Here are highlights of Bajaj Finserv Home Loan:
|Loan amount||Up to 85% of the property cost|
|Rate of interest||6.75% onwards|
|Tenure||Up to 20 years|
|Lowest EMI possible||Rs. Per 760 Lakh|
|Processing fee||Up to 1% of the loan amount + GST and other applicable statutory levies|
Following are the features of Bajaj Finserv Home Loan:
Below are the points for Bajaj Finserv Home Loan Eligibility:
Salaried Persons - Up to 0.80%
Self-Employed Individuals - Up to 1.20%
|Loan Statement Charges||50|
|Principal and Interest Statement Charges||NIL|
|EMI Bounce Charges||3000|
|Foreclosure Charges||Bajaj Finance calculates charges in the following manner|
|On Term Loans||On Outstanding Principal|
|Flexi Term Loan||On Current Drop Line Limit|
|Flexi-Interest-Only Loans||On Sanctioned Limit|
|Penal Interest||2% per month+ Taxes|
|Secure Fee||One-time fee up to 9,999|
Bajaj Finance offers various kinds of Home Loans depending on the category of borrower, location of the property, and so on. Top products are:
Purpose: Bajaj Flexi Hybrid Home Loan is one of the popular housing products for funding a home purchase. You can use the funds to buy a new or owned house or apartment.
Get access to Home Loan EMI Calculator
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|Bajaj Finserv Home Loan||Up to 85% of property||20 years||6.75 onwards||Up to 1% of the loan amount + GST and other applicable statutory levies|
|ICICI Bank Home Loan||Up to 90% of property||30 years||6.75%-7.55%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|SBI Home Loan||Up to 90% of property cost||30 years||6.75% - 8.05%||Up to 0.50% + applicable GST|
|Axis Bank Home Loan||Rs. 5 Crores||30 years||6.90%-8.40%||Up to 1%, minimum Rs.10,000|
|HDFC Home Loan||Up to 90% of property cost||30 years||6.75%-7.65%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
Bajaj Finance provides home loans in the range of 75% to 85% of the property value. The margin depends on the Home Loan product chosen. The margins are higher in case of a loan against property.
Bajaj Finserv is one of the member lending institutions authorised by the Government to offer Home Loans under the Pradhan Mantri Awas Yojana (PMAY). This program provides the benefit of interest subsidy to the different categories of borrowers. This subsidy is credited upfront to the loan account. This interest subsidy is available on the PMAY - Urban Home Loan Scheme only. As a result, the borrower has a lower interest burden and EMI.
|Category of Borrower||Income Criteria||Loan amount range eligible for the subsidy||Maximum interest subsidy|
|Economically Weaker Section - EWS||Annual Income up to 3 Lakhs||6 Lakhs||6.5% subsidy with a maximum of 2.67 Lakhs|
|Lower Income Group - LIG||More than 3 Lakhs and up to 6 Lakhs||6 Lakhs||6.5% subsidy with a maximum of 2.67 Lakhs|
|Middle Income Group - MIG-I||More than 6 Lakhs and up to 12 Lakhs||9 Lakhs||4% subsidy with a maximum of 2.35 Lakhs|
|Middle Income Group - MIG-II||More than 12 Lakhs and up to 18 Lakhs||12 Lakhs||3% subsidy with a maximum of 2.30 Lakhs|
4th Floor, Bajaj Finserv Corporate Office
Off Pune-Ahmednagar Road,
Ph No 020-30405060
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Salaried employees get the benefit of the 3 EMI holiday offer when they avail of the Bajaj Finserv Home Loan Balance Transfer and Top-Up Facility. They get a 3-month holiday after which they can commence the repayment. This three-month holiday eases off loan repayment pressure from the customer to a great extent.
Yes, Bajaj Finserv provides provisional interest certificate for IT purposes. They provide a breakup of the principal and interest repayment for the complete financial year. Borrowers can use this certificate to claim benefits under the Income Tax Act.
Yes, you get income tax concessions under Sec 24 and Sec 80C of the Income Tax Act 1961 for your home loan interest and principal repayments respectively. You get a benefit of up to Rs 200,000 on repayment of interest on home loans under Sec 24. Similarly, you get a concession of up to Rs 150,000 under Sec 80C for repayment of the principal amount. First-time home buyers get additional rebates in income tax.
Bajaj Finserv is not a banking entity. Nevertheless, the RBI rates do affect the PLR of the NBFCs and HFCs as well. The decrease in the repo rates has an indirect effect on the PLR of such financing companies. They gradually reduce the rates to match up with the market trends. Hence, a change in the repo rate affects the PLR of Bajaj Finserv. Automatically, it affects your EMI as well.
Your home loan EMI comprises two components, principal and interest. Three factors go into the determination of your EMI: loan amount, rate of interest, and loan tenure.
Theoretically, your EMI should change with the change in the ROI. However, Bajaj Finserv prefers to keep the EMI constant and increase/ decrease the loan tenure. If any increase in the tenure is not possible due to various reasons, they increase the EMI.
There are two options for paying the EMI. The ECS is a preferred option, however you can also pay by post-dated cheques.
Bajaj Finserv has an extensive network of branches pan India. So, you can apply online or offline as per your preference. However online application is more convenient and hassle free. You can also apply online for Bajaj Finserv Home Loan through MyMoneyMantra. You can instantly compare different products on a single screen. MyMoneyMantra is an online loans marketplace and helps you make an informed decision after accessing the best home loans based on your income and eligibility factors.