
- Application form fill with details like name, address, phone number, type of employment etc
- Document collection like the Identity proof, address proof, mortgaged plots, latest salary slips etc shall be collected by the Bajaj Finserv representative from your doorstep.
- Document processing and verification involve checking the authenticity of your documents. Your home loan application will only move ahead if the documents provided are correct and authentic.
- Sanction Letter is received after successful completion of all the above steps. This letter contains loan amount, interest rate, type of interest rate, repayment tenor etc.
- Secure fee payment
- Legal and technical check
- The loan agreement and disbursal
The Online Process:
- Open the online portal; of Bajaj Finserv home loan
- The home loan application form is accessed
- All the required details like- personal, financial and employment-related details are entered
- You will get your pre-approved offer.
- Choose the loan amount with the home loan eligibility calculator.
- Provide property details.
- There is an online security fee, which has to be paid online.
- Then upload scanned copies of the documents required.
The SMS Process:
- On your mobile phone send “HLCI” to 9773633633, to get your query for home loan After this SMS, a representative from Bajaj Finserv will call you along with the pre-approved offer for you.
- There is a missed call facility as well for Bajaj Finserv home loan and you can call at 7036222221.
- You can also call 8698010101 (Call Charges to Apply) for customer care Then enter your Customer ID of 7-digit from Bajaj Finserv and select from the IVR Options 8698010101.
The Offline Process
You may also avail a Bajaj Finserv Home Loan. For that you will need to visit your nearest branch of Bajaj Finserv and get your demands fulfilled.
How to calculate Bajaj Finserv housing loan Eligibility
Bajaj Finserv home loan eligibility calculator allows one, to calculate themselves whether they are eligible to get the required amount of home loan or not. It gives a clear picture that whether you fulfil the criteria of housing loan or not. This can be calculated just by sitting at home, through an online process of some simple steps:
- Log into “Home loan eligibility calculator by Bajaj Finserv”
- A form will appear, asking for your date of birth, city, net monthly salary, other incomes and much more.
- Slowly and patiently fill in all the details as per your requirement
- After your done putting in the details, press “Check your eligibility”
- So, the last step is to apply for the loan if you are eligible.
If you want to go for the offline method, you can always visit the branch and get help from a representative and get your doubts cleared.
How to calculate Bajaj Finserv housing loan EMI
Before you know how to calculate Bajaj Finserv housing loan EMI, you have to get a clear idea of what is a home loan EMI calculator and why it is used. Housing loan EMI is a very handy and useful online that simplifies your life and makes it very easy for you to calculate your home loan EMIs.It helps you to see the influence of the principal, interest rate and tenor on your EMIs. At the same time, it also helps you to know the exact expenditure amount of your home loan and compare it with other home loans at any time and anywhere.
Now we will share with you how to calculate your own home loan EMIs
It can be done by the following 2 methods:
- Using a formula
Not very easy though but you can always calculate it manually to be sure yourself.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1] In the above formula ‘P’ stands for the principal amount, ‘R’ stands for the rate of interest calculated monthly, and ‘N’ stands for the length of your tenor. By this formula an easily calculate your own EMI.
- Using an EMI calculator
Calculating your EMI manually may not give you accurate results, but if you use a tool online then there are 98% chances that you get the correct figure. To do this you have to visit the Bajaj Finserv website and look for the home loan EMI calculator Inputting all the data and necessary details required including the principal, interest rate, tenor etc and see the EMIs that has to be paid.
This will tell you the total interest that you have to pay, the full amount that you have to pay and much more. This EMI calculator is a simple yet very useful method.
What is Loan Balance Transfer with Bajaj Finserv?
Bajaj Finserv gives you the best Loan balance transfer schemes. You can now:
- Get your home loan balance transfer at a low-interest rate i.e, 7.5%.
• Also get further top-up loan for max. Rs. 50 Lakh when you transfer your current home loan.
- The property must be ready to move in or must be already in possession.
- You should have at least paid more than 12 EMIs.
- No outstanding on your current home loan.
- Identity proof
- Address proof
- F1orm-16 or the last salary slip/s
- previous 6 months’ Account Statement
- Income tax returns of last year
- Balance sheet and profit & loss account statement of the previous year
- Registration certificate of the business
How to apply for a loan balance transfer online:
- Fill in the personal details in the form
- Fill in the financial details in the form
- Fill in the employment details in the form
- Fill in the property details in the form
- View the loan offers available
- Submit property details for verification
- The secured fee to pay online
- Uploading the documents
Mortgage loans are the types of loans that you can always avail by keeping immovable assets, plots, properties as a mortgage with the lender. The asset can be residential or commercial property even heavy materials like machinery mortgage so that at the time of emergency it helps.
For education overseas, for growing business needs, a grand wedding, or unforeseen medical expenses no matter what your need Bajaj Finserv Mortgage Loan come as a saviour. Bajaj Finserv now offers Mortgage Loans that are customised as per the needs of salaried and self-employed individuals.
Mortgage loan interest rates are quite low compared with other financial service providers.
The loan interest rates for self-employed individuals range between 10.50% and 14.50%. As for salaried people, the interest rate remains between 10.10% and 11.50% for general property loan. One can get up to Rs. 3.5 crore against mortgage loan with the repayment tenor extending up to 20 years.
Q. Who can apply for a home loan in Bajaj Finserv?
People who are citizens of India and are planning for buying a house or property purchase. Should be minimum 23-62 years and employed, 25-70 for self-employed with regular income are eligible for a home loan.
Q. Is Bajaj Finserv good for home loans?
Absolutely. It’s one of the best in the market with low-interest rates of 7.5%. It has satisfied a lot of its consumers as well.