Home Loan FAQs
The Home Loan EMI amount is dependant on three key aspects:
Home Loan Principal Amount: This is the Home Loan sanction amount and has a direct impact on your Home Loan EMI. The larger your Home Loan amount is, the bigger your Home Loan EMI will be.
Home Loan Interest Rate: The Home Loan interest rate is the rate at which you have to repay the principal amount. Naturally, a high interest rate leads to a steeper EMI amount. Bajaj Housing Finance also allows borrowers the opportunity to link their interest rate to the Repo Rate.
Home Loan Repayment Tenor: The repayment tenor is the total time you can take to repay your Home Loan amount in full. A longer tenor can facilitate smaller EMIs but can add to your total cost of borrowing.
You can also use the Home Loan EMI Calculator to pre-emptively calculate your EMI amount before you apply for a Home Loan.
- Part-prepayment: By making part-prepayments on your Home Loan, you can make lumpsum payments over your regular EMI payments and bring down your repayment amount ahead of your repayment schedule.
- Foreclosure: By foreclosing your Home Loan, you essentially repay the full outstanding amount in one go, before the end of your repayment tenor.
Yes, both you and your spouse can be joint financial applicants for your Home Loan. There are several benefits of applying for a joint Home Loan, some of which are:
- Increased Home Loan eligibility
- Income tax savings
- Increased ease of Home Loan repayment
Salaried, professional, and self-employed applicants who meet our eligibility criteria can apply for a Home Loan with us. Here are the eligibility criteria for salaried and self-employed applicants:
| Salaried Individuals | Self-Employed Individuals |
|---|---|
| The applicant must be employed with a stable source of salaried income from a public or a private company or a multinational with a minimum 3 years of work experience | The applicant must be self-employed with a business continuity of over 5 years in the current enterprise |
| He/she should be an Indian resident or an NRI | He/she must be an Indian citizen (resident only) |
| He/she must be a residing Indian citizen | He/she must be a residing citizen of India |
The Top-up Loan is a refinancing option commonly available to Home Loan Balance Transfer applicants who meet the eligibility criteria. When the borrower avails of the balance transfer facility, they can also avail of additional funds of Rs.1 Crore* or higher, for home expenses such as home renovation.
The Top-up Loan is a refinancing option commonly available to Home Loan Balance Transfer applicants who meet the eligibility criteria. When the borrower avails of the balance transfer facility, they can also avail of additional funds of Rs.1 Crore* or higher, for home expenses such as home renovation.
Applying for a Home Loan with Bajaj MortBuzz Home Loan Solution is a quick process that is easy-to-navigate and hassle-free. Follow the steps mentioned below to complete your application:
Navigate to the housing loan application form.
Enter your basic details, such as your full name, mobile number, employment type, and residential and financial information.
Select the type of Home Loan you require – Home Loan or Home Loan Balance Transfer.
Generate the OTP and enter it to go to the next step.
Enter all the financial details as requested and complete the form. Note: The fields that you need to fill may vary basis your employment type.
Submit the application.
Our customer representative will connect with you shortly.