To get lower interest rates on housing loan, it is advisable to have a low debt-to-income ratio and maintain a high CIBIL score.
NEW DELHI (India CSR): A housing loan makes it easier for people to fulfil their dream of owning a home, and there’s nothing like availing this credit at low interest rates. Bajaj Housing Finance Limited offers a housing loan of up to Rs. 3.5 crore at an attractive interest rate to finance a home purchase. Recently, Bajaj Housing Finance Limited (BHFL) announced a reduction in its Home Loan interest rates for new customers. The rate of interest on Home loans now starts at 6.90%. This rate cut will make home loan financing more accessible, as the home loan interest rate is among the fundamental components that decide one’s monthly EMI. With the most recent reduction in interest rates, home loan applicants can fulfil the dream of owning a home at affordable rates.
Let’s look at how the reduction in interest rates can benefit home loan borrowers.
Budget-friendly EMIs
With interest rates starting at 6.90%, Bajaj Housing Finance promises reduced EMIs. It is known that the rate of interest on home loans impacts the EMI and net interest outgo directly. So, the reduction in the rates will reduce the cost of the loan. With the help of a home loan, EMI calculator applicants can calculate home loan EMI and the total interest rate applicable.
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Choose the loan amount and tenure with ease
With low rates on housing loan, it is easier to avail a higher loan amount to purchase a premium property. The recent rate cut on the loan would offset the increase in interest caused by the principal amount. Hence, it becomes easier for customers to avail a home loan with a shorter tenure and minimize their debt outgo. Moreover, for proper planning on the loan, you can make use of the home loan interest rate calculator available online.
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Make prepayments to save on the total interest
The drop in the interest rate can benefit housing loan borrowers greatly. As the EMI outgo is less, borrowers may find themselves with surplus money, which can be pushed towards paying an annual part-prepayment. By clearing out the portion of the principal before the end of the tenure, each repayment made towards the loan has a ripple effect resulting in huge interest savings. In case of a floating rate home loan, there are no prepayment charges applicable.
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Opt for a top-up loan or a balance transfer facility
Bajaj Housing Finance Limited offers top-up loans that home loan borrowers can avail above their home loan to repay their dues on cost-effective terms. Moreover, borrowers can also choose to opt for a home loan balance transfer at lower interest rates. Also, remember that as a borrower one can reduce their tax liability by claiming an annual interest tax benefit on housing loan. To get lower interest rats on housing loan, it is advisable to have a low debt-to-income ratio and maintain a high CIBIL score.
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Bajaj Housing Finance Home Loan Eligibility Criteria
Given below are the eligibility criteria you need to qualify for to avail a home loan.
- The applicant must be an Indian citizen to qualify for the loan.
- To be eligible the applicant must have a work experience of at least 3 years.
- Individuals between 23 and 70 years of age are eligible.
- Applicants with a CIBIL score over 650 can apply for a housing loan.
With Bajaj Housing Finance home loan at Finserv MARKETS, you can avail a credit of up to Rs. 3.5 crore with a flexible loan repayment tenure lasting up to 360 months. You can make the most of the exciting benefits like an additional home loan top-up of up to 50% of your sanctioned loan amount. Also, you can make use of the value-added services like a financial health check report and a complimentary health card that implies a host of offers and benefits to the borrower.
Apply for a Bajaj Housing Finance Home Loan with the Finserv MARKETS app today and fulfil a wide range of monetary necessities with ease.
(India CSR)
