Bajaj Housing Finance Limited (BHFL) revised its mortgage interest rate to 6.70% per annum, compared to 6.75% per annum for salaried and professional applicants. In a statement, BHFL said applicants with good credit, good income and good job profiles can apply today and save significantly by taking advantage of this new interest rate.
Customers with an existing home loan can also benefit from the new rate by opting for a home loan balance transfer.
Eligible applicants can transfer their mortgage balance amount to BHFL and benefit from the reduced interest rate. The home loan balance transfer product comes with a top-up loan facility, where an applicant has the option of a large top-up loan of Rs. 1 Crore, or even more, of basic eligibility.
The company offers a range of features and benefits with its products, many of which are tailored to customer needs.
BHFL said it offers contactless loans, in which the entire process is virtually completed. Applicants only need to apply through its website, after which all coordination is done by phone or email. The only part of the trip where you need to meet the representative in person is the last one, where you need to sign the loan agreement and complete the other registration formalities.
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Applicants with good credit history, income and work history can apply for a significant loan amount of Rs 5 Crore or even more depending on basic eligibility, BHFL said.
Loans linked to the pension rate
With BHFL, applicants will have the opportunity to benefit from home loans whose interest rate is linked to external benchmarks, such as the repo rate. Here they have a chance to benefit from regulatory tariff cuts.
BHFL said that once the loan application is approved and verified, the amount is disbursed within 48 hours, subject to certain conditions.
30-year repayment term
BHFL offers flexible repayment schedules to ensure that customers can repay comfortably in the years to come, without draining their finances too much. Applicants can opt for a term of up to 30 years when applying for a home loan from BHFL.
Interest subsidy under the PMAY
BHFL is a premier lending institute registered with the Central Nodal Agency. Eligible applicants can benefit from an interest subsidy on their home loans under the Pradhan Mantri Awas Yojana when applying to Bajaj Housing Finance Limited. Although the validity of the MIG I and II categories has not been extended, applicants can still benefit from the scheme through the LIG and EWS categories.
No partial prepayment and seizure fees
As per RBI guidelines, individuals with variable interest rate home loans can choose to repay either part or all of their loan before the end of their term at no additional cost.
BHFL has over 5,000 approved projects. Applicants who buy properties under these get even faster processing, with a better chance of getting the best possible loan terms.