In today’s day and age, buying a home with savings may just not be possible. This is partly due to the current economic conditions but is also due to the fact that real estate prices have risen significantly over the past few years. As a result, many prospective homebuyers look for financial solutions such as a home loan to address this need for funds. Considering that the current home loan interest rate across several lenders is at an all-time low, now may be the best time to borrow. In fact, with the Bajaj Finance Housing Limited Home Loan, you can avail of funds at cost-effective terms and access other loan features too.
To know more about the offering, specifically related to the applicable home loan eligibility criteria, digital sanction letter, and other benefits, read on.
Simple eligibility terms
With a Bajaj Housing Finance Limited Home Loan, qualifying for funding is easy. You don’t have to meet a long list of criteria and this saves time. Moreover, simple requirements also help expedite loan processing and ensure that it never becomes stressful. Take a look at the eligibility terms.
- Applicants must have a stable source of income
- Applicants must be between the age group of 23 and 62 years and 25 and 70 years for salaried and self-employed individuals, respectively
- Applicants must be residing citizens of India
- Applicants must have work experience of at least 3 years, if salaried
- Applicants must have a business vintage of at least 5 years, if self-employed
Once you fulfill these basic eligibility criteria, the process ahead is pretty simple and easily manageable. You can also further simplify the undertaking by using the eligibility calculator. This tool requires you to enter your information and it calculates the loan amount you may be able to avail. This offers invaluable insight and helps with loan planning.
Once you qualify for the loan, here are the basic documents you need to submit to prove your eligibility.
- Identity proof
- Pan Card
- Voter’s ID
- Driving License
- Valid passport
- Address proof:
- Electricity Bill
- Water Bill
- Telephone Bill
- Valid Passport
- Aadhaar Card
- Voter ID
- Driving License
- Business proof: minimum 5 years
- Financial documents
- Bank account statements of the past 6 months
Easy application process
The application is extremely easy and user friendly, to ensure that you have a hassle-free experience. You can apply for the loan by visiting a branch in your city or complete the process online. The online application is quite simple and easy to follow. Simply feed in your personal information into the online form, verify your identity with the OTP and continue to enter your financial and property-related data. Upon completing these steps, an authorised representative will contact you to guide you with further loan processing.
Fast approval thanks to the e-home loan provisions
Bajaj Housing Finance Limited offers the privilege of speedy approval for a home loan. By applying online, you can take advantage of the e-Home loan benefits on offer. Among these is the quick approval provision, which enables you to access the digital sanction letter near-instantly. This letter is applicable for 180 days from the issue and can be used to initiate disbursal whenever necessary.
Lengthy repayment options
With a Bajaj Housing Finance home loan, you can opt for a repayment schedule that suits your capabilities. It comes with a flexible and longer tenor so that you can tweak it to ensure your outgo remains optimal. For instance, if you have a disposable income and are looking to save on interest, opt for a shorter tenor. On the other hand, if you value a smaller home loan EMI amount, and are looking for a more manageable experience, opt for a longer tenor.
Attractive interest rates
The home loan interest rate is a crucial factor for any borrower as it dictates the cost of borrowing. This loan has competitive rates, ensuring that you have a cost-effective experience. In fact, first-time homebuyers can further lessen their home loan burden by availing of the PMAY CLSS interest subsidy on offer. This makes your home loan affordable and easy on the pocket.
Based on these pointers, it is clear that Bajaj Housing Finance provides a great opportunity for prospective homebuyers. The attractive interest rate along with speedy sanctions is a win-win situation for all types of borrowers. You can manage your home loan account digitally and plan the repayment according to your comfort too. To get started and enjoy a hassle-free application process, apply online by filling the easy form.