Bajaj Housing Finance Home Loan Eligibility Calculator

Bajaj Housing Finance offers home loans to eligible customers at affordable interest rates starting at 8.40% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.

Now you can check your Bajaj Housing Finance home loan eligibility using our online calculator.

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Bajaj Housing Finance Home Loan Eligibility Criteria

With Bajaj Housing Finance commanding a 15% market share in India’s housing finance sector and disbursing over ₹12,000 crores in FY 2022-23, their online calculator has become an essential resource for potential homeowners.

Here’s a table summarizing the Bajaj Housing Finance home loan eligibility criteria for both salaried and self-employed individuals:

Category	Salaried Individuals	Self-Employed Individuals	Common Requirements
Nationality	Indian citizens, including NRIs	Indian residents	Indian citizenship/residency
Age	21 to 75 years	23 to 70 years	Age considered at loan maturity
Credit Score	750 or higher (ideal)	750 or higher (ideal)	Property value, repayment capacity, and credit history considered
Minimum Income	₹25,000 per month	Varies based on business	Consistent income is important
Employment/Business Vintage	Minimum 3 years work experience	Minimum 3 years business continuity	Stability and track record are essential
Loan Amount	Up to ₹5 crore, 75%-90% of property value	Up to ₹5 crore, 75%-90% of property value	Property value, repayment capacity and credit history considered

Suggested Read: BAJAJ housing finance customer care contact details.

Important Considerations:

• Professionals: Doctors (MBBS or higher) and Chartered Accountants (with valid Certificate of Practice) are also eligible, with experience counted post-qualification.
• Co-Applicant: A co-applicant with a strong credit history can improve eligibility.
• Women Applicants: May be eligible for a 0.05% interest rate concession.
• Property Value: Higher property value and a down payment of at least 20% can expedite the loan process.

This table provides a quick overview. It is recommended to check the official Bajaj Housing Finance website or contact their representatives for the most up-to-date and detailed information.

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Bajaj Housing Finance How To Get A Home Loan?

To get a home loan from Bajaj Housing Finance, here are the general steps to follow:

1. Initial Application:
   • Fill out the online application form on the Bajaj Housing Finance website with your personal details, such as name, mobile number, employment type, and net monthly income. You can also apply offline by visiting the nearest branch. Alternatively, you can send ‘Hi’ on 750 750 7315 via WhatsApp.
   • Generate and enter the OTP received, then proceed to complete the form with all required financial details and submit it.
   • A representative will contact you within 24 hours to guide you through the next steps.
2. Eligibility Check:
   • Ensure you meet the eligibility criteria based on your employment type.
   • Salaried Individuals:
     • Indian citizens (including NRIs).
     • Between 21 and 75 years of age (age at the time of loan maturity).
     • Minimum of 3 years of work experience in a public or private sector firm or an MNC.
   • Self-Employed Individuals:
     • Indian residents only.
     • Between 23 and 70 years of age.
     • Steady income from a business with a vintage of at least 3 years.
   • Self-Employed Professionals:
     • Indian residents only.
     • Minimum of 3 years of business vintage in the current enterprise.
     • Between 23 and 70 years of age.
   • Maintain an ideal credit score of 750 and above.
3. Documentation:
   • A representative will collect the required documents, which include:
     • KYC documents (Passport, Driving License, Aadhaar Card, Voter ID Card).
     • Employee ID card.
     • Salary slips for the last 2 months.
     • Bank account statements for the last 3 months (salaried) or 6 months (self-employed).
     • Proof of business of a minimum of 5 years (for self-employed individuals).
     • Documents of the property to be mortgaged.
4. Verification and Approval:
   • The loan application and submitted documents will undergo verification.
   • Lenders will perform legal and technical checks, including property inspection, to verify ownership, assess market value, and evaluate the property’s condition.
   • A credit assessment will be conducted.
5. Sanction and Loan Agreement:
   • A sanction letter detailing the loan terms, including the repayment schedule and interest rate, will be issued.
   • After all checks are completed, you will receive the final loan agreement.
6. Loan Disbursal:
   • The loan amount will be disbursed as per the agreed terms. This can be a full disbursement for ready-to-move-in properties or part disbursement in installments for construction-linked payment plans.
   • The processing time for loan disbursal can vary based on the completeness of the application and the complexity of the case. Bajaj Finserv may disburse the loan within 48 hours.

How long does it take to get a home loan approved by Bajaj Housing Finance?

The time it takes to get a home loan approved by Bajaj Housing Finance can vary. Bajaj Housing Finance may approve your home loan application within 48 hours of submission. However, the actual time taken for sanction and disbursal can depend on several factors.

Factors that influence the processing time:

• Applicant’s eligibility Assessment and verification of eligibility can affect the time it takes.
• Completeness of the application A complete application helps expedite the process.
• Complexity of the case More complex cases may require more processing time.
• Credit score A healthy credit score above 725 can lead to faster approvals.
• Documentation Clear and complete documentation reduces processing time.
• Property Location Properties in established areas with clear titles usually pass verification faster.
• Property verification: Property valuation and legal verification also influence the timeline.
• Responsiveness of the Applicant Prompt responses from the applicant can speed up the process.

To potentially expedite your home loan approval:

• Check your credit score Before applying, check your CIBIL score.
• Ensure document readiness Keep all necessary documents ready.
• Enquire about processing times Inquire about the typical processing time with Bajaj Housing Finance.

After you submit the application, representatives will contact you within 24 hours to guide you through the next steps and may disburse the loan amount in 48 hours after documentation and verification.

Source of Information: How Do I Get a Home Loan Approved Instantly?

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Factors Affecting Bajaj Housing Finance Home Loan Eligibility

Several factors affect your eligibility for a Bajaj Housing Finance home loan, including:

Factor	Impact on Eligibility
Age of the applicant	Younger applicants get longer repayment tenures
Financial position	Strong financials improve eligibility
Repayment record	Higher scores increasethe chances of approval
Credit score	Higher scores increase the chances of approval
Existing liabilities	Higher liabilities reduce eligibility
Applicant’s profile	Stable profiles are favored
Property specifications	Newer, well-located properties have better eligibility
Loan guarantor status	Being a guarantor to another loan can affect eligibility

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Bajaj Housing Finance Home Loan Eligibility Based on Age

Applying for a Bajaj Housing Finance home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.

Applicant Age	Maximum Eligible Tenure
23 – 35 years	40 years
36 years	39 years
37  years	38 years
38  years	37 years
39 years	36 years
40 years	35 years
41 years	34 years
42 years	33 years
43 years	32 years
44 years	31 years

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BAJAJ Home Loan Eligibility Based on Property Value

The value of your property also influences your loan eligibility. Here’s how:

Property Value	LTV Ratio
Up to Rs.30 lakh	80.00% of the property cost
From Rs.30 lakh to Rs.75 lakh	80.00% of the property cost
Above Rs.75 lakh	80.00% of the property cost

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Eligibility for Bajaj Home Loan Based on Credit Score

Your credit score is a crucial factor in determining your eligibility.

Rating	Credit Score
Good	750 and above
Average	600 – 750
Poor	Below 600

Suggested Read: How much home loan can you get for 70,000?

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Special Home Loan Eligibility for Women

For women applicants, the eligibility criteria are the same as for other applicants. However, women applicants are eligible for a 0.05% interest rate concession on the loan.

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What is Home Loan Eligibility?

Home loan eligibility is defined as a set of criteria by which a financial institution assesses the creditworthiness of a customer to avail and repay a particular loan amount. It depends on various parameters, including age, financial position, credit history, credit score, and other financial obligations.

Tips to Improve Bajaj Housing Finance Home Loan Eligibility

Strategy	Description
Adding a Co-Applicant	Adding an earning family member as a co-applicant can improve your eligibility.
Opt for Longer Tenure	A longer tenure reduces the EMI burden, improving your eligibility.
Improve Your Credit Score	Consistent repayments and rectifying errors in your credit report can enhance your score.
Adequate Funds for Down Payment	Making a higher down payment can increase your chances of loan approval.

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Conclusion

Checking your Bajaj Housing Finance home loan eligibility is a crucial step in securing a home loan.

Also, by understanding the eligibility criteria and using the tools provided by Bajaj Housing Finance, you can ensure a smooth application process and improve your chances of approval.

If you need assistance, Bajaj Housing Finance offers a facility for a pre-approved home loan even before you have identified your dream home. For any queries, feel free to contact our team of experts.

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Frequently Asked Questions [FAQs]