Bajaj Finserv Home Loan Interest Rates

• Flexible home loans up to Rs 3.5 crore.
• Funding up to 85% of the property value.
• Flexible repayment options for up to 20 years or 240 months.
• Processing is fast, easy, and hassle-free.
• Documentation is minimal and standard.
• Rate concession for women applicants.
• LIG & Middle income group can apply for PMAY subsidy as per eligibility.
• No foreclosure charge.
• Affordable home loan insurance options
• Easy top and balance transfer facility available.

Bajaj Finserv calculates Home Loan interest on daily reducing balances. Therefore, regular repayment of EMIs is beneficial to the borrower. Bajaj Finserv accepts repayments in the form of equated monthly instalments and comprises of two components, the interest component, and the principal repayment component. In the early stages of the loan, the interest component is higher than the principal repayment portion. As time progresses, the principal reduces, whereby the principal repayment component of the EMI becomes higher than the interest portion.

The effective rate of interest depends on various factors.

• Salaried employees have an advantage because of the regular source of income they have. Therefore, the rate of interest for salaried employees is comparatively less than that for self-employed individuals.
• Other factors that affect the rate of interest are the credit rating of the borrower, the profession/ occupation of the borrower, the age, and the loan amount. Women borrowers get a benefit of 0.5% across the board in almost all cases.
• The better the credit rating, the lower is the interest rate.
• Loans for amounts exceeding Rs 30 Lakhs have a different rate structure. Bajaj Finserv offers interest rates on a case-to-case basis.
• Another factor that influences the Home Loan interest rates is the loan-to-value (LTV) ratio. The marketability of the security is also an influencing factor that decides the margin levied by Bajaj Finserv.

Tip: Check CIBIL Score for Home Loan before Applying

There are a few charges associated with the Bajaj Finserv Home Loan, such as:

• Processing Fees
  • For salaried individuals: Up to 0.50% of the sanctioned loan amount
  • For self-employed individuals: Up to 1.20% of the sanctioned loan amount

• Charges for loan statement: Rs 50
• EMI bounce charges: Rs 3,000
• Security fee (One time): Rs 9,999
• Penal interest: 2% per month
• Mortgage origination fee (non-refundable): Rs 1,999
• Part Prepayment charges

Foreclosure Charges

Home Loans at Bajaj Finserv are available at very attractive interest rates, starting at 8.50% onwards. They offer concessional interest rates on Home Loans to women borrowers. Additionally, people belonging to low income groups get subsidised Home Loans under PMAY subsidy.

Bajaj Finserv also gives you a flexibility to opt for Fixed Interest Rate Home Loan/ Home Equity Loan for the initial three years. The rates will automatically get converted into Floating Interest Rates after three years term.

 Also Check: Bajaj Finserv CIBIL Score