How to Get 1 Crore Home Loan from Bajaj Housing Finance

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If you are planning to buy a house but are worried about arranging funds, you must consider taking a home loan. It is a better option to go for a lump sum down-payment and pay off the remaining loan amount in higher monthly EMIs instead of spending all your savings on the property at once. 

With Bajaj Housing Finance, you can get Rs.5 Crore or even higher as a home loan over a flexible tenor ranging up to 30 years, basis eligibility.

All You Need to Know About Eligibility Criteria for Home Loan

The eligibility criteria for applying for home loans are slightly different for salaried and self-employed individuals. To qualify for a 1 crore home loan from Bajaj Housing Finance, you will need to fulfil the following criteria:

For Salaried Individuals

  • Must be between 23 years and 62 years of age
  • Must be a residing citizen of India
  • Must be employed, having at least 3 years of work experience

Besides, the individual must also possess the minimum monthly salary as set for the city he/she resides in. 

For Self-employed Individuals

  • Must be between 25 years and 70 years of age
  • Must be a residing citizen of India
  • Must have a steady business firm running for at least 5 years

It is a good idea to check your home loan eligibility criteria before proceeding with the lender.

Home Loan EMI Calculator: When and How to Use It 

Once you qualify for a Rs. 1 crore home loan, the lender will set the rate of interest. Opt for different tenors to get to a structure that best suits your repayment capabilities.

The current interest rate on home loans offered by Bajaj starts at 6.70% and goes higher depending on the principal amount. Further, zero charges on foreclosure and part-prepayments make the loan repayment procedure hassle-free. 

The table below shows an illustration of the EMIs for a home loan of Rs.1 Crore for 10 years, 15 years, and 20 years at an interest rate of 10%. 

Principal AmountEMI for Rs. 1 Crore Home Loan (10 years)EMI for Rs. 1 Crore Home Loan (15 years)EMI for Rs. 1 Crore Home Loan (20 years)
Rs. 1 CroreRs. 1,32,151Rs. 1,07,461Rs. 96,502

If the EMIs for a 1 Crore home loan seems beyond your budget or if you already have a certain amount saved, then you should consider borrowing a lower amount. A smaller principal amount automatically brings down your monthly EMIs. 

Take the help of an online home loan calculator to evaluate your EMIs and get a clearer understanding. The online tool is specially designed to reveal exactly how much you will need to pay each month by taking into account three basic factors – loan amount, interest rate and tenor. 

The online home loan calculator follows a simple mathematical formula to compute the results:

P * R * (1+R)^N / [(1+R)^N-1], where

P = Principal loan amount

N = Loan tenor (calculated in months)

R = Rate of interest (monthly)

How to Apply for Rs.1 Crore Home Loan

To apply for a home loan with Bajaj, start with the following steps:

  • Step 1: Fill out the application form online or at your nearest branch. Enter your details along with details about the property, loan, your employment, etc. and submit with supporting documents.
  • Step 3: Get your lender to evaluate the application form. The step involves carefully scrutinizing the paperwork, your repayment capability and all documents submitted. You may or may not be asked to appear physically for the verification process.
  • Step 4: Get your approval and accept the offer letter stating all terms and conditions, including the rate of interest, loan tenor and principal. After a quick check, you can sign on the dotted line.
  • Step 5: Get the property verified, checked and evaluated by the lender. 
  • Step 6: Get your home loan disbursed after verification is complete. 

Knowing the home loan application process helps you stay ahead, and makes the entire procedure smooth, hassle-free, and faster. When purchasing a high-value loan from Bajaj, be sure to check out the eligibility criteria, principal and current interest rate on home loans and make an informed decision. 

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About the Author: Peter Beaumont

Peter Beaumont is a senior reporter on Daily Mid Time Global Development desk. He has reported extensively from conflict zones including Africa, the Balkans and the Middle East and is the author of The Secret Life of War: Journeys Through Modern Conflict. Email: