After
getting to its lowest in over 15 years at the beginning of 2020, India's home
loan market has since recovered. The recovery has been bolstered by low home
loan interest rates and several other borrower-friendly terms put on offer by
the leading HFCs in the country.
To help
individuals looking for low interest rates, Bajaj Finserv brings one of the
best lending terms in the market. Its high loan amount comes with a flexible
tenor of up to 360 months and with other benefits like an online loan account,
nil prepayment and foreclosure charges, etc.
You can
avail a home loan against the lowest interest rates by following simple
eligibility terms and minimal documentation.
Benefits offered by Bajaj Finserv's home loan
-
Easy balance
transfer – You can take advantage of the lowest interest rate offered by
the NBFC by choosing
a home loan balance transfer. This facility can be
used to reduce the monthly instalments and avail a high-value top-up.
-
Online account
management – For convenience, the financial institution offers its customers
a digital loan management platform.
-
Minimal
documentation – To make the loan process simple, individuals only need to
provide passport-sized photographs, identity-proof, address-proof, and income
proof.
-
Assistance
from PMAY – First-time homeowners can take assistance from the Pradhan
Mantri Awas Yojana to reduce their home loan EMIs. With the lowest ever home loan interest rate, homeowners
can save substantially on interest payment.
-
Pre-approved
offer – Bajaj Finserv brings customised pre-approved offers that can
make availing the loan faster and easier. These offers are also applicable to
other financial offerings like home loans, loans against property, etc. You can
check your
pre-approved offer by simply entering your name and
phone number.
Home loan eligibility criteria
Before you can take
advantage of the best home loan interest rates from Bajaj Finserv, you should
check whether you are eligible for it.
●
For
self-employed individuals: Must be a resident Indian citizen of 25 to 70
years of age with a good financial profile. They must have a business
continuity of 5 years or more. They also need to provide proof of income with
account statements for the last six months.
●
For salaried
individuals: They must be a resident Indian of an age between 23 to 62
years with a CIBIL score of 750 or above. Need to be employed for 3 years or
more with a salary of Rs.25000 to Rs.30000 depending on their residence. They
also need to provide proof of income with the latest salary slips or Form 16.
Fixed vs. free-floating home loan interest rate
Opting for either of these
types of home loan rates have their advantages and disadvantages. With fixed
rates, the interest payment remains constant, so there's no need to worry about
increasing rates. Floating interest rates are better when there are market
fluctuations, so one can take advantage of a fall in prices. Know how to choose
between the two to ensure that you opt for the one that is most suitable for
your finances.
How to apply for a home loan?
There are many tools like
the EMI calculator and home loan interest
calculator on the lender's website that can help you conduct adequate
research before applying for a loan. You can take advantage of the low home
loan interest rate through the Bajaj Finserv website, by an SMS, or by visiting
their branch. To apply for a home loan via the website, follow these steps
below -
●
Look for the online application form on the
NBFC's official website.
●
Enter personal, financial, and employment details
to check the pre-approved offer.
●
Choose the loan amount and provide property
details.
●
Pay the online fee and upload all necessary
scanned documents.
Getting a home loan from
Bajaj Finserv can be extremely simple with easy-to-use forms and instant approval.
If you want to avail the low home loan interest rate, you might want to do it
fast before it rises again.
