Overview
Bajaj Finance has introduced a joint home‑loan product aimed at salaried applicants. The advertised interest rate starts at 7.25% per annum. Eligible borrowers can obtain a loan of up to Rs 15 crore with a repayment tenure of up to 32 years.
Eligibility Criteria
All co‑applicants must be Indian citizens residing in India. Salaried applicants must be aged between 23 and 67 years; self‑employed professionals between 23 and 70 years (upper limit assessed at loan maturity). A CIBIL score of 725 or above is considered ideal. Applicants must provide identity and address proof (Aadhaar, PAN, passport or voter ID), income proof (salary slips for salaried, P&L statements for self‑employed), and the last six months of bank statements. The property must satisfy the lender’s assessment, and borrowers are required to make a down‑payment of 10 % to 20 % of the purchase price, with the lender financing up to 80 % of the assessed value as per RBI guidelines.
Co‑Applicant Relationship Policy
Bajaj Finance permits the following relationships for joint applications:
- Husband and wife – allowed.
- Parent and unmarried son or daughter – allowed.
- Brother and brother – allowed, subject to lender assessment.
The following pairings are not permitted:
- Sister and sister.
- Brother and sister.
- Friends.
Each applicant must independently satisfy all eligibility requirements.
Benefits and Responsibilities
The combined income of co‑applicants can increase the borrowing capacity, but each borrower remains jointly and severally liable for the full repayment. EMI responsibilities can be shared, yet any missed payment impacts the credit records of all borrowers. Tax benefits under Section 24(b) (interest deduction) and Section 80C (principal repayment deduction) are available to each co‑owner, subject to their ownership share and repayment contribution.
Application Process and Timeline
The joint home‑loan application mirrors the standard home‑loan workflow:
1. Verify that all applicants meet Bajaj Finance’s eligibility criteria.
2. Identify the property and decide the loan amount.
3. Submit a joint online application with details of all co‑applicants.
4. Complete identity, income and property verification for each applicant.
5. Review the loan offer, including interest rate, tenure and charges.
6. All applicants sign the loan agreement.
7. Disbursement occurs after all checks are completed.
For eligible applicants, Bajaj Finance typically approves many applications within 48 hours of document submission.
Interest Rate Options and Additional Features
The product offers both fixed and floating interest‑rate options. Fixed rates remain constant throughout the tenure, aiding EMI predictability. Floating rates move with the RBI repo rate. For borrowers opting for a floating rate, Bajaj Finance does not levy additional foreclosure charges for early closure or part‑prepayments, subject to terms.
Balance Transfer and Top‑Up Facility
Borrowers can transfer an existing home loan to Bajaj Finance at rates starting from 7.30% p.a.. After a successful balance transfer, a top‑up loan of up to Rs 1 crore is available for home repairs, medical needs or other purposes.
Documentation Required per Applicant
- Identity & address proof: Aadhaar, PAN, passport or voter ID.
- Income proof: Salary slips (salaried) or profit‑and‑loss statement (self‑employed).
- Business proof: GST registration, business licence or trade certificate (self‑employed only).
- Bank statements: Last six months of account statements.
Each applicant must submit a complete set; an incomplete set can delay processing.
Practical Considerations
Prospective borrowers should discuss EMI sharing, ownership split, credit‑history impact, and loan tenure before applying. They should also plan for potential exit scenarios, as removing a co‑applicant mid‑tenure requires lender approval and a reassessment of the remaining borrower’s eligibility.
Disclaimer
The information is presented as a press release arranged with PNN; PTI assumes no editorial responsibility.