Bajaj Housing Finance reduced its home loan interest rate for salaried and professional applicants from 6.75 per cent per annum to 6.70 per cent. The 100 per cent subsidiary of Bajaj Finance Limited said in a statement that applicants with good credit, income and job profile can save significantly by availing the new interest rate on home loans. According to Bajaj Housing Finance, customers with existing home loans can avail the new rate by opting for home loan balance transfer.
Eligible applicants can transfer the home loan balance amount to Bajaj Housing Finance Limited and avail the reduced interest rate – which has been revised to 6.70 percent. Balance transfer also comes with top-up balance loan facility. For the loan, applicants with a good credit history and income and employment record can apply for a larger loan amount of Rs 5 crore or more, depending on eligibility, according to the statement.
Bajaj Housing Finance Home Loan – Key Features:
Bajaj Housing Finance offers contact-free loans as the entire process is completed virtually. Customers need to apply through its website, after which coordination is done via email and phone. Customers need to meet the representative in person only at the final stage where the loan agreement is to be signed and other registration formalities completed.
An industry-first external benchmark linked loan
Customers have the option of availing a home loan where the interest rate is linked to an external benchmark, such as the repo rate. This will give an opportunity to the customers to take advantage of the reduction in regulatory rates.
30 Years Repayment Period
Bajaj Housing Finance offers customers a convenient repayment tenure to ensure comfortable repayment without overburdening their personal finances. They can opt for a tenure of up to 30 years while applying for the home loan.
Zero part-prepayment and foreclosure charges
As per the Reserve Bank of India (RBI) guidelines, individuals with home loans at floating interest rates can choose to repay a part, or the entire amount, of their loan before the end of its tenure without any additional charges.