Perhaps one of the most disheartening aspects of borrowing a home loan is how long it can take to start the process. Whenever we think of home loans, most of us still think of the multitude of documents, the series of phone calls and the insistent branch visits.
However, to improve your borrowing experience, the major lenders in the Indian market have improved their home loan application process, bringing it online and making it much more accessible and easier to navigate. With just a few clicks, your online home loan application can be completed from the comfort of your own home, with an instant digital sanction letter in hand.
Focusing on the same ease of operation, Bajaj Housing Finance Limited, an HFC and a wholly-owned subsidiary of Bajaj Finance Limited, has launched its new feature, Online Home Loan, with attractive features to entice you. Follow, DIY travel, salaried and professional applicants can choose this paperless route to speed up their mortgage approval. This not only applies to those who want to avail new home loans, but also to applicants who want to opt for the lender’s balance transfer facility.
The entire online mortgage application process won’t take them more than 10 minutes * to complete without the hassle of multiple branch visits. The form only asks for basic information, such as your name, PAN card, income, and details of your obligations, before assessing your credit score and assigning you a digital sanction letter. Applicants looking for a new home loan need to fill in only 8 fields * to arrive at the digital sanction letter.
The lender is committed to maintaining transparency in all of its activities and its online mortgage loan journey reflects the same. At the end of the trip, you are presented with a tentative EMI prediction based on the length and amount of the loan you choose, giving you a realistic view of your mortgage repayment plan.
That’s not all the online home loan journey offers. If you want to enter more details about yourself, such as income from a rental property or investment dividends, to improve the quality of your offer, the form takes that into account as well. Those who wish to benefit from a larger scale home loan can also add a co-applicant to their online home loan application.
The benefits of online home loans don’t end there. Candidates who complete the home loan course online and get their loans disbursed before October 30, 2021, also benefit from their exclusive festive offer. Not only do they take advantage of a low interest mortgage loan, starting at just 6.70% * pa, but they also only pay a flat processing fee of Rs 1,999 + GST ââwhich is considerably lower than the usual fee which starts at 0.25% of the loan amount.
Why Applying For A Home Loan Online Bajaj Housing Finance Makes Sense
The range of online home loan features has something for every type of borrower, so if you are considering applying for a home loan, take note of the perks it offers so you know what you stand to gain.
- A digital sanction letter in hand in just 10 minutes *
- Competitive interest rates of 6.70% * per annum, with home loan IMEs starting at Rs. 645 / Lakh *
- Ease of balance transfer with a generous refinancing option of Rs. 1 crore or even more, for eligible applicants
- Large loan amount of Rs. 5 Crore * or even more, basic eligibility
- A 30-year repayment term designed for flexibility and comfort
- Real estate loans linked to external benchmarks, such as the repo rate for maximum profit
- Online account management for easy loan management
- No prepayment and foreclosure fees for individuals with home loans tied to floating interest rates
- An interest subsidy of up to 6.5% in the LIG and EWS categories under the PMAY scheme
- Over 5,000 approved projects to choose from
- Reimbursement options tailored to the needs of the applicant
Benefits of the digital sanction letter
One of the main propositions of the Bajaj Housing Finance online home loan is that applicants will receive their digital sanction letter in just 10 minutes * after starting their form. This document has the power to negotiate better deals with your real estate seller because you already know what loan amount you are entitled to. The instant digital sanction letter is valid for 180 days and includes key information, such as the sanction amount, your mortgage term, and the interest rate offered to you.
However, it should be noted that the final loan amount is sanctioned after the verification of all the details mentioned in the application, as well as the legal and technical verification of the property in question.
The eligibility criteria for a paperless home loan
Just like the nature of this request, the lender mortgage eligibility the criteria are also simple and straightforward. Both salaried and professional candidates can apply for the home loan online by meeting the simple requirements below.
- They must be resident Indian citizens
- Employee candidates must have a minimum of 3 years of professional experience in a public or private sector organization, or a multinational
- They must be between 23 and 62 years old, counting 62 years at the maturity of the loan
- They are expected to earn more than Rs. 35,000 per month, the exact amount of which depends on city of residence and age
Documents required for the online mortgage
When you apply for Bajaj Housing Finance Limited online home loan, you benefit from a paperless and hassle-free documentation process. You can either download the documents online, by email, or ask the lender for a home service to deliver the physical copies. To stay in compliance with social distancing standards, the lender emphasizes contactless home loan applications, which keeps you and your loved ones away from banks and crowded queues. The documents you will need to submit include:
- KYC documents: PAN card, Aadhar card, utility bills, etc.
- Income documents: payslips (last 3 months), bank statements (last 6 months), ITR (2 years).
- Documents relating to the property: Deed of sale with registration receipt, copy of agreement, property tax receipt, etc.
Applicants with an existing home loan who wish to request a balance transfer will also need to submit their previous sanction letter, account statement, and foreclosure letter.
Throughout the home loan application process, only the very last step will require your physical presence at the lender’s offices. Alternatively, you can also call the home representative, to sign the loan agreement and complete the final registration formalities.
Now that you have all the information you need about Bajaj Housing Finance online home loan, apply for a mortgage online today and enjoy significant savings with their current interest rate of 6.70% * pa
* Baths and conditions of application
Disclaimer: This content is distributed by Bajaj Housing Finance. No TNIE Group journalist is involved in the creation of this content.