Bajaj Finserv Home Loan

Table of Contents

• Bajaj Finserv Home Loan Interest Rates
• Eligibility Criteria for Bajaj Finserv Home Loan
• Bajaj Finserv Home Loan Types and Features
• How to Apply for Bajaj Finserv Home Loans
• Document Checklist for Bajaj Finserv Home Loan

 

Introduction

Bajaj Finserv grants simple and hassle-free home loan solutions at competitive interest rates. You get a wide range of plans and features from which you can choose one that is suitable for your requirements. These plans are customised for different working individuals, ensuring everyone gets to experience the maximum benefits of the schemes.

The paperwork involved is straightforward, and the pre-approval process is transparent and simple with no hidden charges, as opposed to the norm, where it can be challenging and time-consuming.

In case if you’ve already taken up a plan with higher EMI, you can transfer it to Bajaj Finserv and pay lesser interest. Moreover, if the loan taken isn’t meeting your expenses, you can always opt for the bank’s top-up loan plan and take up to Rs. 50 lakhs of extra loan with no additional paperwork.

 

Let’s take a look at some of the features offered by Bajaj Finserv:

Utilising the Simple Balance Transfer Facility

Bajaj Finserv presents a simple, clear and quick process that allows you to obtain loans without any difficulties. The amount of paperwork involved is minimum, and the process is smooth and hassle-free.

Topping-up your existing Loan

The Top-up loan feature provided by them allows a supplementary loan of up to Rs. 50 lakh at nominal interest rates on top of your current home loan without any added paperwork.

Using property dossier

Bajaj Finserv provides a tailor-made guide that would help you through all the legal and financial proceedings of being a homeowner.

Making use of the part-prepayment and foreclosure facility

Bajaj Finserv grants affordable loan options like facilities for pre-payment or foreclosure free of any charge. With this, you can pay up your entire loan amount before your closure and thus save up on your interest.

Repaying with flexible tenor

You can repay with the help of their flexible tenors that offer settlement up to 240 months. This way, you can choose a plan that meets your budget.

Minimising paperwork

Their process is easy, simple and straightforward, requiring very little paperwork. Just follow their document checklist and ensure a smooth approval of your loan.

Managing your loan online

No need to go to their centre every time you want to enquire about your loan. Just use their online digital customer portal to manage your home loan anytime, anywhere.

Securing with customised insurance schemes

With their customised insurance schemes, you can insure your home loan as a shield against unforeseen circumstances.

 

Bajaj Finserv Home Loan Interest Rates

Interest rates are as of 2019

Bajaj Finserv gives you highly competitive interest rates along with transparency in all the other charges. You can also take advantage of the various tax benefits on your interest up to Rs. 2 lakh as per Section 24 of the Income Tax Act. Additionally, you get home loan tax benefit up to Rs. 50,000 under Section 80EE of the Income Tax.

 

Here are their interest rates under different criteria:

Types of Interest Rates and Fees	Applicable Charges
Promotional Interest Rate for Salaried	8.80%** onwards
Regular Housing Loan Rate of Interest (Salaried)	BFL – SALARIED FRR* – Margin = 9.05% to 10.30% (For Salaried)
Regular Housing Loan Rate of Interest (Self Employed)	BFL – SELF – EMPLOYED FRR* – Margin = 9.35% – 11.15%
*BFL – SALARIED FRR	Upto 20.90%
*BFL-SELF – EMPLOYED FRR	Upto 20.90%
** Loan up to 30 Lakhs

 

BFL FRR for cases reserved before 20th June ‘18 was 12.95%
Other Charges and Fees	Applicable Charges
Fees for Processing	Upto 0.80% (in the case of salaried applicants)
	Upto 1.20% (in the case of self-employed applicants)
Charges for Loan statement	Rs. 50
Charges for statements of Interest and principal	–
charges for EMI bounce	Rs. 3,000

 

Home Loan foreclosure and part-prepayment charges

Bajaj Finserv also provides transparent foreclosure charges and prepayment facilities. Note that an individual borrower with a floating interest home loan does not need to pay any foreclosure or part-prepayment charges.

 

Charges for Foreclosure:

Borrower Type: Interest Type	Period (Months)	Charges for Foreclosure
Floating rate: Individual:	>1	–
Floating rate: Non-individual	>1	4% + applicable taxes
Fixed rate: All borrowers:	>1	4% + applicable taxes

 

Term loans have charges calculated on principal outstanding.

Flexi Interest – Loans have charges calculated based on sanctioned limit.

Flexi Term Loans have charges calculated based on current dropline limit.

Charges for Part-prepayment:

Interest Type: Borrower Type	Period (Months)	Charges for Foreclosure
Floating rate: Individual	>1	–
Floating rate: Non-individual	>1	2% + applicable taxes
Fixed rate: All borrowers	>1	2% + applicable taxes

 

It is required that the part prepayment be above one EMI.

The charges shown here are not applicable for Flexi Term Loan and Flexi Interest Loan facilities.

 

Eligibility Criteria for Bajaj Finserv Home Loan

The eligibility criteria you need to meet to avail a home loan from Bajaj Finserv is as follows:

Home Loan Eligibility Criteria
Age Limit of Salaried Individuals	23 to 62
Age Limit of Self-Employed Individuals	25 to 70
Required CIBIL Score for Home Loan	Minimum 750
Work experience of Salaried Applicants	Minimum 3 Years
Business Continuity	Minimum 5 Years
Minimum Salary	Rs. 25,000
Nationality	Indian, Residing within the Country

 

Eligibility based on salary

The following table shows the eligibility based on your monthly income:

Age	Net monthly income (in Rs.)
	25,000	50,000	75,000
25 Years	18.64 Lakh	37.28 Lakh	55.93 Lakh
30 Years	18.64 Lakh	37.28 Lakh	55.93 Lakh
35 Years	18.64 Lakh	37.28 Lakh	55.93 Lakh
40 Years	18.64 Lakh	37.28 Lakh	55.93 Lakh
45 Years	18.64 Lakh	37.28 Lakh	55.93 Lakh
50 Years	18.64 Lakh	37.28 Lakh	55.93 Lakh

 

Eligibility based on age

Based on age, the following conditions must be met:

• Salaried applicants must be between 23 and 62 years of age to be eligible for a home loan.
• Self-employed applicants must be between 25 and 70 years of age to meet the home loan eligibility.

The following table displays the eligible age and the maximum tenure based on age:

Age	Maximum tenure for salaried applicants	Maximum tenure for self-employed applicants
25 Years	30 years	30 years
30 Years	30 years	30 years
35 Years	30 years	30 years
40 Years	30 years	30 years
45 Years	25 years	25 years
45 Years	20 years	20 years

 

Eligibility based on CIBIL score

A CIBIL score shows the bank how creditworthy you are. A score of 750 is the minimum score required to be considered for a loan. Hence, if you have a decent CIBIL score of 750 and above, you automatically become eligible. You can also avail additional features with a good score.

 

Eligibility based on LTV and property value

If the property you have planned to purchase has a higher market value, you can avail a higher loan amount quicker with a 20% down payment.

 

Enhancing your home loan eligibility

Keep in mind the following when checking for home loan eligibility:

• Higher tenor fetches higher loan amount and lower EMIs but higher interest rates.
• Existing debts can hinder your chances for a loan. So pay them off and increase your FOIR and thus become more eligible.
• You have the option to apply for a joint home loan with another application which will increase your eligibility for a higher loan.

 

Bajaj Finserv Home Loan Types and Features

Bajaj Finserv has a set of customised housing finance solutions that target a particular set of borrowers. These loans have very attractive rate of interests that are competitive and much lesser as compared with the market, making them preferable by many.

 

1. Home loan balance transfer

If you already have a loan plan with an existing lender, you can always transfer it to Bajaj Finserv with the help of their Home loan balance transfer feature. This feature helps in reducing your EMIs with their lower interest rate of 8.80%. Moreover, you can also top-up your loan with an additional loan of up to Rs. 50 lakh with a repayment tenor of up to 20 years. The transfer is easy, with minimal paperwork and a simple and straight forward procedure. Besides, you also get to experience a wide set of features such as:

• Pre-payment facility: You have the option of part-prepayments where you don’t have to pay any additional charges on your home loan with floating interest rates.
• No hidden charges: There are no hidden charges, and you can expect complete transparency throughout the tenure.
• Nil foreclosure charges: There aren’t any extra charges on a foreclosure for home loans with floating interest rates.
• Online account management: You can manage your loan account at the comfort of your home with their digital customer portal.
• Customised insurance solutions: Tailor-made insurance schemes ensure complete safety and backup during unforeseen circumstances.

 

2. Top-up Loan

If ever you feel the need for additional loans, you can always top-up your existing loans up to Rs. 50 lakhs with Bajaj Finserv. The process is simple and transparent, and you get the loan in no time. The benefits of this feature are as follows:

• Lower rates of interest: The rate of interest offered by the bank is much lower as compared to the norm.
• Quick and easy financing with no extra paperwork: As you are already a part of the loan scheme, there is no need for you to submit additional documents.
• Loan amount of high value: If the property is of high value, you get a higher-top-up loan amount.
• Freedom to end-use: Once the loan is approved, there is no restriction as to how you use it.
• Online digital portal: The online digital portal will keep you abreast about the stage the loan is in and will help you keep track of your payments.
• The facility of foreclosure and part-prepayment: You can always pay up your loan before the tenure closes with their foreclosure and part-prepayment options.
• Income tax benefits: Under Section 24 of the Income Tax Act, you can claim an income tax deduction of up to Rs. 2,00,000 on the top-up loan interest. You can also avail tax benefits of up to Rs. 50,000 on the interest according to Section 80EE of the Income Tax Act.

 

3. Joint Home Loan

Using this scheme you can share your loan repayment responsibility with your spouse, a family member or a friend. The joint home loan feature lets your partner in your family or your friend and avails special interest rates and a more affordable EMI.

Some of the features and benefits of a joint home loan are as follows:

• Higher loan amounts of up to Rs. 3.5crore
• Flexible tenure of up to 240 months and simpler repayment
• Instant approval and a loan disbursal within 72 hours and less
• Lower Interest Rates
• Increased eligibility
• Transfer your existing loan account to Bajaj Finserv with minimum documentation, and you can avail exciting benefits with your loan partner
• Top up your loan with a higher amount at affordable interest rates and no additional paperwork
• Facility of part-prepayment and foreclosure of your loan account available
• Avail tax benefits from Rs. 50000 to up to Rs. 2 lakhs on the rate of interest of your home loan
• Track your loan online

 

Co-borrowers who can participate in the joint home loan schemes:

• Parents: Co-own a home with your parents with the specialised joint home loan scheme.
• Working Spouse: A working spouse can team up and support your dreams by helping out with your EMIs. Moreover, they too can avail Income Tax benefits.
• Siblings: Rope in your siblings and co-own a home and enjoy the various features of this scheme.
• Daughter: Unmarried and primary owners can become your co-applicants.
• Son: Primary owners, including multiple heirs, can team up and obtain a joint home loan.

 

Interest Rates and Fees	Applicable charges
Regular rate of interest (For self-employed)	9.35% – 11.15%
Regular rate of interest (For salaried)	9.05% – 10.30%
Promotional rate of interest (Salaried)	From 8.80% (for loans up to. Rs. 30 Lakh)
BFL – FRR for Self Employed applicants	20.90% (BFL-SE FRR)
BFL – FRR for Salaried applicants	20.90% (BFL-SAL FRR)

 

The charges of pre-payment are as follows:

Types of borrower	Type of interest	Time (In months)	Part-prepayment charges
All borrowers	Fixed interest rate	More than 1	2% charge + taxes
Individual	Floating interest rate	More than 1	0
Non-individual	Floating interest rate	More than 1	2% charge + taxes

 

The charges of loan foreclosure are given as follows:

Types of borrower	Type of interest	Time (In months)	Part-prepayment charges
All borrowers	Fixed interest rate	More than 1	4% charge + taxes
Individual	Floating interest rate	More than 1	0
Non-individual	Floating interest rate	More than 1	4% charge + taxes

 

4. Home loan for women

Working women professionals too, can now become homeowners. Bajaj Finserv grants specially tailored loan schemes that help more women own their property easily. The features of the scheme include:

• A Higher Loan Amount between Rs. 30 lakh and Rs. 10 crore
• Nil Part-Prepayment and Foreclosure fees
• The tenor of up to 25 years
• Top up to up to Rs. 50 lakhs with no additional paperwork
• Transfer existing loan plan with another lender with Bajaj Finserv for lower EMIs

 

Eligibility criteria:

• Applicable only for Indian citizens
• Age must be in between the range of 23 to 58 years
• Working professionals having work experience of at least three years
• The loan must be between Rs. 10 lakh to Rs. 3.5 Crores

 

The fees and interest rates are as shown below:

Types of Fees	Applicable Charges
Interest rate	8.40% (For salaried individuals)
Processing fees	Up to 1% of the loan amount for salaried individuals
Loan statement charges	–
Interest & principle statement charges	–
EMI bounce charges	Rs. 3,000
Penal interest	2% per month
Secure fee	Rs. 3,999

 

5. Home loan for advocates

Advocates working with a firm or having their practice can take advantage of specially designed home loans. And if the loan taken is not enough, you can always top it up with the Bajaj Finserv Top-up plan and avail up to Rs. 50 lakhs with no extra paperwork.

 

Eligibility criteria

The criteria for salaried advocates are as follows:

• Applicable only for Indian citizens
• Age must be in between the range of 23 to 58 years
• Working professionals having work experience of at least 3 years
• The loan must be between Rs. 10 lakh to Rs. 3.5 crores

Criteria for self-employed advocates:

• Applicable only for Indian citizens
• Age must be in between the range of 23 to 70 years of age
• A mandate of a minimum5 years of continuity in your current business
• The loan must be between Rs.30 lakh and Rs. 5 crore

 

The interest rates and the applicable charges are as follows:

Types of Fees	Applicable Charges
Interest rate	8.60% onwards (For salaried individuals)
Processing fees	Up to 0.8% of the loan amount for salaried individuals
Loan statement charges	NIL
Interest & principle statement charges	NIL
EMI Bounce charges	Rs. 3,000
Penal interest	2% per month
Secure fee	Up to Rs. 9,999

 

6. Home loan for bank employees

It is good news if you’re a bank employee as you can avail specially customised home loans from Bajaj Finserv. Moreover, you also get to choose a longer tenure of up to 20 years to fit it into your budget.

 

Eligibility criteria:

• Applicable only for Indian citizens
• Age must be in between the range of 23 to 58 years
• Working professionals having work experience of at least 3 years
• The loan must be between Rs. 10 lakh to Rs. 3.5 crores

 

Rate of interest and other charges slab:

Types of Fees	Applicable Charges
Interest rate	8.40% (For salaried individuals)
Processing fees	Up to 1% of the loan amount for salaried individuals
Loan statement charges	NIL
Interest & principle statement charges	NIL
EMI bounce charges	Rs. 3,000
Penal interest	2% per month
Secure fee	Rs. 3,999

 

7. Home loan for government employees

Central and state government employees have a customised loan scheme. If you work for the government, you can take advantage of the specialised rate of interest offered by the bank for you. These interests are competitive and very attractive and will help you possess your dream home in no time.

 

Eligibility criteria:

• Applicable only for Indian citizens
• Age must be in between the range of 23 to 58 years
• Working professionals having work experience of at least 3 years
• The loan must be between Rs. 10 lakh to Rs. 3.5 crores

 

Types of Fees	Applicable Charges
Interest rate	8.40% (For salaried individuals)
Processing fees	Up to 1% of the loan amount for salaried individuals
Loan statement charges	NIL
Interest & principle statement charges	NIL
EMI bounce charges	Rs. 3,000
Penal interest	2% per month
Secure fee	Rs. 3,999

 

8. Home loan for private employees

If you are a private employee, you can take up a flexi home loan where you can borrow the exact amount from your loan limit, pay the principal at the closure of the tenor and the interest as the EMI. This way, you save a ton, pay less interest and obtain your dream home.

 

Eligibility criteria:

• Applicable only for Indian citizens
• Age must be in between the range of 23 to 58 years
• Working professionals having work experience of at least three years
• The loan must be between Rs. 10 lakh to Rs. 3.5 crores

 

Fees for private employees are as follows:

Types of Fees	Applicable Charges
Interest rate	8.40% (For salaried individuals)
Processing fees	Up to 1% of the loan amount for salaried individuals
Loan statement charges	NIL
Interest & principle statement charges	NIL
EMI bounce charges	Rs. 3,000
Penal interest	2% per month
Secure fee	Rs. 3,999

 

9. Home construction loan

Bajaj Finserv provides attractive home construction loans so that you can construct your dream home the way you want without worrying about the finances. Here, you get to decide your loan disbursement instalment as per your convenience. The management of the loan and the disbursement of the money would be managed entirely by the bank, leaving you free to concentrate only on your project. By paying interest only on the amount used instead of the entire principal amount, you can save a substantial amount.

The home construction loan scheme offers many advantages like the below:

• Higher loan amounts of about Rs. 3.5 Crores
• Comfortable repayment tenor of 25 years
• Rapid approval of your loan
• Quick disbursement of your loan within 72 hours of approval
• Tax benefits and exemption ranging from Rs. 50,000 to Rs. 2 lakhs

 

Listed below are the fees and charges associated with this secured loan:

Rates of Interest	Applicable charges
Regular rate of interest for salaried borrowers	Between 9.05% and 10.30%
Promotional rate of interest for salaried individuals	Starting from 8.80% for credit up to. Rs. 30 Lakh
Bajaj Finance Limited FRR for Self-Employed customers	(BFL-SE FRR) 20.90%
Bajaj Finance Limited FRR for Salaried customers	((BFL-SAL FRR) 20.90%
Other Associated Fees	Charges Levied
Principal and interest statement fees	0
EMI bounce rates	Rs. 3,000
One time secure fee	Rs. 9,999
Penalty charges	2% every month + applicable taxes
Loan statement charges	Rs. 50
charges for processing (for self – employed borrowers)	Up to 1.20%
Charges for Processing ( for salaried borrowers)	Up to 0.80%
Mortgage orientation fee (non-refundable)	Rs. 1,999

 

Types of borrower	Type of interest	Period	Foreclosure charges
All borrowers	Fixed rates	Over 1 month	4% charge + taxes chargeable
Individual	Floating rates	Over 1 month	0
Non-individual	Floating rates	More than 1	4% charge + taxes chargeable
Types of borrower	Type of interest	Period	Part-prepayment charges
All borrowers	Fixed rates	Over 1 month	2% charge + taxes chargeable
Individual	Floating rates	Over 1 month	0
Non-individual	Floating rates	More than 1	2% charge + taxes chargeable

 

10. Land loan or plot loan

Bajaj Finserv has a very attractive rate of interest for Land or Plot loans. With this, you can buy your own piece of land or plot at an affordable rate. Land loans are different from home loans. Home loans are for property in which you have to move in, whereas land loans are to purchase a plot of land either to build your dream home or to invest. This loan is suitable if you’re planning to buy a resale plot or if you are going to buy a sect of land by direct allotment.

 

A detailed chart of the Rate of Interest and the other applicable charges is as shown as follows:

Rates of interest	Applicable charges
Usual rate of interest	9.35% – 11.15% (self-employed)
Usual rate of interest	9.05% – 10.30% (salaried)
Promotional interest rate	From 8.80% (for loans up to. Rs. 30 Lakh) (salaried)
BFL FRR for Self Employed Borrowers	20.90%
BFL FRR for Salaried borrowers	20.90%

 

The applicable charges for part-prepayment are:

Borrower type	Interest type	Time (months)	Part-prepayment fees
All borrowers	Fixed interest rate	More than 1	2% charge + taxes
Individual	Floating interest rate	More than 1	0
Non-individual	Floating interest rate	More than 1	2% charge + taxes

 

The charges under the Foreclosure facility are as shown:

Borrower type	Interest type	Time (months)	Foreclosure fees
All borrowers	Fixed interest rate	More than 1	4% charge + taxes
Individual	Floating interest rate	More than 1	0
Non-individual	Floating interest rate	More than 1	4% charge + taxes

 

Other Fees Levied	Charges
Fee for Mortgage orientation (non-refundable)	Rs. 1,999
Processing charge (self-employed borrowers)	Upto 1.20%
Processing charge (salaried borrowers)	Upto 0.80%
Loan statement charges	Rs. 50
EMI bounce rates	Rs. 3,000
One time secure fee	Rs. 9,999
Principal & interest statement fees	0
Penalty charges	2% every month + applicable taxes

 

11. Home improvement loan

You already have your own home, but you’d like to renovate it. You can choose the Bajaj Finserv Home improvement Personal loan that’ll let you upgrade your current home to meet your style and preference. With Bajaj Finserv, you wouldn’t have to worry about managing your loan process as they are simple, transparent and neat. You can monitor your loan status from your home with the help of the customer digital portal.

 

The fees and charges in the Home Improvement Loan are as shown:

Types of Fees	Applicable Charges
Interest Rates for Personal Loan	12.99% onwards
Fees  for processing	Upto 3.99 % of loan amount
Charges  for Bounce	INR. 600 to INR 1200 Per bounce (including applicable taxes)
Penal interest	2% of EMI amount per month + applicable taxes or Rs. 200 per month (Inclusive of taxes), whichever is higher.
Secure fee (only for online approvals)	Rs. 4,499
Charges for outstation collection	Rs. 65 + relevant taxes per repayment
Statement or Document charges	Download e-statements or letters or certificates at no additional charge from the online portal.
Foreclosure Letter or Statement of Account or Repayment Schedule or No Objection Certificate or Interest Certificate or List of documents.	If you require a copy of your letters or statements or List of Documents on paper or certificates contact any of our branches and pay Rs. 50 – (Inclusive of taxes) per statement or letter or certificate.

 

How to Apply for Bajaj Finserv Home Loans

The following steps will guide you in your application for a home loan.

Salaried individuals:

1. In the online application form, you can enter the details asked.
2. Fill up details about the property you wish to purchase.
3. There is an online secure fee that you’d have to pay at the time of application. Once paid, a Relationship Manager would help you through the remaining process.
4. Upload all the necessary scanned documents online to get a verification of your application.

 

Self-employed individuals:

1. You can apply via the online mode.
2. Fill up all the necessary details in the application form.
3. A representative from the bank would get in touch with you with a pre-approved loan offer.

 

You have the option of applying with an SMS:

1. Type ‘HLCI’ and send it to 9773633633.
2. The bank will then contact you with a pre-approved offer and the process by which you can avail it.

 

Document Checklist for Bajaj Finserv Home Loan

The documents necessary during Home loan application are as follows:

• KYC documents
• Identity Proof
• Address Proof
• Photograph
• Bank account statements of the previous six months
• Form 16 or latest salary slips
• Document for proof of Business, of Min. 5 years (for Businessmen or  self-employed individuals)

Make sure to follow this checklist to avoid unnecessary delay and ensure a smooth approval of your home loan.