Bajaj Finserv home loans come with easy eligibility conditions to confer maximum ease to home loan borrowers. Whether salaried or self-employed, if you are between 18-70 years of age and have a minimum monthly take home income of Rs. 25,000, check your Bajaj Finserv Home Loan eligibility to get a quick home loan financing deal for your dream home.
|Eligibility Criteria||Bajaj Finserv Home Loan|
|Eligible Age of Borrower||18 - 70 years|
|Minimum Eligible Income||₹ 25,000 and above|
|Work Experience for Salaried||2 years|
|Business Stability for Self Employed||5 years|
Almost all the lenders have a stipulated minimum income criterion to qualify for the Home Loan. The loan quantum you are eligible for is directly proportionate to your income. The minimum income criterion varies as per your location since some of the lenders have stipulated the minimum income criterion based on the location.
The minimum income stipulated by Bajaj Finserv is between Rs 25,000 p.m.to Rs 30,000 p.m. depending on your location. With a good income, you can get a higher loan amount along with the best rate of interest, flexible repayment period, top-up loan, 3 months holiday period, etc.
Furthermore, the employment status or in other words where you are employed also plays a very crucial role in deciding your eligibility. If you are employed with Government Organisations, PSUs, MNCs or reputed private companies and have sufficient work experience with the same employer, your eligibility enhances. Similarly, if you have been in the same line of business for a long period, then also you are deemed a more eligible candidate for loan. Job stability will help you get you a higher quantum of the loan with additional privileges like a better rate of interest, flexible repayment period etc.
The repayment period is set according to your age. The maximum age limit is 62 years for the salaried individuals and 70 years for the self-employed. If you are close to the minimum age stipulated, then you get a longer repayment period which will reduce the EMI and hence you will be eligible for a higher quantum. It will be easier to satisfy the debt to income ratio of 30% to 40% if you are younger since the longer repayment period will reduce the EMI. If the loan is availed much before your retirement, you will get a longer repayment tenure which will reduce the burden of heavy EMI. The magnitude of a Home Loan is very heavy and if not planned and budgeted well, it can lead to financial stress.
Bajaj Finserv Home Loan Eligibility based on the Value of the Property
The potential for capitalisation is the main advantage of investment in a property. So, you should look for a locality that has a high scope of escalation in terms of property value. If the market value of the property is higher, the loan eligibility will also be higher. Normally the LTV will range from 75% to 90% at Bajaj Housing Finance Home Loan.
A high credit score is an indication of financial discipline. A credit score reflects the way your debt is treated, the kind of debts you have availed, the number of loans you have at present. Higher the credit score, the better will be your credit profile and the confidence of your lender regarding your repayment capacity also goes up. This will fetch you a higher loan amount with a lot of other privileges.
The lender is basically interested in knowing how you are dealing with the debt. If you miss some EMIs, or you make the payment after the due date or if there are many unpaid dues, it brings down your credibility and you will be tagged as a borrower of high risk. On the contrary, if the EMIs are serviced regularly on or before the due date and there are no unpaid dues, you will be extended a lot of privileges like a better interest rate, a higher loan amount, and waiver or concession in some of the service charges. Your credit report helps lender find all these details precisely.
FOIR is Fixed Obligation to Income Ratio and it helps the lender to determine your home loan eligibility. Thus a lender will always assess the weight of fixed financial commitments such as your EMIs, credit card bills, and approx monthly expenses before sanctioning the home loans
Bajaj Finserv has uniform eligibility criteria across product lines for salaried individuals/ self-employed individuals/ professionals/ businessmen respectively. So to qualify for home loans, adhere to following:
Eligibility Criteria for Salaried Individuals
Eligibility Criteria for the Self-employed
The minimum net salary requirement at different locations
|Location||Minimum net salary|
|Faridabad, Navi Mumbai, Ghaziabad, Delhi, Mumbai, Gurugram, Thane, and Noida||Rs 30,000|
|Vizag, Rajkot Surat, Pune, Tiruchirappalli, Hyderabad, Trivandrum, Jodhpur, Vapi, Goa, Vijayawada, Mysore, Nagpur, Jamnagar, Nasik, Bhubaneshwar, Aurangabad, Bangalore, Ahmedabad, Bhopal, Calicut, Baroda, Chandigarh, Cochin, Kolkata, Kolhapur, Chennai, Calicut, Coimbatore, Indore, Lucknow, Madurai, Pune, Vizag||Rs 25,000|
Bajaj Finserv Home Loan Eligibility for Women
The eligibility criteria for women applicants are the same as other applicants, except for the concession of 05 basis points.
Bajaj Finserv Home Loan Eligibility for Co-Applicant
The applicant can increase the Home Loan eligibility amount by adding a co-applicant. This increases the repayment capacity of the borrower. The co-borrower should have good CIBIL score, limited obligation, and good income. The income of the co-applicant is also considered while calculating the Home Loan eligibility.
Key factors that affect Bajaj Finserv home loan eligibility are:
Home Loan Eligibility by Banks
MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
On receiving the application along with the documents, Bajaj Finserv will verify the documents submitted. If everything is in order, then the eligibility will be assessed based on the tenure, loan amount, interest, and the property value. Thereafter the in-house advocates of Bajaj Finserv will scrutinise the property documents. After the marketability of the property and the value is assessed, the decision will be conveyed to the applicant. If, for some reason, the loan cannot be sanctioned, the decision will be conveyed instantly. The loan will be disbursed after the execution of the loan documents.
If the property is in joint names, then the joint owner should be the co-applicant. If you are a sole owner, then it is not mandatory to have a co-applicant for the loan. However, to increase the loan eligibility, you can have a close family member with stable income and good credit score as the co-applicant for the loan.
The factors that decide the EMI are the loan amount, tenure and interest.
If you are making the payment vide ECS, then the changed EMI amount can be paid from the subsequent month onwards and the differential amount for the current month should be paid separately. Whereas if the amount is paid vide PDCs, then the old cheques have to be replaced.
Yes, if you are able to pay a higher EMI, you can always opt for a change and lower the tenure of the loan which will save a lot on the interest cost on the loan.
Popular Searches: Apply for Home Loan | ICICI Home Loan | SBI Home Loan | Axis Home Loan | BOI Home Loan | PNB Housing Finance Home Loan | Bank of Baroda Home Loan | Current Home Loan Interest Rates | Bajaj Finserv Home Loan Interest Rates | Bajaj Finserv Home Loan | Bajaj Finserv e-Home Loan | Bajaj Finserv Home Loan vs Personal Loan | Home Loan Balance Transfer | Citibank Home Loan | Bajaj Home Loan | Federal Bank Home Loan | SBI Home Loan Customer Care | SBI Home Loan Documents