NBFC Bajaj Finserv Limited today (Tuesday) announced an interest rate reduction for its home loans. The rate of interest for salaried and professional applicants now starts from 6.70% per year, which is 0.05% down from the earlier 6.75% per annum.
In a statement, Bajaj Finserve said that applicants with strong credit and income profiles stand a good chance to be offered this promotional rate, effectively making their home loan EMIs as low as Rs. 645/lakh.
Existing home loan customers can also benefit from this new interest rate by transferring their home loan to Bajaj Finserv. Not only do they save on the interest outflow, but they also have the option to avail of a top-up loan. The home loan balance transfer process is quick, hassle-free, and completed with minimal documentation.
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.
Key Features and Benefits
- A flexible repayment tenor of up to 30 years
- Sizeable home loan amount of Rs. 5 Cr*, or even higher, basis eligibility
- Sizeable top-up loan amount of Rs. 1 Cr*, 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
For salaried employees, the lender’s home loan eligibility criteria is simple.
Applicants should have a minimum of three years of work experience with a public or private company or a multinational.
The applicant 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.