The selling rate of houses in the leading 7 cities increased up to 71% to 2,36,530 units during 2021. This rising demand is primarily due to the requirement of private spaces to meet work from home necessities.
So, if you are a salaried employee in any reputed private organisation, you can seek home loans specially tailored to meet your specific requirements. Reputed financers like Bajaj Housing Finance Limited extend home loan for private employees that will ensure more convenience to loan application and disbursement.
Benefits of availing home loan from Bajaj Housing Finance Limited
Leading financers extend special housing credit facilities for employees working in different private sectors. Besides, sizeable loan amount, affordable interest rates and flexible EMIs are some of the essential benefits associated with a home loan for private employees.
Due to its wide range of features and easy accessibility, home loans from Bajaj Housing are popular ones in the financial market. With the availability of a substantial loan amount, individuals can utilise the funds to renovate, construct or improve their houses without any worries.
Let’s check out the essential pointers associated with this credit facility:
- Simple eligibility parameters
Every lending institution lays down certain home loan eligibility criteria to analyse borrowers’ repayment capacity and reliability. Individuals successfully meeting these eligibility requirements can obtain substantial funds without any interruption.
Following are the set eligibility criteria for a home loan:
- Applicants should be within the age bracket of 23-62 years
- Must be a residing Indian citizen
- One must have work experience of minimum 3 years with a stable income
However, one must note that the eligibility parameters are indicative and can include other lender-specific criteria. Apart from these, to avail a home loan for private employees, one needs to provide basic documents to ensure a hassle-free loan application and reduce processing time.
Some of the basic documents required are mentioned below:
- KYC documents
- Address proof
- Account statement of previous 6 months
- Business existence proof
- Income proof including salary slip, P & L document, ITR documents etc.
Besides, applicants need to provide a sale agreement, allotment letter, payment receipt made to the developer etc. Apart from these, one must also keep a home loan sanction letter handy as necessary proof during house purchase or the occurrence of a legal dispute between a borrower and lender. In this regard, borrowers can use a home loan eligibility calculator to determine the exact loan amount they are eligible for.
- Flexible tenor and additional facilities
Based on the repayment capacity, eligible applicants can avail of a home loan tenor of up to 25 years and can conveniently pay off EMIs over an extended period. Besides, borrowers can enjoy Flexi Loan facility, which states that they are required to pay interest only against the amount they have withdrawn from the sanctioned credit. In addition to that, zero prepayment or foreclosure charges make borrowing more affordable.
- Easy online application and loan management
The primary idea of choosing a home loan for private employees from Bajaj Housing Finance Limited is its quick loan approval and fast disbursal. One can eliminate the hassle of extensive application procedures and formalities. Applicants need to choose whether they want to choose online or offline and fill the application form by submitting necessary documents to lender’s representative and wait for the verification process.
After loan disbursal, individuals can conveniently manage all the loan details online and track documents, EMI payments, and statements through the online portal. Now, to know how to apply for home loan individuals need to go through the following guide-
Step 1- At first, open the online application form and input financial, employment, personal details, such as name, monthly salary, total income, years of service etc.
Step 2- In case of new home loan application, one need to fill in the property details in the application form.
After submitting the application form, one of the representatives will connect you for further proceedings.
Besides, eligible borrowers can avail pre-approved offers extended by these leading financers on a wide range of secured and unsecured financial products, such as home loan, loan against property etc. These offers significantly reduce the hassle of documentation and expedite the loaning procedure. Therefore, customers can check their pre-approved offers by mentioning their essential credentials.
Analyzing the variables associated with this credit facility will allow borrowers to make the smartest financial decision. Equipped with these benefits and simple eligibility parameters, a home loan for private employees is affordable and convenient as the interest rates and other associated charges are minimal.