Bajaj Finance offers attractive home loan interest rates in 2024, starting from 8.50% p.a. The loans are available for flexible tenures of up to 40 years, providing customers with convenient repayment options. Eligible women borrowers, senior citizens, and NRIs can also avail of special interest rates, making home loan options more accessible and beneficial.
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To qualify for these loans, a minimum credit score of 750 is ideal ensuring that applicants meet the necessary creditworthiness criteria. With Bajaj Finance’s competitive interest rates and accommodating terms, aspiring homeowners can take a step closer to their dream homes.
Bajaj Finance Home Loan Interest Rates of Different Schemes in 2024
Here are the interest rate ranges for different home loan schemes offered by Bajaj Finance:
| Scheme | Interest Rate Range |
| Bajaj Finance Home Loan | 8.50% – 14.00% |
| Bajaj Finance Top-Up Loan | 9.80% – 18.00% |
Different Types of Home Loans Offered by Bajaj Finance: A Detailed Overview
Bajaj Finance offers a variety of home loan options tailored to different applicant types. Here’s a detailed overview of each type:
1. Home Loan for Salaried Applicants:
Bajaj Finance’s Home Loan for Salaried individuals offers competitive interest rates starting from 8.25% p.a. With flexible repayment options for up to 30 years, eligible applicants can secure their dream homes. A minimum credit score and stable employment are required to qualify, and the loan amount depends on income and property value.
Read: SBI Home Loan Interest Rate for Female – Updated in April 2024
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- Applicant Type: Salaried individuals with a stable income.
- Eligibility: Meeting the income and employment criteria set by Bajaj Finance.
- Age: Typically between 23 and 62 years.
- Cibil Score: A good credit score is preferred for faster approval.
- Employment Type: Employed with a reputed organization.
- Loan Tenure: Flexible repayment options for up to 30 years.
- Loan Amount: Depending on the applicant’s income and property value.
- Interest Rate: 8.50% p.a. – 14.00% p.a.
- Processing Fees: Up to 7% of the loan amount. Additional charges like cheque bounce charges, penal interest, secure fees, loan statement charges, etc may be applicable during the tenure of the loan.
2. Home Loan for Self-employed:
Tailored for self-employed professionals and business owners, Bajaj Finance’s Home Loan for Self-employed comes with interest rates starting from 8.50% p.a. The loan offers a flexible tenure of up to 20 years, and eligibility is based on business stability and income. A healthy credit history is advantageous for faster approval.
- Applicant Type: Self-employed professionals and business owners.
- Eligibility: Meeting the income and business stability requirements.
- Age: Generally between 25 and 70 years.
- Cibil Score: A healthy credit history is beneficial.
- Employment Type: Self-employed with a stable business.
- Loan Tenure: Flexible, ranging up to 20 years.
- Loan Amount: Determined by income and property valuation.
- Interest Rate: 9.80% p.a. – 18.00% p.a.
- Processing Fees: Up to 7% of the loan amount. Additional charges like cheque bounce charges, penal interest, secure fees, loan statement charges, etc may be applicable during the tenure of the loan.
3. Top-up Loan for Salaried:
Existing home loan customers with Bajaj Finance can avail of the Top-up Loan for Salaried at attractive interest rates. The loan amount is over and above the current home loan, and eligibility depends on the repayment track record. The remaining tenure of the existing loan is considered for repayment.
- Applicant Type: Salaried individuals with an existing home loan from Bajaj Finance.
- Eligibility: Based on the applicant’s repayment track record and loan tenure.
- Age: Within the bank’s prescribed age limits.
- Cibil Score: A good credit score is advantageous.
- Employment Type: Employed with a reputable organization.
- Loan Tenure: The remaining tenure of the existing home loan.
- Loan Amount: Additional funds over and above the current home loan amount.
- Interest Rate: 9.10 % p.a.
- Processing Fees: Up to 7% of the loan amount. Additional charges like cheque bounce charges, penal interest, secure fees, loan statement charges, etc may be applicable during the tenure of the loan.
4. Top-up Loan for Self-employed:
Self-employed individuals with an existing home loan from Bajaj Finance can benefit from the Top-up Loan for Self-employed. The loan amount is above the existing home loan, and eligibility is determined based on business stability and repayment history. The remaining tenure of the current loan is considered for repayment.
Read: Piramal Finance Home Loan Interest Rate – Updated in April 2024
- Applicant Type: Self-employed individuals with an existing home loan from Bajaj Finance.
- Eligibility: Based on the applicant’s repayment history and business stability.
- Age: Within the bank’s specified age range.
- Cibil Score: A positive credit score is advantageous.
- Employment Type: Self-employed with a stable business.
- Loan Tenure: Up to the remaining tenure of the existing home loan.
- Loan Amount: Additional funds over and above the current home loan amount.
- Interest Rate: 10% p.a. – 18% p.a.
- Processing Fees: Up to 7% of the loan amount. Additional charges like cheque bounce charges, penal interest, secure fees, loan statement charges, etc may be applicable during the tenure of the loan.
Bajaj Finance’s diverse home loan options cater to the varying needs of borrowers, offering them flexibility, competitive interest rates, and convenient repayment terms.
Read: 8 Best Ways to Save Taxes on Your Home Loan Repayment
Bajaj Finance Home Loan Interest Rates for Women and Benefits
Bajaj Finance offers special Home Loan interest rates for women, starting from 8.10% p.a., making homeownership more affordable and accessible to them. Women borrowers can benefit from lower interest rates, providing cost-saving advantages over loan tenure. The reduced rates apply to applicants who meet the specified credit score and eligibility criteria.
| Cibil Score | Interest Rate (for Women) |
| 750 and above | 8.10% p.a. onwards |
| 700-749 | 8.25% p.a. onwards |
| 650-699 | 8.35% p.a. onwards |
| Below 650 | Interest rates may vary |
Bajaj Finance Home Loan Interest Rates for Self-Employed Applicants
Bajaj Finance offers Home Loans tailored for self-employed individuals, providing them with the financial support to realize their dream of owning a home. With competitive interest rates starting from 9.10% p.a., self-employed professionals and business owners can avail of flexible loan tenures of up to 20 years, making the repayment process convenient. The loan amount is determined based on the applicant’s income and property value while meeting the specified credit score and business stability requirements is crucial for eligibility. Bajaj Finance understands the unique needs of self-employed individuals and strives to make the home loan journey smooth and hassle-free.
Read: Home Loan For Government Employees in India
| Cibil Score | Interest Rate (for Self-Employed) |
| 750 and above | 9.10% p.a. onwards |
| 700-749 | 9.25% p.a. onwards |
| 650-699 | 9.85% p.a. onwards |
| Below 650 | Interest rates may vary |
Bajaj Finance Home Loan Interest Rates for Salaried Applicants
Bajaj Finance’s Home Loan for Salaried applicants offers an excellent opportunity for salaried individuals to fulfil their homeownership dreams. With competitive interest rates starting from 8.50% p.a., eligible applicants can avail of loans with flexible tenures of up to 40 years, making the repayment process manageable. The loan amount is determined based on the applicant’s income and property value while meeting the specified credit score and employment stability requirements is crucial for eligibility. Bajaj Finance understands the unique needs of salaried individuals and strives to provide a seamless and convenient home loan experience.
| Cibil Score | Interest Rate (for Salaried) |
| 750 and above | 8.50% p.a. onwards |
| 700-749 | 8.65% p.a. onwards |
| 650-699 | 8.80% p.a. onwards |
| Below 650 | Interest rates may vary |
Bajaj Finance Home Loan Interest Rates for Doctors
Bajaj Finance offers specialised Home Loan options for doctors, recognizing their unique financial needs and contributions to society. With competitive interest rates starting from 8.60% p.a., doctors can avail of loans with flexible tenures of up to 25 years, making it convenient for them to purchase or construct their dream homes. Doctors can avail of home loans of up to ₹15 crores.
Eligibility for the loan depends on the applicant’s credit score, income, and professional qualifications. Bajaj Finance aims to support doctors in achieving their homeownership goals and provides a seamless and hassle-free loan application process.
| Cibil Score | Interest Rate (for doctors) |
| 750 and above | 8.60% p.a. onwards |
| 700-749 | 8.75% p.a. onwards |
| 650-699 | 8.90% p.a. onwards |
| Below 650 | Interest rates may vary |
Bajaj Finance Top-Up Loan for Self-Employed Applicants
Bajaj Finance’s Top-Up Loanfor Self-Employed is designed to provide additional financial assistance to self-employed individuals who already have an existing home loan with Bajaj Finance for up to ₹1 crore. With competitive interest rates starting from 9.5% p.a., eligible applicants can access extra funds over and above their current home loan amount for a tenure of up to 20 years.
The loan amount and eligibility are determined based on the applicant’s repayment track record and business stability. This top-up loan offers flexible repayment tenures, making it convenient for self-employed individuals to meet their diverse financial needs while leveraging the equity built into their existing property.
| Cibil Score | Interest Rate (for Self-Employed) |
| 750 and above | 9.50% p.a. onwards |
| 700-749 | 9.65% p.a. onwards |
| 650-699 | 9.80% p.a. onwards |
| Below 650 | Interest rates may vary |
Bajaj Finance Top-Up Loan for Salaried Applicants
Bajaj Finance’s Top-Up Loan for Salaried provides an excellent financial solution for salaried individuals who already have an existing home loan with Bajaj Finance. With competitive interest rates starting from 8.50%p.a., eligible applicants can avail of additional funds over and above their current home loan amount. The maximum loan amount offered is ₹1 crore for terms of up to 30 years.
The loan amount and eligibility depend on the applicant’s repayment track record and income stability. This top-up loan offers flexible repayment tenures, making it convenient for salaried individuals to meet their financial requirements while leveraging the equity built into their existing property.
| Cibil Score | Interest Rate (for Salaried) |
| 750 and above | 8.50% p.a. onwards |
| 700-749 | 8.65% p.a. onwards |
| 650-699 | 8.80% p.a. onwards |
| Below 650 | Interest rates may vary |
Bajaj Finance’s Top-Up Loan for Doctors offers exclusive financial assistance to medical professionals who have an existing home loan with Bajaj Finance. Doctors can avail of loan amounts of up to ₹1 crore for a maximum tenure of 30 years. With competitive interest rates starting from 8.80% p.a., eligible doctors can access additional funds over and above their current home loan amount.
The loan amount and eligibility are determined based on the applicant’s repayment track record, income, and professional qualifications. This top-up loan provides doctors with the flexibility to meet their diverse financial needs while leveraging the equity built into their existing property.
| Cibil Score | Interest Rate (for doctors) |
| 750 and above | 8.80% p.a. onwards |
| 700-749 | 8.95% p.a. onwards |
| 650-699 | 9.10% p.a. onwards |
| Below 650 | Interest rates may vary |
Bajaj Finance Home Loan Interest Rates for The Last 10 Years (Approximate)
Here is a table showing the interest rate ranges for Bajaj Finance home loans in the past 10 years:
| Year | Interest Rate Range |
| 2013 | 8.50% p.a. – 9.25% p.a. |
| 2014 | 9.00% p.a. – 9.75% p.a. |
| 2015 | 8.75% p.a. – 9.50% p.a. |
| 2016 | 8.50% p.a. – 9.25% p.a. |
| 2017 | 8.30% p.a. – 9.05% p.a. |
| 2018 | 8.35% p.a. – 9.10% p.a. |
| 2019 | 8.05% p.a. – 8.80% p.a. |
| 2020 | 7.80% p.a. – 8.55% p.a. |
| 2021 | 8.30% p.a. – 8.85% p.a. |
| 2022 | 8.15% p.a. – 9.45% p.a. |
Feature and Benefits of Bajaj Finance Home Loan
Bajaj Finance Home Loan offers numerous features and benefits to help you realize your dream of owning a home:
- Loan amount of up to Rs. 15 Crore: Secure your dream home with a substantial loan amount of up to Rs. 15 Crore.
- Low-interest rates: Salaried professionals can avail of the loan at attractive interest rates starting from 8.50% p.a., with EMIs as low as Rs. 733/1 lakh.
- Quick approval: Your loan will be approved within 48 hours or even earlier, ensuring a swift and hassle-free process.
- Flexible tenure: Enjoy a long repayment tenure of up to 40 years, making it easier to manage your EMIs comfortably.
- Hassle-free application: Opt for a doorstep document pick-up service to skip branch visits and experience a smooth application process.
- No foreclosure fee: Salaried individuals with floating interest rates can prepay or foreclose their loan without any additional fee.
- Balance Transfer: Benefit from a top-up loan of up to Rs. 1 Crore by using the home loan balance transfer facility.
- Wide project selection: Choose from over 5000+ approved projects to avail of a quick and convenient loan.
- Externally benchmarked interest rates: Link your interest rate to an external benchmark like the Repo Rate, which works in your favour during favourable market trends.
Bajaj Finance’s Home Loan caters to diverse needs and offers flexibility, competitive rates, and quick processing, making homeownership a reality for many.
How to apply for Bajaj Finance Home Loan?
To apply for a Bajaj Finance Home Loan, follow this step-by-step guide:
- Click on the ‘APPLY’ button on the official Bajaj Finance website or designated page.
- Enter your full name, mobile number, and pin code, and select your employment type (salaried or self-employed).
- Choose the type of loan you want to apply for (Home Loan in this case).
- Generate and submit the OTP received on your mobile number to verify your contact information.
- After OTP verification, provide additional details, including your monthly income, required loan amount, and whether you have identified the property.
- Proceed to enter your PAN number and any other necessary details based on your chosen occupation type.
- Click on the ‘SUBMIT’ button to complete the application process.
Once you’ve applied, a Bajaj Finance representative will connect with you to guide you through the next steps of the loan application process.
Bajaj Finance Home Loan Eligibility Criteria
To be eligible for a Bajaj Finance Home Loan, applicants must meet the following criteria:
- Nationality: Applicants must be Indian citizens residing in India.
- Age: For salaried individuals, the age should be between 23 years to 62 years, and for self-employed professionals, the age should be between 25 years to 70 years. The upper age limit is considered at the time of loan maturity.
- CIBIL Score: An ideal CIBIL Score of 750 or higher is preferred to increase the chances of getting a home loan approval.
- Occupation: The loan is open to salaried individuals, self-employed professionals such as doctors, and self-employed non-professionals.
Note: The eligibility criteria mentioned above are indicative and may vary based on the applicant’s specific loan application.
Documents Required of Bajaj Finance Home Loan
To apply for a Bajaj Finance Home Loan, applicants need to provide the following documents:
- Identity Proof: Any one of the following – Aadhar Card, Passport, Voter ID, or Driving License.
- Address Proof: Any one of the following – Aadhar Card, Passport, Voter ID, or Utility Bills (electricity bill, water bill, etc.) with the applicant’s name and address.
- Income Proof:
- For Salaried Individuals: Latest salary slips (last 2-3 months) and Form 16.
- For Self-Employed Individuals: Business continuity proof, Profit & Loss statement, and Income Tax Returns (ITR) for the last 2-3 years.
- Bank Statements: Bank account statements for the last 6 months, reflecting salary credits or business transactions.
- Property Documents: Copy of the property documents, including Sale Agreement, Sale Deed, or any other relevant documents based on the property type (for ready-to-move properties).
- Passport-size photographs: Recent passport-sized photographs of the applicant.
- Processing Fee Cheque: A cheque or demand draft for the processing fee, as applicable.
Bajaj Finance Home Loan EMI Calculator – How to Calculate Bajaj Finance Home Loan EMI?
To calculate your Bajaj Finance home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
Example:
Assume you have taken a home loan from Bajaj Finance for Rs. 30 lakh at an annual interest rate of 8.50% for a tenure of 20 years.
Calculate the monthly interest rate (R):
Monthly Interest Rate = Annual Interest Rate / 12
R = 8.50% / 12 = 0.0070833 (approx.)
Calculate the loan tenure in months (N):
Loan Tenure in Months = Loan Tenure in Years x 12
N = 20 years x 12 = 240 months
Plug the values into the EMI formula:
EMI = [30,00,000 x 0.0070833 x (1+0.0070833)^240] / [(1+0.0070833)^240-1]
Calculate the EMI using a calculator or spreadsheet:
EMI = [30,00,000 x 0.0070833 x 3.349924] / 2.349924
EMI = 72,150.78 (approx.)
So, the Equated Monthly Installment (EMI) for your Bajaj Finance home loan of Rs. 30 lakh, with an annual interest rate of 8.50% and a tenure of 20 years, would be approximately Rs. 72,150.78. This amount is payable every month for the entire loan tenure until the loan is fully repaid.
EMI Calculator
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Bajaj Finance Home Loan Comparison with Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% – 14.00% |
| Aditya Birla Capital Home Loan | 9% – 12.50% |
| Bandhan Bank | 8.65% – 13.65% |
| Bank of Baroda | 8.50% – 10.60% |
| Bank of India | 7.80% – 9.65% |
| Bank of Maharashtra | 8.40% – 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% – 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% – 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% – 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% – 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% – 10.05% |
| IDBI Bank | 8.75% – 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% – 10.38% |
| Karur Vysya Bank | 9.23% – 12.13% |
| Kotak Mahindra Bank | 8.85% – 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% – 10.85% |
| Reliance Home Finance | 9.35% – 13% |
| State Bank of India | 8.25% – 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% – 11.25% |
Factors that Affect the Bajaj Finance Home Loan Interest Rate
- Credit Score: A high credit score indicates good creditworthiness and financial discipline, leading to a lower interest rate. Bajaj Finance typically offers more favorable rates to applicants with a CIBIL score of 750 and above.
- Income and Employment: The borrower’s income and employment stability play a crucial role in determining the interest rate. Higher income and stable employment increase the chances of getting a lower interest rate.
- Loan Amount and Tenure: The loan amount and repayment tenure impact the interest rate. Generally, larger loan amounts or longer tenures might result in slightly higher rates.
- Property Type: The type of property being financed can influence the interest rate. For example, the rate may vary for ready-to-move properties, under-construction projects, or plot loans.
- Loan-to-Value (LTV) Ratio: LTV ratio is the percentage of the property’s value that the lender is willing to finance. A lower LTV ratio might lead to a lower interest rate as it signifies lower risk for the lender.
- Market Conditions: The prevailing economic and market conditions can influence interest rates. During periods of high inflation or fluctuating interest rates, home loan rates may change accordingly.
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Tips to Avail Bajaj Finance Home Loan at Lower Interest
- Maintain a Good Credit Score: Ensure you have a good credit score by paying bills on time and managing existing debts responsibly.
- Compare Offers: Research and compare various loan offers to find the most competitive interest rates and terms.
- Negotiate with the Lender: If you have a strong credit profile, consider negotiating with the lender for a better interest rate.
- Opt for a Shorter Tenure: Choosing a shorter loan tenure may result in a lower interest rate, even though the EMIs may be higher.
- Pay a Higher Down Payment: A higher down payment reduces the loan amount, which could lead to a more favorable interest rate.
- Include a Co-Applicant: Adding a co-applicant with a stable income and good credit history can increase the chances of getting a lower interest rate.
- Avail Seasonal Offers: Keep an eye out for seasonal or festive offers when banks may provide home loans at discounted interest rates or reduced processing fees.
Note: individual factors and market conditions can affect the final interest rate you are offered. To avail the best home loan interest rate from Bajaj Finance, focus on improving your creditworthiness and assessing various loan options available.
When considering a home loan, it’s essential to understand the factors that influence the Bajaj Finance Home Loan Interest Rate. As a leading financial institution, Bajaj Finance provides flexible and competitive home loan options, empowering aspiring homeowners to realize their dreams.
So, whether you are a salaried individual, self-employed professional, doctor, or NRI, exploring the diverse home loan options offered by Bajaj Finance can bring you closer to your dream home. Compare the offers, meet the eligibility criteria, and secure your future with a Bajaj Finance Home Loan Interest Rate that suits your needs best.
For the best and fastest results, it is always advisable to employ the help of a home loan expert to guide you through the process. This is where NoBroker home loan services steps in. Head over to NoBroker Home Loan services to find out how we can help.
Disclaimer
This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog
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Frequently Asked Questions
Q:1 What is the minimum and maximum loan amount I can avail of with Bajaj Finance Home Loan?
A: Bajaj Finance offers home loans ranging from Rs. 5 lakhs to Rs. 15 crores, providing flexibility to cater to various budget and property requirements.
Q:2 Can I prepay or foreclose my Bajaj Finance Home Loan before the tenure ends?
A: Yes, you can prepay or foreclose your home loan without any additional fee if you have opted for a floating interest rate.
Q:3 How long does it take for Bajaj Finance to approve my home loan application?
A: Bajaj Finance aims to process and approve home loan applications within 48 hours, subject to the submission of all necessary documents and meeting the eligibility criteria.
Q:4 Are NRIs eligible to apply for a Bajaj Finance Home Loan?
A: Yes, NRIs (Non-Resident Indians) are eligible to apply for a Bajaj Finance Home Loan, subject to meeting the specific eligibility criteria for NRIs.
Q:5 Can I avail of a top-up loan along with my existing Bajaj Finance Home Loan?
A: Yes, existing home loan customers with Bajaj Finance can avail of a top-up loan of up to Rs. 1 Crore based on their repayment track record and loan tenure.
Q:6 What are the interest rates for Bajaj Finance Home Loans for doctors?
A: The interest rates for Bajaj Finance Home Loan for doctors start from {starting interest rate} p.a., subject to the applicant’s credit score and other criteria.
Q:7 Is there any processing fee for the Bajaj Finance Home Loan application?
A: Yes, Bajaj Finance charges a nominal processing fee as applicable for home loan applications. The specific fee may vary based on the loan amount and other factors.
Q:8 Can I opt for an external benchmark-linked interest rate for my Bajaj Finance Home Loan?
A: Yes, Bajaj Finance offers the option to link the home loan interest rate to an external benchmark, such as the Repo Rate, providing benefits during favourable market trends.
Q:9 What is the minimum CIBIL Score required to avail of a Bajaj Finance Home Loan?
A: Ideally, a CIBIL Score of 750 or above is preferred to increase the chances of approval for a Bajaj Finance Home Loan.
Q:10 Are there any special interest rates for women applicants applying for a Bajaj Finance Home Loan?
A: Yes, Bajaj Finance offers special interest rates for women applicants, starting from 8.10% p.a., making homeownership more accessible and cost-effective for them.
