HDFC vs. Bajaj Finserv: Comparing Home Loan Options for Maximum Savings and Benefits

Last Updated : March 11, 2023, 5:58 p.m.

Owning a home is considered a big milestone in one’s life. Buying a home is one of the biggest investments a family makes in their lifetime. As a homeowner, you can personalise your place to meet your specific wants and interests. On the other hand, building your dream home might be an expensive endeavour. For that purpose, you can receive financial support and boost your finances using a Home Loan.

A home loan is a financial aid provided by banks and other financial institutions. The loan amount supplied by these banks or financial organisations may enable you to boost your budget for home purchases. If you meet the requirements for a home loan for a particular term, you may apply for the loan. Nowadays, most home loan services, such as HDFC home loan, not only help you buy pre-built homes but also make it easier to build a home from the ground up. You can also apply for a home loan to make repairs or renovations.

HDFC Home Loan

HDFC bank offers great home loan options to eligible customers. The interest rate for HDFC home loan starts at 8.65% p.a. The loan can be availed for 30 years by eligible customers.

Eligibility Criteria for HDFC Home Loan

• The applicant should be of age 21-65 years.
• The applicant should be an Indian citizen
• You should be a salaried or self-employed professional or non-professional.
• The minimum salary of a salaried applicant should be ₹10000 per month.
• The minimum salary of a non-salaried applicant should be ₹2 lakhs per annum.
• The credit score to apply for an HDFC home loan should be above 650.

Documents Required

The following documents are required to avail of an HDFC home loan:

• The applicant must have personal ID proof such as their Aadhaar card, Driving License, PAN card, or Voter ID.
• The applicant must submit address proof such as their Aadhaar card, Voter ID, or utility bills.
• Salary slips for the last 3 months should be submitted.
• The applicant must submit proof of employment.
• The applicant must submit the bank statement for the last 6 months.

Steps to Apply for an HDFC home loan

The following steps are used to avail of a home loan:

Step 1: Fill out the application form with the following details such as name, address, contact details, email address, education details, type of employment, and income.

Step 2: Attach the following documents for verification: Aadhaar card, Driving licence, PAN card, or voter ID as your ID proof; address proof can be any utility bill; salary slips of the last 3 months; employment proof, bank statement for the past 6 months and Form 16.

Step 3: The bank will now process and verify your application. The bank also looks into your credit score, so you should maintain a good CIBIL score.

Step 4: The bank employee might visit your home or workplace to verify your application details.

Step 5: After a successful verification, the bank will approve your loan and send you a sanction letter. The sanction letter contains the following information: the loan amount you can get, the rate of interest offered by the bank, the fixed or floating interest rate, the term of the loan, and the terms and conditions for the loan repayment.

Step 6: You need to pay the bank a one-time secure payment fee before or after sanctioning the loan.

Step 7: The bank will conduct a legal and technical check on the property that you have applied for a loan.

Step 8: After the property verification, the bank will disburse the loan amount and provide you with a welcome kit and the loan repayment schedule.

Bajaj Finserv Home Loan

Bajaj Finserv offers home loans at attractive amounts. The eligible candidate can avail of the loan for up to 30 years. The interest rate offered by Bajaj Finserv home loan starts from 8.60%.

Eligibility for Bajaj Finserv Home Loan

• The candidate must be a citizen of India.
• The self-employed applicant must be between the age of 25-70 years. The applicant who is a salaried employee must be between the ages of 23 and 65.
• If the applicant is self-employed, he or she must have a business with continuity of over 5 years in the same industry.
• If the applicant is a salaried employee, he or she must have a stable job in a private or public sector company with a work experience of 3 years and a stable income.
• The credit score of the applicant must be 750 or above.

Documents Requi red

The following documents are required for availing Bajaj Finserv home loan:

• The applicant needs to submit any one KYC document such as their Aadhaar card, Voter ID, or driving licence.
• The applicant‘s employee ID card.
• The salary slip of the applicant for the last 2 months.
• If the applicant is self-employed, he or she must submit bank statements for the last 6 months. If the applicant is salaried, he or she must submit bank statements for the last 3 months.
• The self-employed applicants must submit proof of business for a minimum of 5 years.

Steps to Apply for Bajaj Finserv Home Loan

The following steps are used to avail of a home loan:

Step 1: Fill out the application form with the following details such as name, address, contact details, email address, pin code, type of employment, and other details.

Step 2: One of the representatives for Bajaj Finserv Home Loan will collect the following documents at your doorstep: Aadhaar card, Driving licence, PAN card, or voter ID as your ID proof; address proof can be any utility bill; salary slips of the last 2 months bank account statement for 3 months for salaried employees and last 6 months for self-employed applicants; employment proof; business proof of minimum 5 years and the documents of the property that is applied for the loan.

Step 3: The representative will further process and verify your application. The bank also looks into your credit score, so you should maintain a good CIBIL score.

Step 4: Workplace or home visit by a representative to verify the details.

Step 5: Once the verification is complete, you will receive the sanction letter. The sanction letter comprises the following details: the loan amount, the rate of interest offered, the type of interest rate, i.e., fixed or floating, the term of the loan, and the terms and conditions for the home loan. After reading the letter carefully, send a signed copy back to the bank.

Step 6: You must pay the bank a one-time secure payment fee after accepting the sanction letter.

Step 7: Representatives will inspect your property before disbursing the loan.

Step 8: Bajaj Finserv will send you a final agreement with all the terms after verifying the property, and your loan will be disbursed.

Conclusion

A home loan can be a big financial step in your life. Before getting a home loan, you should do your research thoroughly and compare the available loans. Many banks and other financial institutions in India provide home loans at great interest rates and other benefits. Always choose the best home loan option that suits your requirement and financial conditions.