Bajaj Finserv Home Loan

Features and Benefits of Bajaj Finserv Home Loan

Flexible Repayment

Bajaj Finserv provides flexible EMI repayment plans. You can plan your finances accordingly and repay your housing loan at your pace in 30 years.

Top-up on Existing Loan

A top-up is financial help provided by banks and NBFCs that allows you to borrow an additional amount on your existing loan. Bajaj Finserv provides their customers with top-up loans on balance transfers of existing loans. You can avail a top-up of up to INR 1 Crore with Bajaj Finserv.

Minimal Documentation

Bajaj Finserv offers home loans with simple processing and minimal documentation.

Quick Disbursal

Bajaj Finserv disburses approved loans within 48 hours of verification to provide an optimum experience to the customer.

Attractive Interest Rates

Bajaj Finserv offers flexible and affordable home loans. You can avail of a home loan up to INR 5 crores with interest rates ranging between 6.65% to 15% per annum.

Zero Prepayment Charges

A prepayment is an option provided by banks and NBFCs that allows customers to repay the loan before maturity. Usually, financial institutions charge a percentage of the loan amount if you opt for prepayment. But with Bajaj Finserv, you can prepay your loan and save up on your interest without paying any foreclosure charges.

Bajaj Finserv: Home Loan Eligibility Criteria

Criteria	For Salaried Individuals	For Self- Employed Individuals
Nationality	Indian Resident	Indian Resident
Age	23 years - 62 years	25 years - 70 years
Work experience	3 years	5 years of vintage with current entreprise
Minimum Salary (Depends on the city of residence)	INR 30,000 to INR 50,000	INR 30,000 to INR 40,000
CIBIL score	Above 750	Above 750

Bajaj Finserv Home Loan: Fees and Charges

Processing Fees	Upto 6% of the loan amount
EMI bounce charges	Upto INR 3000
Penal Interest	Upto 2%
Secure Fee ( one time)	Upto INR 4,999
Loan statement charges	NIL
Principal and Interest statement charges	NIL
Prepayment or foreclosure charges	NIL

Bajaj Finserv Interest Rates

Bajaj Finserv provides economical and affordable interest rates starting from 6.65% per annum. Its flexible EMI options start from INR 642/Lakh. Bajaj Finserv provides both home loans and top-ups on existing home loans.

	Current Home Loan Interest Rates	Interest rates on Home Loan Top-ups
Loan type	Home Loan	Top-up loan
Interest rate type	floating	floating
Interest rate for salaried individuals	6.70% to 14%	8.25% to 14%
Interest rates for self-employed individuals	6.70% to 15%	8.25% to 15%

Bajaj Finserv: Types of Interest Rates

The interest rates at Bajaj Finserv are broadly divided into fixed rates and floating rates.

Fixed-Rate of Interest

A fixed home loan interest rate implies that the lending rate is constant over the tenure of the loan. You can calculate an estimate of the EMIs and interest payable at the beginning of the loan tenure itself. The fixed interest rate on a home loan allows you to plan your finances. It is suitable only when there is a possibility of a rise in interest rates in the future.

Floating Rate of Interest

Unlike fixed interest rates, floating home loan interest rates are variable over the tenure of the loan. It fluctuates according to the changes in benchmark rates linked to housing finance. A floating interest rate is typically preferred when there is a possibility of a fall in interest rates in the future. 

Note: Bajaj Finserv home loans allow you to switch from a fixed rate to a floating rate of interest and vice versa. A fixed interest rate is generally 1 to 2.5% higher than a floating rate.

Factors Affecting Bajaj Finserv Home Loan Interest Rates

Loan to Value Ratio

Loan to value (LTV) ratio is a measure of comparison between the loan amount and the appraised value of your property. LTV determines the maximum loan amount that a lender extends for a home loan. A high LTV ratio allows you to obtain a higher loan amount at a lower interest rate. By increasing the down payment, you can reduce the loan amount and consequently reduce the interest payable.

CIBIL Score

CIBIL score is crucial in determining the home loan interest rates. A high CIBIL score results in low-interest rates as lenders then consider borrowers trustworthy with high repayment capacity. Maintaining a CIBIL score above 750 will ensure that you benefit from the most favourable interest rates.

Tenure of the Loan

The repayment tenure is directly proportional to the risk of the lender. A longer repayment period is accompanied by a higher interest rate. EMIs on home loans are inversely proportional to repayment tenure. A longer repayment tenure yields affordable EMIs, but the interest payable becomes higher.

Financial Standing of the Borrower

An applicant's financial standing determines the interest rate for their home loan. A salaried applicant with a stable job at a well-established organization or a self-employed individual with a steady income and a high credit score can get a home loan with attractive interest rates. Such applicants can negotiate interest rates for affordable repayments as well. In contrast, an applicant with an unstable income is charged higher interest rates.

Bajaj Finserv: Types of Home Loans

Bajaj Finserv provides a wide range of home loans tailored according to the needs of their customers.

Home Loan Balance Transfer

Bajaj Finserv offers a balance transfer on home loans. It provides a facility to transfer an existing home loan to the NBFC hassle-free. With Bajaj Finserv balance transfer, you can avail of low-interest rates, long term loans and top up on the existing loan.

Top-up Loan

Bajaj Finserv provides a top-up in addition to the home loan. A top-up is a financial help offered by the banks and NBFCs that allows you to borrow an additional amount on the existing loan.

Joint Home Loans

You can share your finances by opting for a joint home loan with your spouse, parents or siblings. You can share the repayment responsibilities with your co-applicant.

Women's Home Loans

Bajaj Finserv provides home loans specially customized for women at competitive rates. This loan type supports women to become independent house owners.

Home Construction Loan

A home construction loan offers funds specifically for home construction. Bajaj Finserv also provides a top-up to cover home decor expenses after the construction of the house.

Plot for Purchase

Bajaj Finserv provides finances for purchasing a plot for the construction of your house.

Home Loan for Professionals

Bajaj Finserv provides ample finances at attractive interest rates for professionals like home loans for private employees, government employees, advocates and bank employees.

Documents required for Bajaj Finserv Home Loan

KYC Documents	Aadhaar Card Passport Driving License Voter ID
Income Proof	Previous 3 months’ salary slips Previous 6 months’ bank account statements Employee ID card
Other Documents	Property documents

Bajaj Finserv: Home Loan EMI Calculator

EMI means estimated monthly instalments. It refers to the amount payable every month towards the repayment of your home loan. A home loan EMI calculator is a tool provided by Bajaj Finserv on their website that helps you to compute the estimated monthly payments. Enter the desired loan amount, tenure and interest rate in the allocated boxes and get the estimated figures in seconds.

Comparison between Bajaj Finserv Interest Rates and Other Lenders

Bajaj Finserv	6.65%
Kotak Mahindra Bank	6.60%
Citibank	6.75%
Bank of Baroda	6.50%
Bank of India	6.50%
LIC Housing Finance	6.90%
Axis Bank	6.90%
Tata Capital	6.90%
Shriram Housing	8.90%
Yes Bank	8.95%