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Bajaj Home Finance Loan Against Property Eligibility Calculator

Bajaj Home Finance Loan Against Property Eligibility Criteria 2021

Last Updated 27th Oct 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 33 - 58 years 25 - 70 years
Maximum Loan Tenure 20 years 20 years
Eligible Monthly Income ₹ 25,000 ₹ 25,000
  • Bajaj Home Finance loan against property is calculated based on your age, income, property value and repayment capacity.
  • You can increase your Bajaj Home Finance mortgage loan eligibility by adding earning family members, business firms and companies owners by main applicant as co-applicants or by applying for a longer tenure loan.
Loan Against Property Eligibility Calculator

Bajaj Home Finance Loan Against Property Eligibility

Bajaj Home Finance allows you to fund immediate or urgent needs with a loan against property. Bajaj Home Finance loan against property is a secured loan which does not come with any end usage restriction. The bank offers different types of mortgage schemes at affordable rates to eligible customers. The loan can be availed by both salaried and self-employed individuals. Bajaj Home Finance lap eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:-

Bajaj Home Finance Loan Against Property Eligibility Based on Age

    Bajaj Home Finance considers your age as one of the important parameters to calculate your Bajaj Home Finance property loan eligibility. To be eligible for availing a loan from Bajaj Home Finance, one has to be of 33 years of age. The maximum age for loan from Bajaj Home Finance can be 58 years. Bajaj Home Finance eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 20 Years 20 Years
30 Years 20 Years 20 Years
40 Years 18 Years 20 Years
50 Years 8 Years 20 Years
60 Years -2 Years 10 Years

Bajaj Home Finance Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Bajaj Home Finance typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Bajaj Home Finance to approve property loan is ₹ 70,000 . For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.75% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 30.02 Lakh 45.02 Lakh 60.03 Lakh
    30 years 30.02 Lakh 45.02 Lakh 60.03 Lakh
    35 years 30.02 Lakh 45.02 Lakh 60.03 Lakh
    40 years 30.02 Lakh 45.02 Lakh 60.03 Lakh
    50 years 20.66 Lakh 30.99 Lakh 41.32 Lakh
    60 years -7.84 Lakh -0.12 Cr -0.16 Cr

    You may consider repaying any loans with short tenure and high EMI in order to increase your Bajaj Home Finance loan against property eligibility.

  • Nature of Employment: Bajaj Home Finance will check whether you are salaried or self employed. Bajaj Home Finance requires minimum income history and job stability of more than 1 years for salaried individuals and of 1 years for self employed individuals.

Bajaj Home Finance Property Loan Eligibility Based on Value of Property

  • Value of Property: Bajaj Home Finance does not finance the entire property value. The maximum Loan Against Property Eligibility would Depend upon the value of the property. You can get a maximum of 75% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 15 Lakh. The percentage of Bajaj Home Finance loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Residential Property 75% ₹ 20 Lakh ₹ 15 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Bajaj Home Finance, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Bajaj Home Finance.

Bajaj Home Finance Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Bajaj Home Finance requires a minimum credit score of 650 to be eligible for a property loan.

Bajaj Home Finance Mortgage Loan Eligibility Based on FOIR

Bajaj Home Finance calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Bajaj Home Finance calculates your fixed obligations to monthly income ratio that should not be more than 60% to get a mortgage loan from Bajaj Home Finance. Always calculate your eligibility with Bajaj Home Finance mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

How to Calculate Bajaj Home Finance Loan Against Property Eligibility?

To check loan against property eligibility Bajaj Home Finance follow the below given steps:-

  • Visit to the Bajaj Home Finance website.
  • Click on Bajaj Home Finance loan against property.
  • To check eligibility criteria use a Bajaj Home Finance loan against property calculator.
  • Fill the required details like loan amount required, salary, age etc.

The formula used to calculate LTV is loan amount needed/ property amount*100

Apart from that you can also use MyLoanCare Loan Against Property Eligibility Criteria to determine your eligibility for Bajaj Home Finance Loan against property.

Documents Required for Bajaj Home Finance Loan on Property

To avail Bajaj Home Finance loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

FAQs

What factors determine the eligibility criteria of property loan from Bajaj Home Finance?

The factors that determine the eligibility criteria of Bajaj Home Finance property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Bajaj Home Finance mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. If you do not fall under the eligibility criteria then you can increase income eligibility by adding a co-applicant and maintain a good cibil score above 650. Income and cibil score ensure Bajaj Home Finance of your ability to repay the loan.

What is the minimum and maximum age required for Bajaj Home Finance loan against property?

The minimum age of the applicant should be 33 years and maximum should be 58 years for loan against property from Bajaj Home Finance. Bajaj Home Finance considers your age as an important parameter to determine your Loan against property tenure.

What is the tenure of Bajaj Home Finance property loan?

Bajaj Home Finance offers property loan for a tenure upto 20 years. However, longer the loan tenure, higher will be the eligibility. Also, higher loan tenure means higher rate of interest.

How much Bajaj Home Finance mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Bajaj Home Finance up to % of the market value of the property if they mortgage residential property whereas you can avail up to 75% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Bajaj Home Finance if I am not a Bajaj Home Finance customer?

Yes, you can get a loan against property from Bajaj Home Finance if you are not a Bajaj Home Finance customer. However, you can get a competitive interest rate if you are already a customer of a bank.

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Bajaj Home Finance Loan Against Property News - Dec 2021
  • 2021-10-27 : Bajaj Finance Posted a Net Profit of 53.5%
    Leading non-banking financial company has reported a net profit of 53.5% to Rs 1,481 crore in the second quarter ending September 30, 2021.
  • 2021-05-10 : Reduced loan against property rates for Bajaj Home Finance
    Bajaj Home Finance cut its loan against property rates. The new loan against property rates starts from 9%. The revised rates will be effective from 10 May 2021. The cut in mortgage loan will help LAP borrowers.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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