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You also have the option to link your Home Loan interest rate to an external benchmark, i.e., the Repo Rate, and benefit from reduced payouts during favourable market conditions. Opt for a longer tenor to make your EMIs more affordable over the years. Choose a tenor of up to 30 years and repay comfortably.
The Reward shall be given to the Customer via BFL wallet and within 30 days from the date of the aforesaid disbursement of the loan amount, provided successful repayment of first equated monthly installment. Who mandatorily avail a loan from BFL for purchasing the Product from the Participating Store during the Offer Period and who successfully pay the first equated monthly installments of the loan as per the repayment schedule. Yes, you can avail of two Home Loans at the same time, depending on your eligibility. Your financial, income, employment, and credit profile will define whether you are in a position to service another loan and, subsequently, if you should be offered another sanction. The exact minimum salary required for House Loan can vary as per the location. Prospective borrowers should be able to showcase a minimum of Rs.30,000 as their monthly income to be considered for a Housing Loan.
Financial
The property ownership remains with the lender till the home loan repayment is complete, including interest. The repayment period for loans begins immediately after the lender has disbursed the entire housing loan amount. However, in cases of partial disbursal, the interest accrued on such a disbursed amount is required to be paid as pre-EMI. Full EMI payment including the principal and interest amount starts after full disbursal of the loan.
This showcases your repayment capacity as a measure of how much disposable income you are left with after paying your monthly obligations. Thus, it is ideal you close other loans before applying, freeing up that much income to redirect towards your home loan EMI. The eligibility criteria to apply for home loan online at Bajaj Finserv are simple; any Indian national with a good financial profile can obtain funding. Some of the criteria differ depending on whether you are salaried or self-employed, while others remain common.
Competitive Interest Rate of 8.60%*
Enjoy a truly hassle-free experience with our application process. Skip the branch visits and opt for our doorstep document pick-up service. The Festive/Diwali Offer is subject to additional terms and conditions# over and above our existing terms and conditions. Check the offer terms and conditions here. Process to Apply for a Loan Against Property Keeping up with multiple EMI payments is cumbersome and can cost you more than you may realise.
We offer a flexible repayment tenor to ensure your EMIs remain affordable and don’t stretch your finances too thin. Housing loans are secured loans, wherein the property to be purchased serves as the collateral against the loan amount. A certain extent of the property ownership remains with the lender, until the repayment amount has been repaid with interest. If you’re wondering how to apply for a housing loan, the below guide will walk you through our easy loan application process. In an industry-first move among HFCs, Bajaj Housing Finance offers you the option to link your Home Loan interest rate to an external benchmark, the RBI repo rate, for more transparency in the rate setting mechanism.
Exclusive offers for you
Want to purchase an under-construction property and pay only a part of your EMIs to begin with? With us, you benefit from customized repayment options. You can also contact your home loan lender and ask about your home loan application status by providing your application ID/ reference number. Yes, If you want to get a bigger loan, you can take out a home loan in joint names. Family members, such as spouses, parents, siblings, and offspring, can be co-applicants for a joint house loan.
No, availing two housing loans at a time for the same property is restricted as per the CERSAI. However, individuals can opt for a house loan balance transfer to refinance their existing housing credit at a lower rate of interest. The facility comes with the top-up loan facility - an additional loan over and above the existing loan amount. Avail the funds to meet diverse financial necessities with ease. The processing fee is among the fees that you'll have to pay on a home loan.
A husband and wife can apply jointly. A brother and a sister can apply for a home loan together, but a brother-sister or sister-sister pairing is not permitted. A home loan is secured in nature, i.e., the loan amount is sanctioned against a collateral, which is the property in question. BFL is not a supplier/manufacturer/issuer of the products purchased by Customer or the Rewards provided to the Customers under this Promotion and will not accept any liability in relation thereto. Accordingly, BFL shall not be responsible for the quality, merchantability or the fitness for any purpose or any other aspect of the products or Rewards provided by third parties. Where the Customer has provided any incorrect information at the time of registration for the Promotion and/or at the time of collecting his/her Reward, then his/her selection is subject to cancellation.
With floating-rate home loans, the interest rate alters basis economic changes and RBI policy decisions. Choose this variant when you expect rates to reduce in the time to come. Additionally, the RBI mandates that you do not need to pay any prepayment or foreclosure charges if you’re an individual borrowing a floating rate home loan. Yes, you can get tax deductions on home loan repayment.home loan tax benefitsinclude Section 80C’s deduction of Rs. 1.5 lakh on the principal repayment and Section 24B’s deduction of Rs. 2 lakh on the interest repayment. You can also claim house loan tax deductions for registration fees and stamp duty charges under Section 80C. When you apply for a home loan, one of the factors assessed to ascertain your profile and eligibility is FOIR, or Fixed Obligation to Income Ratio.
When you apply through our Online Home Loan application form, you can get a sanction letter in 10 minutes. The form is a DIY journey that allows you to avail of a digital sanction letter by submitting basic details and paying a nominal fee. The Repo Rate is an instrument used by the RBI to control lending and, ultimately, inflation in the Indian economy. Thus, a repo rate linked Home Loan where your interest rate is linked to the repo rate. It offers you more transparency in the rate setting mechanism and better transmission of benefits in favourable market conditions. You start paying your home loan EMI when the disbursement cheque is created.
To ensure a hassle-free experience, we strive for the shortest turnaround times. Our loans are disbursed shortly after verification. This Promotion is a special offer for BFL Customers only and nothing contained herein shall prejudice or affect the terms and conditions of the Customer loan agreements.
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