NBFC Bajaj Finserv Limited announced an interest rate reduction for its home loans today. The rate of interest for salaried and professional applicants has been reduced by 0.05 per cent to 6.70 per cent per annum.
Bajaj Finserv has slashed its home loan interest rate as part of a festive offer, and those interested can make the most of it by applying for home loan either online through the (application form) on their website or offline through any of their branches pan India. Through the online process, applicants benefit from a Contact-Free Loan application, where the entire process except the last stage is via call or mail.
Who can benefit from this new interest rate?
Applicants with strong credit and income profiles can avail this promotional rate, effectively making their home loan EMIs as low as Rs 645 per lakh.
Existing home loan customers can also benefit from this new interest rate by transferring their home loan to Bajaj Finserv.
Lender’s home loan eligibility criteria for salaried employees
Applicants should have a minimum of three years of work experience with a public or private company or a multinational. Apart from this, one must be an Indian citizen (NRIs are ineligible) and between 23 and 62 years of age, where 62 years is counted as the age at the time of loan maturity. The criterion in terms of income varies on the basis of the applicant’s age and residential location between Rs 30,000 and Rs 50,000.
Some of the other features and benefits that applicants enjoy include:
- A flexible repayment tenor of up to 30 years
- Sizeable home loan amount of Rs 5 crore, or even higher, basis eligibility
- Sizeable top-up loan amount of Rs 1 crore, or even higher, basis eligibility on balance transfer
- External benchmark linked loans (repo rate)
- Interest subsidy under the EWS and LIG categories of the PMAY scheme
- Repayment options tailored to your needs
- Swift processing and better terms on 5,000+ approved projects
- Doorstep service for document pick-up
- Disbursal in 48 hours from approval and verification
- Online account management
- Zero part-prepayment and foreclosure charges
(With inputs from PTI)
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