Bajaj Finserv Home Loan is one of the leading finance companies with a myriad of options when it comes to loans. Amongst its rich product offerings of loans, Home Financing solutions really stands out. These home loans are available to varied customer categories, promising competitive interest rates along with a wide range of features including - 0 foreclosure cost and provision of making partial prepayments.
|Bajaj Finserv Home Loan at a glance|
|Annual Interest Rate||8.85%|
|Loan Term||Up to 25 Years|
|Loan Amount||Rs. 30 Lacs to upto Rs.15 Crores|
|Pre-Closure Charges||Up to 4% of Principal Outstanding|
Bajaj Finserv is one of the diversified non-banking financial companies in India. The company offers an extensive array of loans for the customers, home financing solutions being the highlight. With the help of service delivery model, Home Loans are delivered not only quickly but without facing any hassle. Bajaj Finserv also offers doorstep delivery services for the loan application.
A general home loan scheme offered by Bajaj Finserv assists its customers to purchase an under construction / ready / resale house, construct a house on a self-owned land, purchase a plot and then construct a house thereafter. This home loan can also be used for home extension and home improvement.
The minimum loan amount you can borrow is Rs. 3 Lacs and the maximum is Rs. 1 Crore. The loan amount will depend on your joint income i.e. the income of the co-applicant will be considered as well.
You can repay you home loan over up to 30 Years tenure, where minimum loan tenure is 3 Year.
Bajaj Finserv allows you to repay your home loan over up to 30 years tenure, where the minimum loan tenure is 3 Years.
When you apply Bajaj Finserv Home Loan, you will have to pay a certain amount known as ‘Margin Money’ to the bank. This will speak for your competency to repay the loan all by yourself. Higher the margin money you can pay, higher the loan you can apply for.
|Loan Amount||Value of the Property||Margin Money|
|Up to Rs. 30 Lacs||90%||10%|
|Above Rs. 30 Lacs to Upto Rs. 75 Lacs||80%||20%|
|Above Rs. 75 Lacs||75%||25%|
As a loan borrower, you have the choice of choosing either a Floating Rate of Interest or Fixed Rate of Interest as per your convenience. The bank will charge a floating rate of interest from a borrower where interest rate will be change by the time depending on the Marginal Cost Lending Rate (MCLR) of Bajaj Finserv. In this case, the interest rate will not fall below the MCLR rates.
For all those customers who have availed disbursement or received a sanction prior to March 31, 2016 they can carry on operating on base rate. Existing customers can get in touch with the bank’s customer care department, if they are interested in moving to MCLR.
The interest rate slab for Salaried is as follow –
The interest rate charged from the salaried borrower will be 50 basis points lower than the self-employed borrower.
The borrower will have to pay processing fee of up to 1% of the Loan amount subject to minimum of Rs. 10,000.
For floating rate loans, there are no prepayment charges. Prepayment charge of 2% of outstanding principal/amount prepaid, applicable on Fixed rate loans.
@24 % per annum or 2% per month
You get to transfer your Home Loan to Bajaj Finserv on the basis of your income. The eligibility for the balance transfer will be decided on the basis of the seasoning and your past track record of existing loan. You can avail 100% top up at home loan rates.
As per this scheme, you get to avail a minimum of Rs. 10 Lacs to a maximum of Rs. 1.50 crore. These loan amounts will be available on floating rate of interest. Maximum of Rs. 1.50 crore in Tier I and Tier II cities, Rs. 50-75 lacs in Tier III cities and Rs. 50 Lakhs in other cities.
The repayment period for bajaj finance home loan is 20 years’ subject to the borrower’s age, ideally it should not exceed 65 years at loan maturity. When you successfully maintain a good repayment record for 24, 36, 60 months from the date of first disbursement to avail 1st, 2nd, and 3rd rate deduction, rest assured you will get three assured rate reductions.
You can use home loans to purchase an under-construction / ready / resale house. In addition, you can also use home loans for self-construction, plot plus construction, home extension & improvement. You don’t have to pay any charges for early closure.
If you have a part disbursement request, you will have to come to the nearest loan centre of the bank along with the builder demand letter and various other supporting documents such as – disbursement request form.
The disbursal of the funds by the bank will depend on the stage of construction of the property. You cannot acquire more than one residential property under this scheme. For the second loan, apply under Vanilla Home Product of the bank. As per this product, the EMI cycle will remain the same i.e. 10th of every month.
This particular scheme cannot be clubbed with any other scheme.
The interest rate slab is as follows –
If you have availed disbursement or received an approval before March 31st, 2016, you can carry on operating on base rate. If you are an existing customer and want to move to MCLR, then you can get in touch with the bank’s customer care department.
For the floating rate loans, there is 0 prepayment charge.
The processing fee is up to 1% of the loan amount subject to minimum of Rs.10,000.
@24 % per annum, 2% per month
Get additional finance of upto Rs. 50,00,000, where loan tenure same as the outstanding home loan tenure.
You can avail a Top-up Loan for the following requirements:
You cannot avail a Top-up Loan for the following requirements:
An undertaking cum affidavit to be collected from the borrower specifying the end use of the loan and that the loan shall not be used for any speculation, illegal activities, litigation or any other notorious activities
NRI/Resident Indian can avail of Top-Up Loans based on the following conditions:
The interest rate slab is as follows –
Interest calculations on the account will be made on End of Day (EoD) drawing power set for your account minus any additional funds parked in the account. This will lead to savings on the home loan equivalent to the funds parked.
For e.g. You have availed of a loan of Rs. 100 Lacs and you have parked Rs. 2 lacs on an average in the bajaj loan account.
The utilized drawing limit in this case will be Rs. 100 lacs minus Rs. 2 lacs i.e. Rs. 98 Lacs. Interest payable at the end of the repayment cycle will be calculated on Rs. 98 Lacs resulting in savings on interest payable on the loan.
Customers who have availed disbursement or received a sanction prior to March 31, 2016 will continue to operate on base rate. Existing customers can get in touch with our customer care, if they wish to switch to MCLR.