Perhaps one of the most discouraging aspects of borrowing a home loan is how long it can take to get the process started. Whenever we think of home loans, most of us still think of the multitude of paperwork, strings of phone calls, and insistent branch visits.
However, to elevate your borrowing experience, leading lenders in the Indian market have enhanced their home loan application process, taking it online and making it that much more accessible and easier to navigate. All it takes are a few clicks, and your online home loan application can be done from the comfort of your home, complete with an instant digital sanction letter in hand.
Prioritising the same ease of function, Bajaj Housing Finance Limited, an HFC and a 100% subsidiary of Bajaj Finance Limited, has launched its revamped feature, the Online Home Loan, with attractive features to draw you in. Designed as an easy-to-follow, DIY journey, salaried and professional applicants can choose this paperless route to expedite their home loan approval. This is not just applicable to those who want to avail of fresh home loans but also to those applicants who would like to opt for the lender’s balance transfer facility.
The entire online home loan application process will take them no longer than 10 minutes* to complete without the hassle of multiple branch visits. The form only requests basic information, such as your name, PAN card, income, and obligation details, before evaluating your credit score and awarding you a digital sanction letter. Applicants seeking a fresh home loan have to fill just 8 fields* to arrive at the digital sanction letter.
The lender is committed to maintaining transparency across all their businesses and their Online Home Loan journey reflects the same. At the end of the journey, you are shown a tentative EMI forecast based on the tenor and loan amount you choose, which gives you a realistic view of your home loan repayment plan.
That’s not all that the Online Home Loan journey offers. If you would like to enter more details about yourself, such as income from a rental property or investment dividends, to improve your offer quality, the form makes allowances for that as well. Those who want to avail of a home loan of a bigger scale can also add a co-applicant to their online home loan application.
The perks of the Online Home Loan don’t just end here. Those applicants who complete the Online Home Loan journey and get their loans disbursed by October 30, 2021, also benefit from their exclusive festive offer. Not only do they enjoy a low interest home loan, starting from just 6.70%* p.a., but they also 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.
Why Applying for a Bajaj Housing Finance Online Home Loan Makes Sense
The Online Home Loan’s range of features has something for every kind of borrower, so if you’re considering applying for a home loan, make a note of the benefits it offers to know what you stand to gain.
- A digital sanction letter in hand in just 10 minutes*
- Competitive interest rates of 6.70%* p.a., with home loan EMIs starting from Rs.645/Lakh*
- Balance transfer facility with a generous refinancing option of Rs.1 crore or even higher, for eligible applicants
- High-value loan amount of Rs.5 Crore* or even higher, basis eligibility
- A 30-year repayment tenor, designed for flexibility and comfort
- Home loans linked to external benchmarks, such as the repo rate for maximum benefit
- Online account management for easy loan management
- No prepayment and foreclosure charges for individuals with home loans linked to floating interest rates
- An interest subsidy of up to 6.5% through the LIG and EWS categories under the PMAY scheme
- 5000+ approved projects to choose from
- Repayment options tailored to the applicant’s needs
Benefits of the Digital Sanction Letter
One of the key propositions of the Bajaj Housing Finance Online Home Loan is that applicants will get their digital sanction letter in just 10 minutes* from starting their form. This document holds the power to negotiate better deals with your property seller as you already know what loan amount you are eligible for. The instant digital sanction letter is valid for 180 days and includes key details, such as the sanction amount, your home loan tenor, and the interest rate being offered to you.
However, it must be noted that the final loan amount is sanctioned after the verification of all details mentioned in the application, as well as legal and technical verification of the property in question.
The Paperless Home Loan Eligibility Criteria
Just like the nature of this application, the lender’s home loan eligibility criteria too are easy and straightforward. Both salaried and professional applicants can apply for the Online Home Loan by meeting the below simple requirements.
- They should be resident Indian citizens
- Salaried applicants should have a minimum of 3 years of work experience in a public, or a private sector organisation, or an MNC
- They should be of 23 to 62 years of age, counting 62 as the age at the time loan maturity
- They should be earning more than Rs. 35,000 per month, with the exact amount depending on the city of residence and age
Documents Required for the Online Home Loan
When you’re applying for the Bajaj Housing Finance Limited Online Home Loan, you are privy to a hassle-free, paperless documentation process. You can either upload the documents online, via email, or request the lender for doorstep service to hand over the physical copies. To keep in line with social distancing norms, the lender emphasises contact-free home loan applications – keeping you and your loved ones away from crowded banks and lines. Documents that you will need to submit include:
- 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 who want to apply for a balance transfer will also need to submit their earlier sanction letter, Statement of Account, and foreclosure letter.
Out of the entire Home Loan application journey, only the very last leg will require your physical presence at the lender’s offices. Alternatively, you can also call the representative home, to sign the loan agreement and complete the final registration formalities.
Now that you’re equipped with all the information you need about the Bajaj Housing Finance Online Home Loan, apply for online home loan today and enjoy considerable savings with their current interest rate of 6.70%* p.a.
*Terms and conditions apply
Disclaimer: This content is distributed by Bajaj Housing Finance. No TNIE Group journalist is involved in the creation of this content.