Buying a home is one of the most important decisions in life, and one should look for good options when it comes to applying for a home loan.
Home Loans are secured loans provided by all major financial institutions in India against the purchase of a residential property. The property is hypothecated with the financial institution while you continue living in your house peacefully, by just paying your monthly installments on time.
The tenor for a home loan goes up to 20 years, and rate of interest varies across different institutions.
Home Loans from Bajaj Finserv
Bajaj Finance Ltd, the lending arm of Bajaj Finserv, through its fully owned subsidiary Bajaj Housing Finance Ltd offers its customers the facility to purchase their dream home through flexible home loan repayment options. Bajaj Finserv offers home loans up to Rs. 3.5 crores with interest rate starting at 8.40 percent. Borrowers who have a running home loan with other lenders can also transfer their loans to Bajaj Finserv at lowest interest rates and additional top-up facility.
Home loans from Bajaj Finserv come bundled with added advantages like instant approval, three EMI Holiday, four year principal holiday, speedy disbursal and much more.
How to assess your eligibility for a Home Loan from Bajaj Finserv
• Level of Income
Your income is the single most significant factor in determining your home loan eligibility. Your three years income tax returns are assessed for this purpose, and accordingly, you can be sanctioned a Home Loan up to Rs. 3.5 crores from Bajaj Finserv. You can use the online home loan EMI calculator on Bajaj Finserv website for the necessary calculation.
• Existing Liabilities
Ideally 40 percent of your net monthly income is considered for calculating your home loan eligibility. Similarly, your credit card utilization should also be under 30 percent of the total limit.
• Credit Score
It is imperative to have a good credit score to improve your chances for sanction of home loan applications and get the lowest home loan interest rate. If you are applying for a home loan with Bajaj Finserv, your credit score (CIBIL) should ideally be above 700.
• Documentation
You need to get together your basic financial and banking documents as they would be required to assess your eligibility for a home loan with Bajaj Finserv. Make sure that your financials audited including income tax returns, net worth statements, bank statements and all other financials ready with you.
• Age
Age is also an important factor to determine your home loan eligibility amount and tenor. If you are below 30 years of age, you can get repayment tenor of up to 20 years, whereas if you are above 40 years of age, the maximum tenor would be around 15 years.
On fulfillment of the eligibility criteria, the home loan by Bajaj Finserv is approved within 5 minutes and a representative gets in touch with the customer immediately. Bajaj Finserv offers a door step service for collecting the customer's documents as per schedule convenient for the customer.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)