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Bajaj Home Finance Loan Against Property Eligibility

Bajaj Home Finance Loan Against Property Calculator India Jun 2021

Last Updated 10th May 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 offers Loan Against Property Rates at 9.00% p.a.
  • Bajaj Home Finance loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Bajaj Home Finance mortgage loan eligibility by adding earning family members, business firms and companies owned 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 Based on Age

  • Age: Bajaj Home Finance considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Bajaj Home Finance, one has to be of atleast 33 years of age. The maximum age for loan from Bajaj Home Finance can be 58 years for salaried and 70 years for self employed. 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 Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. 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. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% 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 31.39 Lakh 47.09 Lakh 62.78 Lakh
    30 years 31.39 Lakh 47.09 Lakh 62.78 Lakh
    35 years 31.39 Lakh 47.09 Lakh 62.78 Lakh
    40 years 31.39 Lakh 47.09 Lakh 62.78 Lakh
    50 years 21.22 Lakh 31.83 Lakh 42.44 Lakh
    60 years -7.78 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. It also looks at your years of experience to check for job and income stability. 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 Loan Against Property 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. 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.
    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, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers 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 Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. 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.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Bajaj Home Finance.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Bajaj Home Finance.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Bajaj Home Finance, improve your credit worthiness to get a good score before putting in an application in another bank.

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 will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio 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.

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 employee to get loan against property should be ₹ 25,000 per month.

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.

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.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Bajaj Home Finance up to 75% of the market value of the property.

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Bajaj Home Finance Loan Against Property News - Jun 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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