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Bajaj Finserv

Bajaj Finserv provides home loans through Bajaj Housing Finance Limited. ... It is an NBFC and like with most NBFCs, their documentation process is not as rigorous when compared to banks. Bajaj Finserv makes availing a home loan easy through the use of technology, making it an attractive institution for someone who wants to apply for a loan remotely. Read More +

Interest Rates

Loan Amount Interest Rate
up to 20 Lakhs 1.29% (women) - 1.29% (others)
20 Lakhs to 25 Lakhs 1.29% (women) - 1.29% (others)
25 Lakhs to 30 Lakhs 1.29% (women) - 1.29% (others)
30 Lakhs to 40 Lakhs 1.29% (women) - 1.29% (others)
40 Lakhs to 50 Lakhs 1.29% (women) - 1.29% (others)
50 Lakhs to 75 Lakhs 1.29% (women) - 1.29% (others)
Loan Amount Interest Rate
Upto 30 Lakhs 8.30% (women) - 8.35% (others)
30-75 Lakhs 8.30% (women) - 8.35% (others)
Above 75 Lakhs 8.30% (women) - 8.35% (others)

Product offerings

Home Loan

It is a home loan offered to anyone who is interested in purchasing a ready to occupy property, purchasing land for construction of a house, or for the renovation or extension of a house. It is available for anyone who fulfills the eligibility criteria

Why should you take it?

Bajaj Finserv offers easy top up options, and also provides flexible tenors. Another advantage of going with Bajaj Finserv as your home loan provider is the fact that there is minimal documentation required. Additionally, there are no charges on part-payment or foreclosure.

What should you consider?

The interest rates are high when compared to banks, and so are the processing fees.


Flexi Hybrid Home Loan

It is a home loan that allows you to pay just the interest for the initial tenor, and on the balance pay principal plus interest only on the amount utilized. Anyone who matches the eligibility criteria can avail the loan, however it is probably best used by someone who knows that they are upwardly mobile in the workplace, or predicts a higher earning capacity in the short term.

Why should you take it?

The four years of principal holiday is a definite advantage. There are also no charges for part payments.

What should you consider?

The loan is available to only individuals below the age of 50 years. Furthermore, the loan cannot be given for property under construction.


Home Improvement Loan

It is a loan offered to anyone who wishes to make improvements or renovate their house.Anyone who fulfills the eligibility criteria can avail this home loan.

Why should you take it?

Like all NBFCs and private institutes - Aditya Birla Housing Finance Limited offers a simple application process. There are also no prepayment charges for floating home loans.

What should you consider?

The processing amount for the loan is pretty high.


Plot and Home Construction Loan

It is a loan for anyone who wants to purchase a plot and build a house on that piece of land. Anyone who wishes to purchase their own piece of land and build a house can avail this loan if they fulfill the eligibility criteria.

Why should you take it?

A quick transparent process, no pre-payment charges for floating rate home loans and door step services are some of the advantages of taking a home loan from Aditya Birla Housing Finance Limited.

What should you consider?

The processing fees are pretty high. Additionally, there are charges for a range of things including for requesting a pre-closure quote or a copy of any collateral held with the institute.


Loan Against Property

It is a loan that can be taken against the mortgage of a house or a commercial property. Anyone who is in sudden need of funds can avail the loan after mortgaging the property.

Why should you take it?

A lot of banks and NBFCs restrict a loan against property strictly for business purposes. Aditya Birla, however, allows you to take the loan even for personal use.

What should you consider?

You’re unable to sell the property during the loan period; this is something you’ll need to keep in mind.



The interest rate options for you depends on your loan amount

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Eligibility

Income

Income is the primary criteria based on which your eligibility is determined. Naturally, income primarily refers to disposable income. So, most banks and NBFCs deduct any sort of fixed monthly commitments (EMIs on car loans or tax payments, for example) from their calculations.

Your loan eligibility is calculated by the EMI/NMI ratio: NMI basically refers to Net Monthly Income (income after deducting monthly commitments). Lenders typically have a fixed EMI/NMI ratio for different income slabs based on which your eligibility is calculated.

Credit History and CIBIL Score

Credit History and CIBIL scores are important criterion when it comes to determining elibility. SBI using certain proprietary tools, look for specific patterns in your credit history. The last twelve months of your credit history are more important than the preceding time period.

Credit scores or CIBIL scores are determined by how well you manage your loan or credit obligations. If you’ve never missed a loan payment and keep on top of credit card bills, your credit score will be higher. Usually, credit scores range between 300 and 900; a credit score of above 700 is required for a home loan.

Rather confusingly, if you’ve never taken a loan or a credit card before, your credit score is likely to be low. Why is this? It’s because lenders have no idea about your ability to repay loans. Build a credit score by responsible management of credit before applying for a home loan.

Property

Banks look at the property you’re investing in carefully when approving a home loan. Among the things that SBI looks at when investigating the property are:

  1. Whether the title to the property is clear and whether there are any other claimants or if there is any dispute regarding the property.
  2. Whether all the necessary regulatory approvals have been taken. Absence of approvals is looked at as suppression of property records.
  3. Whether the building is constructed as per approved building norms. If the property flouts certain guidelines, there is a tendency to devalue that property when compared to other properties in the same area.

Documents Required


kyc proof
KYC Documents
  1. Application with photograph
  2. ID Proof
  3. Residence Proof
income proof
Income Proof
  1. Residence Proof
  2. Latest salary slip(for salaried applicants)
  3. Form 16(for salaried applicants)
  4. IT returns for the last 2 years along with computation of income certified by CA(for non salaried applicants)
  5. 6 months bank statement
property documents
Property Documents
  1. Agreement of Sale
  2. Registration and stamp duty receipt
  3. Index - II
  4. Noc from builder
  5. Own Contribution Receipt(OCR)

How to Apply

Once you’ve shortlisted Bajaj Finserv as your home loan provider, ensure you have all your documents in place. Make sure you confirm the eligibility criteria for that specific loan and source the down payment. You can apply for a loan either jointly or individually.



REAL PEOPLE. REAL SAVINGS

google logo Ratings
4.9 stars
Abhijeet Deshpande
stars
Since I wanted a professional & personalized service which could save my time, I went ahead and registered with SwitchMe. Their executives are extremely professional, understanding and helpful while being very knowledgeable. Extremely happy with the service, would recommend to anyone looking to switch their home loan.
Pallav Sharma
stars
I had effortless experience to shift my loan from one bank to another. Thanks to SwitchMe team for constantly followed up with me, keeping me updated on all the events happened during the whole process.
Ashwini Ravindran
stars
It was really wonderful to work with such dedicated and hardworking team. Not knowing how to transfer an existing home loan, we are glad we reached out to switch me. You guys are really very helpful. Thanks a ton and continue the same :)

Home Loan Top Up

A top up loan is for anyone who wants to “top up” their home loan with additional funding to cover for unexpected cost increases. A top up loan from Bajaj Finserv is based on the balance principal outstanding. So for instance, if your original home loan was worth Rs 10,00,000 and you have Rs 8,00,000 outstanding, you are eligible for a top up loan worth Rs 2,00,000. Please keep in mind that you’ll need to have completed atleast six months worth of EMI payments to be eligible for a top up loan. Also, the interest rate is 1-3% higher than a regular home loan but is significantly less when compared to a personal loan.

Balance Transfer to Bajaj Finserv

The general process to transfer your home loan takes a fair amount of time, but is worth it if you find that Bajaj Finserv offers you a lower rate of interest. Bajaj Finserv is slightly less stringent with documentation when compared to a state run institute.
  1. Get a foreclosure letter from your current home loan provider, along with payment history and list of your documents.
  2. Apply to Bajaj Finserv with the list of documents.
  3. The bank typically does a background check on credit history, ownership and more before they provide approval.
  4. Lastly, you complete the documentation stage with your existing bank and Bajaj Finserv, and you are good to go.
Typically, every bank that you're transferring out of will have foreclosure charges which is usually around Rs 500+GST. Please confirm with your bank.