Bajaj Housing Finance, a subsidiary of Bajaj Finance Limited, is one of the leading HFCs, extending financial assistance to individuals and corporate entities for the purchase of homes or commercial properties. The company enjoys the highest long-term credit rating AAA (Stable) by CRISIL and IND AAA (Stable) by India Ratings.
Borrowers can now meet their home financing needs, with a high-value Bajaj Housing Finance home loan, a competitive interest rate, and instant processing. The many offerings that customers have with this product are sure to make the processing of buying a home as hassle-free as it can be.
For those looking to know more or apply for a Bajaj Housing Finance home loan, here’s a detailed guide.
How to get a home loan at a low interest rate with Bajaj Housing Finance?
There are several factors that a borrower needs to keep in mind to get a Bajaj Housing Finance home loan at a low interest rate. These are:
- Try to opt for a short tenor right at the outset, since a long tenor translates to a higher interest payout. Ofcourse, it’s equally important you bear in mind the affordability of your EMIs. Use a home loan calculator before you finalize the tenor and loan amount to arrive at the right combination for you.
- Regular part prepayments can be your way out of big interest payouts. Early payments will reduce your principal amount and interest due, especially if you prepay during the initial half of your tenor, where the interest component is higher. Individual customers with a floating rate of interest
- You can opt for a home loan balance transfer from the existing account to enjoy a high-value loan amount at an attractive interest rate. You can do so by meeting the simple eligibility criteria and completing the minimal documentation process.
It is also imperative to remember that a borrower’s credit profile and property’s market value and location often affect this lending rate.
Meet the eligibility criteria
It is essential to assess the eligibility parameters before applying for a home loan. The Bajaj Housing Finance home loan eligibility criteria are simple, and ensuring you meet them before submitting the application will make the process hassle-free. They are as follows:
- Salaried individuals and self-employed professionals are both eligible.
- The age range of the salaried individual needs to be between 23 and 62 years. For self-employed professionals, the age range should be from 25 to 70 years.
- For the salaried employees, a minimum of three years of work experience is essential. On the other hand, a vintage of five years or more for a business is necessary before its owner can apply.
- Applicants must be citizens of India
There are a few things to note here. First is that the age range includes your loan tenure. In other words, if you are a 50-year-old salaried individual who wants to apply for a home loan, your loan tenure cannot be more than 12 years. So, at the time of loan maturity, your age, i.e., 62 years, will be within the specified age range.
It’s also noteworthy that loan amounts and the home loan interest rates are different for salaried and self-employed borrowers. Additionally, the applicable rate in your case and the amount you are sanctioned also vary from a case to case basis, depending on your profile.
How to apply for a Bajaj Housing Finance home loan?
After meeting the eligibility criteria, there are simple three steps to follow while applying for a home loan:
Step 1: Visit the application form on the Bajaj Housing Finance website. Provide name, contact details, residential pin code, and employment information to generate OTP.
Before you proceed with the application, use the home loan eligibility calculator to check the eligibility for the desired home loan amount and the home loan EMI calculator to select the affordable loan amount and convenient repayment tenor.
Step 2: Fill in your personal details, employment information, and property details in the online application form.
A representative will contact you to further the proceedings.
Step 3: Upload the necessary documents such as identity, residence, and income proof, via the online portal to complete your application
Considering the low-interest rates at the moment, now is the right time for home aspirants to apply for a home loan. Bajaj Housing Finance makes this process easy with instant approval and a high-quantum loan amount at a nominal interest rate.
The financial institution also extends pre-approved offers to its existing customers, thereby shortening the whole process. One can check their pre-approved offers by only providing their name and contact details.