Buying a home is still a dream for many in this country. Yet, real estate prices continue to skyrocket, making it near impossible for many middle-class families to own a home – at least not alongside a comfortable lifestyle. In such a situation, the best way to own a house is to avail of a home loan.
A home loan is the most convenient way to make your dream home a reality. Several HFCs offer competitive rates of interest and attractive terms, and one such HFC is Bajaj Housing Finance Limited. Choosing the right lender ensures transparency and comfortable repayment.
People who avail a home loan from Bajaj Housing Finance benefit from various facilities, such as online home loan sanction, easy documentation, flexible repayment tenor, no hidden charges, no prepayment penalty, and balance transfer.
Bajaj Housing Finance home loan interest rate
It is essential to study housing loan interest rates to understand repayment and, in turn, manage your monthly finances. Bajaj Housing Finance offers a competitive rate of interest to ensure affordability for applicants.
Read on to understand Bajaj Housing Finance housing loan interest rates.
- For salaried applicants, home loan interest rates start as low as 6.75%. Note that this is just a reference point, as the rate of interest applicable on your home loan will vary on the basis of several factors, including your income, CIBIL score, and existing obligations.
- People who are self-employed or own a business have to pay an annual interest rate starting 8.50%. If you choose to avail of a top-up amount, this rate goes yet higher on that sum.
While it’s important to know the applicable rates, it’s yet more crucial you understand their impact. In other word, how an interest rate impacts your loan, i.e. the interest amount payable over a said tenure. Considering home loan calculations are complex, it’s best to use an automated tool.
The home loan EMI calculator evaluates the principal amount, the applicable interest rate, and the chosen tenure to provide the EMI amount. You can try a few different combinations of the loan amount and tenure to arrive at one that best suits your affordability.
Eligibility criteria for housing loan
Before you apply for a housing loan from Bajaj Housing Finance, check the eligibility criteria on their website to ensure you have everything in place for quick approval. If you do not meet the eligibility criteria, your application may be rejected. Listed below are the basic criteria that one must bear in mind.
- Age: Salaried applicants must be of 23 to 62 years of age. Bear in mind that the upper age limit, i.e., 62 years, is considered as your age at the time of loan maturity.
- Salary: Depending on your city of residence, the minimum salary to apply for a home loan varies between Rs.25,000 or Rs.30,000.
- Nationality: You must be a residing Indian citizen to apply for a home loan with Bajaj Housing Finance.
It’s best to keep these criteria and others in mind before you avail home loan to maximize your chances of approval. Apply today with Bajaj Housing Finance and make that dream home yours. And don’t forget to check for a pre-approved offer for a customized deal.