NBFC Bajaj Finserv Limited today (Tuesday) announced an interest rate reduction for its home loans. The interest rate for salaried and professional applicants now starts from 6.70% per annum
NBFC Bajaj Finserv Limited today (Tuesday) announced an interest rate reduction for its home loans. The interest rate for salaried and professional applicants now starts from 6.70% per annum, which is 0.05% lower than the previous 6.75% per annum.
In a statement, Bajaj Finserve said applicants with strong credit and income profiles stand a good chance of being offered this promotional rate, which effectively makes 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 interest outflows, but they also have the option of qualifying for an additional loan. The home loan balance transfer process is quick, simple, and completed with minimal documentation.
Bajaj Finserv has reduced its interest rate on home loans as part of a festive offer, and those interested can make the most of it by applying for a home loan online through the (application form) on their website or offline through any of their pan India branches. Through the online process, applicants enjoy a contactless loan application, where the entire process except for the last step is done by phone or mail.
Key Features and Benefits
- A flexible repayment term of up to 30 years
- Large home loan amount of Rs. 5 Cr* or more, basic eligibility
- Large add-on loan amount of Rs. 1 Cr*, or even more, basic eligibility on balance transfer
- External loans linked to a benchmark (repo rate)
- Interest subsidy under the EWS and LIG categories of the PMAY scheme
- Repayment options tailored to your needs
- Fast processing and best terms on over 5,000 approved projects
- Home service for collection of documents
- Disbursement within 48 hours* of approval and verification
- Online account management
- Zero partial prepayment and seizure fees
For employees, the eligibility criteria for a home loan from the lender are simple.
Candidates must have at least three years of professional experience in a public or private company or a multinational.
The applicant must be an Indian citizen (NRIs are not eligible) and be between the ages of 23 and 62, with 62 being counted as the age at the time of loan maturity.
The criterion in terms of income varies according to the age of the applicant and his place of residence between Rs. 30,000 and Rs. 50,000.