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Want to purchase an under-construction property and pay only a part of your EMIs to begin with? With us, you benefit from customized repayment options. You can also contact your home loan lender and ask about your home loan application status by providing your application ID/ reference number. Yes, If you want to get a bigger loan, you can take out a home loan in joint names. Family members, such as spouses, parents, siblings, and offspring, can be co-applicants for a joint house loan.
As per RBI guidelines, no lender is permitted to offer 100% home financing. You need to make a down payment amounting to 10-20% of the property’s purchase price. Typically, you can obtain up to 80% housing loan financing for your property. Check your CIBIL score and try and optimise it, so you can avail of the best possible terms. Make sure you repay your EMIs on time and close any other loans, where possible, to showcase a higher repayment capacity.
Eligibility Criteria for a Housing Loan
It also provides loans against property for business or personal needs as well as working capital for business expansion purposes. The Company also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and high-net-worth individuals. Bajaj Housing Finance Limited enjoys the highest credit ratings from CRISIL as well as India Ratings.
The Reward shall be given to the Customer via BFL wallet and within 30 days from the date of the aforesaid disbursement of the loan amount, provided successful repayment of first equated monthly installment. Who mandatorily avail a loan from BFL for purchasing the Product from the Participating Store during the Offer Period and who successfully pay the first equated monthly installments of the loan as per the repayment schedule. Yes, you can avail of two Home Loans at the same time, depending on your eligibility. Your financial, income, employment, and credit profile will define whether you are in a position to service another loan and, subsequently, if you should be offered another sanction. The exact minimum salary required for House Loan can vary as per the location. Prospective borrowers should be able to showcase a minimum of Rs.30,000 as their monthly income to be considered for a Housing Loan.
EMI STORE
Smaller EMIs, you end up paying more in interest over the course of the tenor. On the other hand, if you pick a short tenor, you become debt-free sooner, but your finances may be stretched every month. Ideally, one should pick a tenor between the two, wherein you are able to pay your EMIs easily, but you are not paying too much in interest. When you transfer the balance amount on an existing housing loan to us, you can avail of a sizeable top-up loan for any other financial needs. The eligible Customers shall receive their Reward only upon successful repayment of the first equated monthly instalment on the loan availed under the Promotion by BFL to the Customer.
Moreover, some are yes or no criteria, such as your age, whereas some affect the borrowing terms offered to you. 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. Housing Loan processing fees refer to the main fee charged with every loan application. It is the amount the lender charges to process your application and extend funding. The fee varies from lender to lender and person to person.
Other Loans & Products
Also, note that if you start your online home loan application and leave it for some reason, you can always resume it by visiting the same link at a later instance. To meet your housing finance needs, apply for a home loan online today. Simple eligibility terms and minimal documentation requirements ensure the home financing option is easy to apply for everyone.
A husband and wife can apply jointly. A brother and a sister can apply for a home loan together, but a brother-sister or sister-sister pairing is not permitted. A home loan is secured in nature, i.e., the loan amount is sanctioned against a collateral, which is the property in question. BFL is not a supplier/manufacturer/issuer of the products purchased by Customer or the Rewards provided to the Customers under this Promotion and will not accept any liability in relation thereto. Accordingly, BFL shall not be responsible for the quality, merchantability or the fitness for any purpose or any other aspect of the products or Rewards provided by third parties. Where the Customer has provided any incorrect information at the time of registration for the Promotion and/or at the time of collecting his/her Reward, then his/her selection is subject to cancellation.
Enjoy a truly hassle-free experience with our application process. Skip the branch visits and opt for our doorstep document pick-up service. The Festive/Diwali Offer is subject to additional terms and conditions# over and above our existing terms and conditions. Check the offer terms and conditions here. Process to Apply for a Loan Against Property Keeping up with multiple EMI payments is cumbersome and can cost you more than you may realise.
This showcases your repayment capacity as a measure of how much disposable income you are left with after paying your monthly obligations. Thus, it is ideal you close other loans before applying, freeing up that much income to redirect towards your home loan EMI. The eligibility criteria to apply for home loan online at Bajaj Finserv 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 others remain common.
We offer a flexible repayment tenor to ensure your EMIs remain affordable and don’t stretch your finances too thin. Housing loans are secured loans, wherein the property to be purchased serves as the collateral against the loan amount. A certain extent of the property ownership remains with the lender, until the repayment amount has been repaid with interest. If you’re wondering how to apply for a housing loan, the below guide will walk you through our easy loan application process. In an industry-first move among HFCs, Bajaj Housing Finance offers you the option to link your Home Loan interest rate to an external benchmark, the RBI repo rate, for more transparency in the rate setting mechanism.
No, availing two housing loans at a time for the same property is restricted as per the CERSAI. However, individuals can opt for a house loan balance transfer to refinance their existing housing credit at a lower rate of interest. The facility comes with the top-up loan facility - an additional loan over and above the existing loan amount. Avail the funds to meet diverse financial necessities with ease. The processing fee is among the fees that you'll have to pay on a home loan.
Choose a property from our list of 5,000+ approved projects and enjoy the best borrowing terms, along with quick and hassle-free processing. No, it is not mandatory that you take home loan insurance along with your loan. However, you may consider getting an insurance to take care of any liability at a marginal increase in your EMIs. Proceed with the following steps to avail a home loan with ease.
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