How to Apply for Home Loan Online/Offline
Apply for Home Loan: Overview
Nowadays, Home Loans have become more accessible than ever. Financial institutions are offering competitive interest rates, flexible tenors of up to 40 years, and feasible EMIs to help you fulfil your dream without feeling the stress of debt repayment. It is quite easy to apply for a Home Loan as well. Many lenders offer a fully digital application process, allowing you to secure a loan instantly.
How Does the Home Loan Process Work in India?
The borrower then needs to submit the necessary documents, including proof of income and property details. Bajaj Housing Finance assesses the borrower’s eligibility and creditworthiness before approving the loan amount. Upon approval, both parties agree on the loan terms, and a loan agreement is extended to the borrower. Upon accepting the agreement, the borrower has to repay the loan through EMIs or any other repayment method mutually agreed upon.
Documents Required During Home Loan Process
- KYC Documents: Aadhaar Card, Voter’s ID, and Utility Bills.
- Mandatory Documents: PAN Card or Form 60
- Proof of Income: Latest salary slips for salaried applicants and P&L statements for self-employed applicants
- Business Proof: Document for proof of business, with a minimum of 5 years of business vintage (for self-employed individuals only)
- Account Statements: Bank account statements for the last 6 months
Please note that the list of documents mentioned is indicative.
Factors that Affect Your Home Loan Approval
The following are a few factors that affect your Home Loan eligibility, in turn affecting the approval:
- Age: The age of the applicant plays an important role in determining the appropriate duration for the Home Loan. Young professionals stand a good chance of securing a longer tenor due to their long-term repayment potential compared to those close to retirement.
- Credit Profile: An individual’s credit profile and score are important parameters for Home Loan eligibility. Applicants with a credit score of 750 have a better chance of quick approval for a housing loan.
- Income Stability: The applicant’s profile is also evaluated based on their income. A stable income source demonstrates the likelihood of timely repayments.
Step-by-Step Guide to Applying for a Housing Loan
Thorough research is necessary before you begin the actual application process, so you know the exact loan amount and the tenor you wish to avail of basis your convenience in terms of EMI.
Once you are done with the research, you can either apply offline or online. The steps for online application are mentioned below.
Online Application Method
- Fill up the Application Form – First, navigate to the Home Loan application portal. Here, you will have to enter some basic details such as your name, mobile number, DOB, net monthly income, etc.
- Background Assessment – Once we have received your Home Loan application, we will conduct a soft application review and one of our representatives will get in touch with you.
- Verification and Credit Check- The representative will walk you through the next steps in the process. They might ask for some property-related documents for further processing.
The remaining process is pretty straightforward; you need to submit the requested documents and coordinate with us for the verification
Offline Application Method
Besides the online method, you can also apply for a Home Loan offline in two easy ways. You can give us a missed call on 020-69105931 and wait for our customer representative to call you back. From there onwards, you can meet the representative face-to-face and get a better understanding of all the terms and conditions
Frequently Asked Questions
To understand whether you qualify for a Home Loan or not, you should consider several parameters. Your income, age, employment history, and CIBIL score contribute to your eligibility among others. To learn more about our eligibility criteria and required documents
A low credit score decreases your Home Loan eligibility. Although it is possible to apply for a Home Loan with a low credit score, you may get offered a higher interest rate and more stringent terms and conditions.
While it is possible to use the Home Loan Balance Transfer facility multiple times, paying the processing fee multiple times may not make it a feasible option.