Home Loan

Home Loans offered by Bajaj Finserv is given to all its customers and also other individuals who are looking to avail of a loan to build or purchase a home for themselves and their family. The Bajaj Finserv Ltd. home loan has great features which are discussed here under:


Some common features of the Bajaj Finserv Limited Home Loan granted to all class of individuals. Whether availed by salaried individuals, self-employed individuals or business firms, every Bajaj Finserv home loan has some common features which are discussed below;
 

  • Home Loan +

This facility is available to home loan customers of the bank who are buying a ready to occupy property. This facility provides them with additional finance to furnish their homes bought using the Bajaj Finserv home loan schemes. Thus, this facility ensures that the customer does not have to avail a separate loan for furnishing his home because the scheme provides for additional finance.
 

  • Refinance

If the customer has bought the property using his own funds, the company provides the refinance option to him under which he can take a loan up to the registered value of the property.
 

  • Part prepayment of the BFL Home loan

Under the part prepayment option, the customer can partly prepay the housing loan scheme up to a certain extent without incurring any charges. The condition states that if such prepayment is made up to 25% of the BFL home loans sanctioned, then no charges would be applicable. Moreover, this facility is available only if the first EMI is cleared. Prepayment made after the completion of 48 months would not be chargeable.
 

  • Foreclosure

The applicant can also pay off the Bajaj Finserv Housing loan before the stipulated BFL Home loan tenure which is called foreclosure. Foreclosure of the home loan available at Bajaj Finserv done before48 months of taking the loan would be chargeable. However, if foreclosure is done after 48 months of availing the loan, no charges would be applicable.
 

  • Flexi Scheme

The flexi scheme is a self-service Bajaj Finserv home loan scheme wherein the customer can avail of unforeseen flexibilities with his home loan account. The scheme allows prepayment of the BFL home loan whenever the applicant has any surplus funds. Other than this, the applicant also has the option of getting back the amount paid as pre-payment within the drop-line facility any time when required without any additional documentation. The entire facility can be availed online which makes it easy and hassle-free.
 

  • Customized insurance schemes

Every home loan offers the applicants customized insurance policies on his life to secure the BFL home loan repayment, on the house and its contents and also a medical insurance coverage to take of hospitalization expenses in case of any medical emergency.
 

  • Home loan Balance Transfer schemes

Home loan Balance transfer is a refinancing scheme offered by Bajaj Finserv to its customers wishing to transfer their existing home loans with other financial organizations and banks to Bajaj Finserv at the existing rate of interest.
 

Key Benefits of BFL Home loan transfer:
 

  • The transfer of balance of an existing loan can be done at an attractive rate of 9.75%
  • Prepayment of the BFL Housing loans is also allowed before the expiry of the stipulated loan tenure without any additional costs
  • The organization follows a transparent method of loan sanctioning. It does not levy any hidden cost.
  • No Foreclosure charges are levied on Balance Home Loan Transfer scheme.
  • It also offers Flexi Loans.
  • It gives an online access to the applicant’s loan account.
  • It also offers customized insurance schemes along with the BFL Housing loans that it issues.

Eligibility

BFL offers loans to all the applicants. However, the applicants must match the eligibility criteria specified by the organization. These criterions vary with the different business profile of the individual.


In Case of Salaried Individuals:

 


Eligibility:


The applicant should be an Indian Resident with an age group lying between 28 to 70 years of age. The minimum years of experience in his current business should be at least 5 years. The minimum loan amount is 30 lakhs and maximum is 15 crores.


In Case of Firms and Companies: Indian Resident with an age group lying between 28 to 70 years of age. The minimum years of experience in his current business should be at least 5 years. The minimum loan amount is 30 lakhs and maximum is 15 crores.
 

City Of Residence

Minimum Income (per month)

DelhiFaridabadGhaziabadGurgaon, MumbaiNoidaThane

60000

Bangalore, Pune

45000

ChennaiHyderabad

45000

AhmedabadAurangabadBaroda,BhubaneswarChandigarhCochin,CoimbatoreIndoreJaipurKolkata,MaduraiMysoreNagpurNasikSurat,TrivandrumVijayawadaVizag

35000


In Case of A self-employed individual is eligible for a loan with the bank, If He/She are an:


Eligibility:


You are an Indian resident. You are between 25-62 years of age. You are a salaried individual with a work experience of 3 years or more The minimum loan amount is Rs.30 lakh and maximum Rs.15 crores. The eligibility of the applicant depends upon the income and city of residence.

Rate of Interest

With Bajaj Finserv, you can transfer your Home Loan balance or avail a fresh Home Loan at an interest rate of 9.50%.


Fees and Charges:


In Case of Salaried individuals:
 

  • Processing Fees: A processing fee would be charged by the company at the time of applying for the loan. The rate of this charge is 0.8% of the amount of loan sanctioned.
  • Loan statement charges: The Organization issues loan statements free of cost
  • Interest and Principal Statement charges: It does not levy any kind of charge towards issuance of interest and principal statements.
  • PDC swap charges: No charges are applicable under this category.
  • EMI Bounce charge: The organization levies a flat charge of Rs.1000 for every EMI bounce.
  • Penal Interest: It levies a penal interest standing at the rate of 2% per month.
  • Foreclosure Charges: No charges are levied towards foreclosure of the loan.
  • Part Prepayment Charges: No charges are levied towards part prepayment of the loan.
  • Secure fees (In case of online applications): This charge is levied against submission of loan application through the organizations online portal. This fee is levied in order to process the applicant’s loan request. The organization levies a secure transaction fee of Rs.1999.

In case of self-employed individuals:
 

  • Loan Processing Fees: The organization levies a processing fee standing at the rate of 1% on the sanctioned loan amount
  • Loan statement charges: The Organization issues loan statements free of cost
  • Interest and Principal Statement charges: It does not levy any kind of charge towards issuance of interest and principal statements.
  • PDC swap charges: No charges are applicable under this category.
  • EMI Bounce charge: The organization levies a flat charge of Rs.1000 for every EMI bounce.
  • Penal Interest: It levies a penal interest standing at the rate of 2% per month.
  • Foreclosure Charges: No charges are levied towards foreclosure of the loan.
  • Part Prepayment Charges: No charges are levied towards part prepayment of the loan.

In case of Firms and Companies (Business):
 

  • Loan statement charges: The Organization issues loan statements free of cost
  • Interest and Principal Statement charges: It does not levy any kind of charge towards issuance of interest and principal statements.
  • PDC swap charges: No charges are applicable under this category.
  • EMI Bounce charge: The organization levies a flat charge of Rs.1000 for every EMI bounce.
  • Penal Interest: It levies a penal interest standing at the rate of 2% per month.
  • Foreclosure Charges: No charges are levied towards foreclosure of the loan.
  • Part Prepayment Charges: No charges are levied towards part prepayment of the loan.

Documents

For taking a home loan from Bajaj Finserv limited an applicant has to submit the following documents to the company (Salaried & Self-Employed);
 

  • A Bajaj Finserv Ltd. home loan application form which has to be obtained, filled with the individual’s correct personal details, signed by the applicant has to be submitted as the first step of the loan process
  • A valid Identity Proof which may include a Copy of Passport / Driving License or / Voter ID card. All these documents contain the individual’s photo graph and his name alongside it which serves as a valid proof of the individual’s identity
  • A valid Address Proof which can be a Copy of Ration Card or the Rental Agreement or the Electricity or Telephone Bill or the Passport. Along with the applicant’s name, these documents contain the actual address of the individual which is necessary at the time of loan. Thus, these documents serve as an address proof and should not be older than 3 months
  • The bank would want to check the individual’s repayment capacity and would need the individual’s income proof. To provide a proof of income, the applicant should submit his bank statement of the last 3 months or his latest Income Tax Return or his Form 16 of the last 2 years.
  • Photographs: Passport size photographs required for availing the loan.
  • Signature proof: PAN card/Driver’s license/Passport copy/Banker’s attestation Bank account statements. Any one of the document can be submitted. However, the applicant’s signature in the provided document should be clear and understandable. The applicant needs to maintain the same signature throughout the loan period.
  • Age Proof: Passport/PAN Card/Driving License/Birth Certificate. The applicant has to submit any one of the mentioned documents
  • Other documents for home loans: The Company may require additional documents, if deemed necessary, at the time of loan processing

Some additional Documents which are required;
 

In case of Salaried Individuals –
 

  • Business Continuity Proof: Appointment Letter or salary Slips has to be submitted

In case of Self-employed Individuals –
 

  • Business Continuity Proof: The document submitted towards business continuity proof should reveal that the existing business is a minimum 5 years old

In case of Firms and Companies –
 

  • A duly filled in application form along with the signature of the applicant would be required to be submitted to take the loan. This is the first step towards loan application.
  • Identity Proof:
  • Address Proof: Copy of latest utility bill/ Rental or lease agreement copy along with a valid copy of utility bill in the name of the landlord/ Last 6 months’ current account statement.Shop and establishment certificate/Sales tax registration certificate/ Factory registration certificate/ SEBI registration certificate/ Form 18 And ROC Receipt
  • Bank statement of the last 6 months which would show the credit worthiness of the individual and also his financial status. This analysis is necessary to ascertain whether the applicant would be able to pay off the loan availed
  • IT returns and audited Balance Sheet and Profit and loss account of the previous two years: the required documents are sought when the applicant runs a business. They show the financial position of the individual’s business which influence the repayment capacity
  • Photographs: Passport size photographs of all the partners or directors are required for availing the loan.
  • Signature proof: PAN card/Driver’s license/Passport copy/Banker’s attestation Bank account statements. Any one among these list of documents can be submitted. However, the applicant’s signature in the provided document should be clear and understandable. The applicant needs to maintain the same signature throughout the loan period.
  • Age Proof:  Certificate of incorporation has to be submitted for firms and companies.
  • Business Continuity Proof: The document submitted towards business continuity proof should reveal that the existing business is a minimum 5 years old.
  • Partnership Deed: Required in case of partnership firms
  • Memorandum of Association/ Article of Association: Required in case of companies.
  • Other documents: The organization may also ask for additional documents, if deemed necessary, at the time or processing the loan.

Salient Features of Bajaj Finserv home loans

  • The loan is provided to all the applicants, irrespective of them being salaried, non-salaried or self-employed professionals, firms and companies.  However, the applicant must fulfill the BFL home loan eligibility criteria laid by the organization in order to avail this loan.
  • These loans are extended towards purchase of home. However, the organization also extends an extra amount of loan towards the purchase of furniture and fittings required for the home.
  • Refinancing options are also provide to individuals through which the customers of the institution can take a loan amounting up to the registered value of the property. However, the property must have been purchased within a period of 12 months prior to applying for BFL Housing loan.
  • Bajaj Finserv Limited Home Loan falls in the range of Rs.30 lakhs to Rs.15 crores.
  • Bajaj Finserv Limited home loan interest rates charged on the home loans offered by the company starts from 9.85%.
  • It also provides for full prepayment and part prepayment of the entire loan amount at no additional cost.
  • Bajaj Finserv Limited Home Loan also provides certain customized insurance schemes along with the BFL Home loans which are offered
  • Bajaj Finserv offers a 3 month EMI holiday period. Under, this scheme the applicant gets a 3 months grace period. It means that the customer can start paying his Bajaj Finserv Home loan EMI’s post three months of the loan disbursement and property transaction. This scheme helps an individual in planning his financials properly.

Home Loan EMI Calculators

The organization provides the facility of EMI calculators. With the help of this calculator, an individual can find out the Equated Monthly Installments as per his eligibility. The applicant can access Paisabazaar.com site at any time and use the calculator and calculate his EMI depending upon the amount of loan he/she wishes to apply for. All he needs to do select the amount that he/she wishes to borrow, and the anticipated BFL Home loans interest rate. After having selected the desired amount, the user now needs to select the tenure for which he needs the loan, i.e. the repayment period as per his/her convenience. EMI and repayment period share an indirect relationship with each other, i.e. the longer the tenure, the lower is the EMI and vice-versa. Using the slider, the user can exercise various options and play with different repayment period till he/she reaches an EMI amount suitable to him.


Home Loan Part Prepayment Calculator:


With the help of this calculator, an applicant can calculate his new EMI for the remaining tenure, if he chooses to make part prepayments. The applicant can access Paisabazaar.com site at any time and use the calculator and calculate his new EMI depending upon the amount of loan he/she wishes to prepay. All he needs to do is use the slider to select the existing loan amount and the decided interest rate. After having selected the amount and the interest rate, the user now needs to select the tenure for which the loan has been availed. Done that, he has to enter the amount of loan that he wishes to prepay.  Using the given box, the user can exercise various options and play with different prepayment amount till he/she reaches an EMI amount suitable to him.


Bajaj Finserv Home Loan Foreclosure calculator:


The applicant if wishes to foreclose his loan, before the stipulated loan period, he can do so by paying the outstanding amount along with the accrued interest. This calculator helps the applicant to calculate the amount he has to pay to the organization in order to close the loan. All he has to do is login to the Paisabazaar.com site and choose Home loan Foreclosure calculator. Having done that, he needs to fill in the specific details such as The Loan Amount, The tenure of the loan, the existing rate of interest, No. of Emi’s paid, and the month in which he wishes to foreclose the loan. After having given the necessary details, the applicant can calculate the exact amount he has to pay in order to pay off his loan completely. This calculator helps an individual plan his financials and then take the necessary action.


Bajaj Finserv Home Loan 3 EMI Holiday Calculator:


The calculator will help an individual find out the month from which he has to begin paying his EMI’S. All he needs to do is go to the PaisaBazaar website and enter specific details such as the loan amount, the tenure of the loan, the rate of interest and the month in which the loan has been disbursed. The calculator helps him find out the 1st due date of his EMI. This calculator is very beneficial for salaried and self-employed professionals.


Bajaj Finserv Home Loan Debt Consolidator Calculator:


These calculators help an individual consolidate his BFL Home loans (maximum 5 loans at a time) into one. All he needs to do is login to the Paisabazaar.com site, choose the debt consolidator calculator and enter details of his existing BFL Home loans and follow the steps as prescribed in the site.

Applying for the loan

The bank offers Home Loan application through the Paisabazar.com website. Any customer wanting to avail of any of the Home Loans offered by Baja Finserv can visit the mentioned website, fill up the required details and apply for the loan.