Bajaj Finserv Home Loan Eligibility

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.

Bajaj Finserv Home Loan Eligibility in India 2021

Eligibility CriteriaBajaj Finserv Home Loan
Eligible Age of Borrower18 - 70 years
Minimum Eligible Income₹ 25,000 and above
Work Experience for Salaried2 years
Business Stability for Self Employed5 years

Bajaj Finserv Home Loan Eligibility based on Salary

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.

Bajaj Finserv Home Loan Eligibility Based on Age

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.

Bajaj Finserv Home Loan Eligibility Based on CIBIL Score

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.

Bajaj Finserv Home Loan Eligibility Based on FOIR

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
 

Eligibility Criteria for Different Applicant 

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

  • The applicant should be in the age limit between 23 years to 62 years
  • The applicant should have a minimum work experience of 3 years
  • The minimum income required is Rs 25,000 p.m.
  • The applicant should be a resident Indian

Eligibility Criteria for the Self-employed                                           

  • The age limit stipulated is between 25 years to 70 years
  • A minimum business vintage of 5 years is required
  • The minimum annual income required is Rs 3 Lakhs
  • The applicant should be an Indian citizen

The minimum net salary requirement at different locations

LocationMinimum 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, VizagRs 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.

Factors Affecting Bajaj Finserv Home Loan Eligibility

Key factors that affect Bajaj Finserv home loan eligibility are:

  • FOIR
  • Credit score
  • Income & Employment Status
  • Age
  • Property Value

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Bajaj Finserv Home Loan Eligibility FAQs

What is the loan processing procedure followed by Bajaj Finserv once the application is submitted?

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.

Do Home Loans require a co-applicant and who can be the co-applicant?

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.

What are the factors that decide the EMI?

The factors that decide the EMI are the loan amount, tenure and interest.

What are the ways to change the EMI amount?

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.

Can I opt for EMI change during the loan tenure?

 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.