Home Loan - Features and Benefits

Bajaj Finserv offers high-value Home Loan at an interest rate starting from 6.70%*. A home loan with us comes with a number of added benefits, such as a flexible repayment tenor of up to 30 years, interest subsidy through PMAY, and the option of a top-up loan when you transfer your existing home loan to us.

Whether you’re looking to purchase, construct, or renovate a home, the Bajaj Finserv Home Loan is the one-stop solution for your housing loan needs. Simple eligibility terms and minimal documentation requirements ensure the financing option is easy to apply for everyone.

Eligibility Criteria for Home Loan

Eligibility criteria for the Bajaj Finserv Home Loan are simple; any Indian national with a good financial profile can obtain funding. Some of the criteria differ depending on whether you are salaried or self-employed, while other remain common. For instance, for two persons of the same age, the one with a higher credit score is likely to be able to borrow a higher loan amount.

Eligibility Criteria For Salaried For Self-Employed
Nationality Resident Indian Resident Indian
Age 23 to 62 years* 25 to 70 years*
Work Experience/Business Continuity 3 years or more 5 years or more

*The upper age limit is considered as the age at the time of maturity of the loan

Documents Required for a Home Loan

Category Documents
Identity Proof (any one) PAN card
Driving license
Voter ID
Valid passport
Address Proof (any one) Electricity bill/water bill/telephone bill
Valid passport
Aadhaar Card
Driving license
Voter ID
Other Documents Passport-size photograph
Proof of 5 years of business continuity (for self-employed individuals)

Income Proof Documents Required for a Home Loan

Individual Documents
Self-Employed and Salaried Individuals Latest salary slips or Form 16
Bank account statements of the last 6 months

*Please note that the above list is indicative and additional documents may be required during processing of your application.

When you choose to borrow via the Bajaj Finserv Home Loan, not only do you get access to all the above-mentioned features but you also benefit from industry-leading home loan interest rates. Additionally, provisions such as no part-prepayment or foreclosure fees, interest subsidy for PMAY beneficiaries, and a fully-customised property dossier make this house loan one of the best in the market.

To easily calculate your eligibility for this feature-rich housing loan, use the Home Loan Eligibility Calculator and follow it up with the Home Loan EMI Calculator to know your EMIs. Thereafter, simply fill a short online form to apply.

Frequently Asked Questions about Home Loan at YES BANK

1. What process does Bajaj Finance follow after I apply for Home Loan?

Answer: Once we receive the completed application form along with the necessary supporting documents, the following things happen:
First, BFL examines all the papers you’ve handed in. When these are found to be in order, you get sanctioned a certain amount, depending on factors like: the amount you’d asked for, the value of the collateral property, and your ability to repay loans (creditworthiness). If (for some reason) we decide not to sanction the loan, we’ll let you know right then,
Next, our in-house lawyers and property experts will verify the property documents. They then carry out a thorough technical examination of the property in order to evaluate it.
Upon completion of both these procedures, Bajaj Finance initiates the disbursement of your Home Loan.

2. Is it mandatory to have a co-applicant when applying for a Home Loan? If yes, who can be a co-applicant for my Home Loan?

Answer: It is not mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant.

3. How do I update my new mailing address?

Answer: If your new mailing address is the same for which the loan has been taken, you may change the address in either of the following ways:
By calling us
By using your registered email id to visit us at: info@arginternational.com
If your new mailing address is not the one for which the loan has been taken, you will need to visit us in person at your nearest branch along with an original and self-attested copy of your new address proof and photo identity. For the list of documents, we can accept for verification Proof of new residence to be provided.

4. Does the Income Tax certificate change when rates change?

Answer:  The Provisional Income Tax Certificate can change under certain circumstances like change in Interest Rate. The projection is calculated on “as is” basis and does not consider any future change that may happen either on the Interest, EMI or the Principal.

5. How will my Equated Monthly Installment (EMI) be calculated?

Answer: Your EMI consists of two parts—paying back the principal amount you borrowed, plus the interest rates charged ‘on’ it. Three factors come into the equation—how much you borrowed, the rate of interest, and the loan tenure. There are ways to bring your EMI down: for one, it drops automatically if there is a drop in interest rates, or if you pay back more than you need to (called a ‘partial prepayment’).

6. What are my different options for making my EMI payments?

Answer: There are two ways of going about this:
• An Electronic Clearing Service (ECS) is an easy and convenient option, available exclusively to those that have a bank account. Your EMIs get paid out automatically from your account every month, at a specified date.
• With Bajaj Finance, you may also choose to hand in a fresh set of Post-Dated Cheques (PDCs) ahead of time, from any bank account. Note that this is only for those customers in non-ECS locations.
• ECS is the preferred mode, as it’s faster and there are no chances of errors. Plus, there’s no hassle of replacing PDCs when the EMi changes, or when they run out.

7. I have availed a Home Loan from Bajaj Finance on a floating rate of interest. How will an increase in this rate of interest impact me?

Answer:  When there’s an unexpected increase in interest rates, Bajaj Finance first attempts to make things easier on you by increasing the loan tenure—within permissible limits. If this doesn’t resolve the issue—covering interests under current EMI—we’ll need to increase the EMI. Another solution—you can make a partial prepayment at the nearest Bajaj Finance Branch to reduce the interest amount. Alternatively, you can choose to part-prepay online via the Experia portal.

8. How to change the EMI payment amount?

Answer: You can choose to pay your EMIs by electronic methods (ECS), by handing in post-dated cheques, or through direct payments.
• Going in for the ECS option, you’ll need to pay the revised amount from the subsequent month; you’ll be paying the differential amount separately, during the current month.
• If you’re going with the PDCs, you’ll need to completely replace your old cheques.
No matter what your method of payment is, it goes without saying that the EMI needs to be paid before the due date.

9. What is negative amortization?

Answer: When interest rates go up, the interest component of an EMI also goes up. The EMI is kept constant as explained in the previous section, which results in a lower principal component. If the rates move up continuously, then there might be a situation where the interest Component becomes more than the EMI. In such a situation, principal component (EMI minus interest component) gives a negative figure. Consequently, the outstanding balance, instead of being reduced from the opening principal with the principal component, gets increased with the negative principal component. This is commonly referred to as negative amortization.
A loan where the amortization is negative does not get repaid, ever since the regular payments are insufficient to cover the interest component. The unpaid interest gets added to the principal and makes it grow. The situation gets reversed only when interest rates start falling. The customer does part-prepayment or increases the EMI.

10. How does any rate change impact the home loan amortization schedule?

Answer:  In case of a home loan with variable rate, the interest rate used to calculate the interest component is subject to variation. When rates change, one of the following changes can be done to a loan:
•The term of the Loan is extended (when rates go up) or contracted (when rates go down).
•The Installment (EMI) amount is reset (increased in case rates go up & reduced in case rates come down).
•As a practice, the term of the home loan is extended since the self-employed customer, might have given PDC’s and it would be difficult to replace them on every rate change. However, in case of under construction properties, the Pre-EMI amount is increased by default.

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