FinanceInFocus

What is Your Home Loan Eligibility?

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Buying a home requires a large amount of money and hence, most of the home-buyers avail a home loan in order to finance their home purchase. With the expansion of the banking and financial sector, availing a home loan has become a hassle-free process. However, since availing a home loan is a long-term financial commitment, it is essential that the borrowers research the various loan products and financial institutions before making a final decision.

The eligibility criteria for home loans may differ from one financial institution to another. Therefore, it is essential that you check your eligibility before applying for a home loan. Home loans available at Finserv Markets have flexible eligibility criteria. Some of the other benefits of Bajaj Finserv home loans are flexible repayment options, long tenure, and less processing fees.

The basic eligibility criteria for Bajaj Finserv home loans are mentioned below:

  • You must be an Indian citizen
  • You must be a salaried individual with at least 3 years of work experience.
  • Salaried individuals between the age of 23 to 62 are eligible for a Home Loan.
  • The home loan amount you can apply for ranges from 10lakhs to 3.5 Crore.

You can calculate your home loan eligibility with the help of Home Loan Eligibility Calculator by following the belowmentioned steps:

  • Step 1: Mention if you have other sources of monthly income
  • Step2: Enter the amount of current EMIs or obligations
  • Step 3: Mention your city of residence
  • Step 4: Enter your date of birth
  • Step 5: Enter your net monthly salary
  • Step 6: Select your loan tenure

Click on ‘Check Your Eligibility’ to calculate your home loan eligibility. The home loan amount and the loan tenure will be mentioned because of the calculation.

You can also increase your home loan eligibility through the following ways:

  • You can add any earning member of your family as a co-applicant for your home loan.
  • You can avail a structured repayment plan.
  • You need to ensure regular income, steady finances, and the possibility of better earnings in the future.
  • In case you have any additional source of income, you need to provide the exact details regarding the same.
  • Maintain a record of your salary components that are variable in nature.
  • Check your credit score thoroughly and call for a dispute if you find any errors in your credit score.
  • You need to maintain a good credit history. You can improve your credit score by repaying your home loan and making timely payments of your other EMIs.

If you satisfy the eligibility criteria, you can apply for Bajaj Finserv Home Loans through a hassle-free online application process. You can also upload the required documents online. Post-verification of the documents, your home loan will be approved and the amount will be disbursed in your bank account.

The basic documents required while applying for a Bajaj Finserv Home loan are mentioned below:

  • Aadhar Card/Passport/Driving License
  • Address Proof
  • Identity Proof
  • Form 16 or your latest salary slip
  • 6 months bank account statement

Home loans available at Finserv Markets are one of the best financing options for potential home buyers. Lastly, it is important that you understand the terms and conditions of your home loan carefully before availing it.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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