Home Loan up to Rs. 12 lakh

The eligibility criteria for a home loan are stated below:

For salaried individuals:

• Age: 23 years to 65 years**
  
• Work experience: At least 3 years
  

For self-employed individuals:

• Age: 23 years to 70 years**
  
• Business vintage: At least 5 years of business continuity
  

Apart from these:

• One must meet the minimum CIBIL score requirement, i.e., 725
• Belong to the selected cities where Bajaj Finserv operates
• Must be a resident of India

Along with meeting these eligibility parameters, you need to furnish the following documents as well to get a 12 lakh house loan:

• KYC documents
• Income proof (salary slips, form 16, P&L statement or turnover papers of last two years of a business)
• Business proof stating at least 5 years of continuity
• Bank account statement of last 6 months

**Maximum age considered at the time of loan maturity.

The home loan interest rate for an Rs. 12 lakh loan starts from 8.50%* p.a. p.a for salaried professionals. Hence, it is ideal for keeping a tab on housing loan rates, as they determine the total outstanding amount.

12 lakh home loan EMI details

To learn more about monthly instalments, you can take the assistance of a housing loan EMI calculator. This online tool offers a detailed understanding of the repayment, as the instalment amount changes depending on loan tenor and interest rate.

With this housing Loan EMI Calculator, you can alter these values and find the best result as per your suitability. Additionally, these online tools are user-friendly and available for free.

For a better understanding of the EMI break-up, read on.

EMI calculation for a 12 Lakh Home Loan with varying tenors

Here is an example to demonstrate how home loan EMIs change depending on the loan tenor keeping the interest rate the same at 8.50%* p.a..

EMI for an Rs. 12 lakh home loan for 30 years

EMI for an Rs. 12 lakh home loan for 20 years

EMI for an Rs. 12 lakh home loan for 10 years

This above-mentioned example states how EMIs increase or decrease depending on the loan tenor. Hence, you can select a loan tenor accordingly to find an instalment amount that meets your affordability.