Bajaj Housing Finance Limited
Bajaj Housing Finance Limited, or BHFL, is one of the emerging NBFCs in India with over 69 million customers PAN-India. It is a 100% subsidiary of Bajaj Finance Ltd., helping individuals buy their dream homes. Bajaj Finance home loan starts at an interest rate of 8.50% per annum for salaried individuals and 9.10% per annum for self-employed applicants. Bajaj Housing Finance charges a processing fee of up to 7% of the loan amount, along with GST, to process and approve each home loan application. At present, BHFL has the highest credit ratings from CRISIL. Aspiring homebuyers can easily apply for home loans with minimum paperwork from Bajaj Housing Finance Ltd. and can also transfer their existing home loans to BHFL to enjoy lower interest rates and flexible top-up options.
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Bajaj Housing Finance Key Highlights
Get the lowest interest rates with Bajaj Housing Finance
| Loan Amount | Up to 5 crores |
|---|---|
| Rate of Interest | Starts at 8.50% per annum |
| RPLR | |
| Processing Fee |
Up to 4% |
| Maximum Tenure for Repayment | 40 years |
| Penal Rate of Interest | |
| Rate Packages | Floater |
| Charges for Prepayment/Foreclosure | Nil |
Bajaj Housing Finance Interest Rates in 2024
Salaried homebuyers can apply for Bajaj housing loans offered at competitive interest rates starting at 8.50% per annum. BHFL offers home loans only on a floater rate package basis to individuals with or without co-applicants. The table below enlists the current Bajaj Finance home loan interest rate 2024:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Floater Plans (For Salaried) | Starts at 8.50% per annum |
| Floater Plans (For Self Employed) | Starts at 9.10% per annum |
Interest rates were last updated on 2nd May 2024
Bajaj Home Loan Eligibility Criteria
The Bajaj housing loan eligibility criteria comprises minimum parameters such as nationality, age, and work experience of an applicant. Both salaried and self-employed people can apply for home loans from BHFL. The table below enlists Bajaj home loan eligibility criteria for your reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 23 - 75 Years | 25 - 70 Years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 30,000 per month | Nothing Specific |
Bajaj Housing Loan Processing Fee and Charges
It takes time to fulfill the formalities to approve a home loan after a step-by-step procedure. For this processing, the BHFL charges a nominal processing fee. Bajaj Housing finance processing fee is up to 7% of the loan amount + GST. The table below enlists the updated Bajaj Finance home loan processing fees and charges for 2023:
| Processing Fee | Up to 7% of the loan amount + GST |
|---|---|
| Secure Fee | Up to Rs. 9,999 (One-time) |
| EMI Bounce Charges | Up to Rs. 10,000 per instance |
| Penal Interest | 24% per annum + Applicable Interest Rate on the Overdue Amount |
| Foreclosure Charges | Nil |
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Bajaj Home Finance Schemes and Top Plans
Bajaj Housing Finance Ltd. understands the varied needs of aspiring homeowners, and therefore, it offers a wide range of home loan schemes. Listed below are some popular home loan plans offered by BHFL:
1. Bajaj Housing Online Home Loans
- Ideal home loan for those keen to purchase a home
- Quick loan disbursal within 48 hours of submitting documents along with the loan application
- Maximum loan amount up to Rs. 5 crores
- Maximum loan repayment tenure of up to 40 years
2. Bajaj Housing Home Loans for Doctors
- Specially designed home loans for doctors
- Lower interest rate for doctors keen to transfer their existing home loans to BHFL
- Maximum loan repayment tenure of up to 40 years
3. Bajaj Housing Balance Transfer Home Loans
- Easy way for existing home loan borrowers to transfer their outstanding loan amount to Bajaj Housing Finance
- Additional top-ups available
4. Bajaj Housing Top-Up Loans
- Perfect top-up facility for existing borrowers to meet their personal expenses
- Flexible top-up home loans for loan amounts up to Rs. 1 crore
Note: All of the above home loan plans are made available to applicants solely at the discretion of Bajaj Housing Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Bajaj Home Loan
Every bank and NBFC asks for a set of documents to check your credibility as a home loan borrower. Bajaj Finance home loan documents required list is shared below for your reference so that you can arrange for the same before applying for a housing loan:
Documents Required for Salaried Applicants
- Appointment Letter
- Salary slips for the last 3 months
- Certified Letter from the employer
- ITR for the last 3 years
- Promotion or Increment Letter
- Form 16
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Bajaj Housing Finance Ltd.
- Proof of self-construction
- Bank Statements for the last 6 months showing repayment of the loan
- Ongoing loan details, if any
Documents Required for Self-Employed Applicants
- Business License
- Business Address Proof
- Profit and Loss Account Statements attested by a CA
- Balance sheet for the past 2 years
- ITR for the last 3 years
- Recent Form 26AS
- Partnership Deed, if the business is in partnership
- Certificate of Practice (Doctors, Lawyers, etc.)
- Articles of Association and Memorandum of the Company
- Photocopy of Registration of Shop or Business Establishment under Shops and Establishment Act
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Bajaj Housing Finance Ltd.
- Proof of self-construction
- Bank Statements for the last 6 months showing repayment of the loan
- Ongoing loan details, if any
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find Bajaj Housing Finance Offices Near You
If you are planning to visit one of the offices of Bajaj Finance Home Loan near you to understand the Bajaj Finance Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Yes, both salaried and self-employed Indian Residents can apply for a home loan from Bajaj Finance. Make sure to check the eligible age, minimum income, and other eligibility criteria laid out by BHFL for home loan applicants before applying for the same.
The current interest rate for a Bajaj Housing Finance home loan 2023 starts at 8.50% per annum for salaried individuals. However, we suggest you verify the same by visiting the official website of BHFL.
Bajaj Finserv Limited is a prestigious and reliable Indian NBFC headquartered in Pune. It is a genuine company that has helped thousands of homebuyers buy a dream home with affordable home loans.
Bajaj Housing Finance offers hassle-free home loans at lucrative interest rates. One can choose a home loan to purchase a home, a balance transfer home loan, a top-up home loan, and a home loan for doctors from BHFL.
To reduce the home loan interest rates for Bajaj Housing Finance, an applicant must do the following:
- Choose the right plan
- Maintain a credit score of 700 and above
- Increase your down payment
- Choose a longer tenure
Bajaj Housing Finance is one of those NBFCs in India that offers the longest loan repayment tenures to eligible borrowers. The maximum home loan repayment tenure of Bajaj home loans is up to 40 years.
The minimum salary required to apply for a Bajaj Finance home loan is Rs. 30,000 per month.
To check the Bajaj Finance EMI eligibility, we suggest you to visit the official website of the NBFC and use the EMI eligibility calculator. Alternatively, you may contact the BASIChomeloan team for the best assistance.