Home Construction Loan Bajaj Finserv

  • Loan ID : N085
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Bajaj Finserv Offers Lowest Home Loan Interest Rates in India ✔ Minimum Processing Fees ✔ 3 EMI Holiday ✔ NIL Loan Statement Charges ✔ NIL Interest and Principle Statement Charges ✔ NIL Foreclosure Charges ✔ NIL Part Prepayment Charges ✔ Check Latest Housing Loan Interest Rate ✔ Home Loan Eligibility ✔ Apply for Home Loan Online ✔ Get Best Home Loan Offers at Affordable Rates and Instant Approval

The joy of constructing your dream home, from planning its architecture to designing the interiors, is happiness uncompared. With Bajaj Finserv Home Construction Loan, you can construct your dream home the way you always dreamt of.

Home Construction Loan: Features and Benefits

A Home Construction Loan is essentially a short-term loan that is given to people who are constructing a building over an empty plot of land. These loans are unique in the sense that your entire loan amount is not disbursed in one go. Depending on the stage of construction, you place draw requests with your lender who then releases the required funds. You pay interest only on the money that you use and not on the total loan amount.

Bajaj Finserv offers Top-Up Loans for all customers who opt for a Home Loan Balance Transfer.

Instant approvals

When you’re applying for a house building loan, you can’t spend time waiting for your loan to be approved. With Bajaj Finserv, you can apply for a Home Construction Loan and have it approved within 5 minutes!

Fast disbursal

We don’t make you wait for weeks to disburse your loan amount. All loan disbursals happen in 72 hours or less. All your draw requests will be processed swiftly and on time.

Low Interest Rates

Thinking about what construction loan rates are like? At Bajaj Finserv, we offer extremely low construction loan interest rates to all our customers. You can determine your EMI amounts easily by using our construction loan calculator.

Online account access

Get unfettered access to your loan amount online no matter where you are. Just log in to your online account to check your payment schedule, interest certificate, track repayments, and view key information related to your loans through our digital customer portal.

Eligibility and Documents for Home Construction Loan

Our Home Construction Loan has been designed for salaried professionals looking to build their homes across top cities in India. We have a set of very basic eligibility criteria and minimal documentation requirements. Here is the complete list of requirements for Home Construction Loan eligibility.

Home Construction Loan: Fees and Charges

We understand how important it is to save money when you move into a new home. For this very reason, we offer nil prepayment and foreclosure charges if you’d like to clear your debts before the tenure is over. For information on processing fees, the rate of interest and other charges, please visit the link provided to get a better understanding. of Home Construction Loan charges and interest rates.

How to Apply

Applying for a Home Construction Loan is easy as pie. You don’t even need to step out of your chair. Just fill in the application form with the correct details and submit it online. Read more about How to apply for Home Construction Loan

Home Loan Eligibility Criteria

At Bajaj Finserv, the Home Loan eligibility criteria is defined by various factors as mentioned below:

  • You are an Indian resident.
  • You are between 25-58 years of age.
  • You are a salaried individual with a work experience of 3 years or more
  • The minimum loan amount is Rs.30 lakh and maximum Rs.10 crores.
CitiesMinimum Net Salary Per Month (Rs.)Minimum Property Value (Rs.)
Delhi, Mumbai5000040 Lakh
Bangalore, Chennai, Faridabad, Ghaziabad, Gurugram, Hyderabad, Noida, Pune, Thane4500030 Lakh
Ahmedabad, Aurangabad, Baroda, Bhopal, Bhubaneswar, Calicut, Chandigarh, Cochin, Coimbatore, Goa Indore, Jaipur, Jamnagar Jodhpur Kolhapur Kolkata, Lucknow Madurai, Mysore, Nagpur, Nasik, Rajkot, Surat, Tiruchirappalli Trivandrum, Vapi Vijayawada, Vizag3000020 Lakh

*Kindly note that the list of documents mentioned is indicative. During loan processing additional documents may be asked for. The same will be appropriately communicated to you as and when required.

Documents Required for Home Loan

If you are applying for a Home Loan, then here’s an exhaustive list of the home loan documents you will need to submit with your loan application.

Application formYes
PhotographYes
Identity proof (Any one)Voter's ID card / Driving license / Job card issued by NREGA / Aadhaar card / PAN card (PAN card only as identity proof)
Address proof (Any one)Passport / Voter's ID card / Driving license / Aadhar card
Income detailsForm 16 /Latest salary slips
Bank account statementsFor last 6 months

These are some of the basic documents required for Home Loan. You might need to submit some additional documents, if the need arises.

Current Home Loan Interest Rates: Fees and Charges

Types of feesCharges applicable
Rate of interest8.35%
Processing fees1% of the loan amount for salaried individuals
Loan statement chargesNIL
Interest & principle statement chargesNIL
PDC swap chargesNIL
EMI bounce chargesRs.2500 for every bounce
Penal interest2.00% p.m
Secure feeRs. 4999/-

*Applicable following 1st EMI clearance.

Foreclosure Charges

Borrower Type: Interest TypeTime Period (Months)Foreclosure charges
Individual: Floating rate>1Nil
Non-Individual: Floating rate & All borrowers: Fixed rate>14% plus applicable taxes
  • For Term Loan on principal outstanding
  • For Line of credit (Flexi Pure) Charges will be calculated on sanctioned limit
  • For Flexi Saver (Dropline Flexi) charges will be calculated on current Dropline limit

Part prepayment charges

Borrower Type: Interest TypeTime Period (Months)Part payment charges
Individual: Floating rate>1Nil
Non-Individual: Floating rate & All borrowers: Fixed rate>12% plus applicable taxes on part payment amount paid
  • Part payment made should be more than 1 EMI.
  • Charges not applicable for Line of credit (Flexi Pure) & Flexi Saver (Dropline Flexi)

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