Although home loans are a necessity for most Indians to purchase a property, they’re still associated with tedious processes entailing multiple branch visits and back and forth over documentation. Thankfully, leading lenders in the market have taken cognizance of this and are introducing products that are reinventing the way one can avail of a home loan.
Bajaj Housing Finance Limited, an HFC and a 100% subsidiary of Bajaj Finance Limited, recently introduced its revamped product, the Online Home Loan, for salaried and professional applicants. The lender has created a DIY journey, through which both fresh home loan and balance transfer applicants only need to complete 8 fields to receive a Digital Sanction Letter. The entire form takes only 10 minutes* to complete and request basic information, such as your name, PAN Card, income, and obligation details.
On entering the details, applicants can view their offer, i.e., the loan amount they can avail of. They also have the option to check the EMI amount basis a tenor of their choice. You can easily calculate your loan EMIs by using a home loan EMI calculator. The lender allows applicants to choose a repayment tenor of up to 30 years, enabling comfortable repayment in the long term.
The form also has a provision for applicants to enter additional income details, such as rent from a property or investment dividends, to enhance their offer. Another option for those looking to avail of a larger loan amount is to add a co-applicant. A key benefit here is that one can check their loan amount and EMI amount in both cases, before proceeding with the application.
Festive Offer: 6.70%* Interest Rate and Flat Rs.1,999 + GST Processing Fee
What’s more, applicants who complete the Online Home Loan journey and get the loan disbursed by October 30, 2021, also benefit from the lender’s ongoing festive offer. As part of the offer, applicants only pay a flat processing fee of Rs.1,999 + GST, which is considerably lower than the usual fee that starts from 0.25% of the loan amount.
Bajaj Housing Finance has also slashed its home loan interest rate for salaried and professional applicants from 6.75%* p.a. to 6.70%* p.a. So, applicants who apply now stand to avail of the all-time-low interest rate, enabling considerable savings in the future.
Features and Benefits of the Bajaj Housing Finance Online Home Loan
Applicants who apply for an Online Home Loan with the lender benefit from a range of features, such as:
● A digital sanction letter in 10 minutes*
● A competitive interest rate of 6.70%* p.a., with home loan EMIs starting from Rs.645/Lakh*
● The balance transfer facility, with the option to avail of a top-up loan of Rs.1 Cr* or even higher, basis eligibility
● A sizeable loan amount of Rs. 5 Cr* or even higher, basis eligibility
● A flexible repayment tenor of up to 30 years
● Hassle-free processing and quick disbursal, within 48 hours*
● Home loans linked to external benchmarks, such as the repo rate
● A digital experience even after availing of the loan, with their Online Account Management feature
● Zero prepayment and foreclosure charges for individuals with floating interest rate home loans
● An interest subsidy of up to 6.5% through the LIG and EWS categories under the PMAY scheme
● 5,000+ Approved projects
● Repayment options customised as per the applicant’s needs
What Does the Digital Sanction Letter Include?
The digital sanction letter is an official document that one can use to prove their eligibility and better negotiate with a seller – be it a builder or an individual, in the case of a resale property. The document is valid for 180 days and includes key details, such as the:
- ● Sanction amount
● Loan tenor
● Interest rate
One should note that the loan amount is sanctioned on the basis of the verification of all details mentioned in the application, as well as legal and technical verification of the property in question. The final details of the offer are subject to change at the time of disbursal.
Who Is Eligible?
Both salaried and professional applicants can apply for the online Home Loan and avail of a digital sanction letter. The lender also has a few basic criteria for applicants:
- ● Should be residing Indian citizens
● Should have 3 years of work experience in a public or private sector organization, or an MNC
● Should be 23 to 62 years of age, counting 62 as the age at the time loan maturity
● Should be earning more than Rs. 35,000 per month, with the exact amount depending on the city of residence and age
What Documents Are Required?
When applying for the Bajaj Housing Finance Online Home Loan, applicants can submit all necessary documents via mail for a hassle-free and paperless experience. Alternatively, the lender also provides doorstep service, should the applicant prefer to hand over physical copies. Note that the originals of some documents may be requested.
- ● KYC documents: PAN Card, Aadhar Card, utility bills, etc.
● Income related documents: salary slips (the last 3 months), bank statements (the last 6 months), ITR (2 years)
● Property related documents: Sale deed with registration receipt, agreement copy, property tax receipt, etc.
Applicants with an existing home loan applying for a balance transfer also need to submit their earlier sanction letter, Statement of Account, and foreclosure letter.
The only step of the journey where the applicant’s physical presence is necessary is the final one, where one needs to visit the branch or call the representative home to sign the loan agreement and complete other registration formalities.
Go ahead and apply for the Bajaj Housing Finance Online Home Loan today and enjoy considerable savings with their current interest rate of 6.70%* p.a. and the limited period offer.
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