The government on Thursday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the third quarter of 2021-22 amid the COVID-19 pandemic and a level of inflation raised. The Public Provident Fund (PPF) and the National Savings Certificate (NSC) will continue to bear an annual interest rate of 7.1% and 6.8%, respectively.
Now, Bajaj Housing Finance Limited (BHFL) has revised its interest rate on home loans to 6.70%* per annum, from 6.75% per annum for salaried and professional applicants. “Applicants with a good credit, income and employment profile can apply today and save significantly by taking advantage of this new interest rate. Customers with an existing home loan can also take advantage of the new rate by opting for a home loan balance transfer”, Bajaj Housing Finance.
Eligible applicants can transfer their home loan balance to Bajaj Housing Finance Limited and benefit from the reduced interest rate. The home loan balance transfer product comes with a top-up loan facility, where an applicant has the option of availing a large top-up loan of Rs.1 Cr*, or even more, of basic eligibility.
Bajaj Housing Finance claims to offer a range of features and benefits with its products, many of which are tailored to customer needs:-
Contactless Loans
Bajaj Housing Finance offers contactless loans, in which the whole process is done virtually. Applicants only need to apply through its website, after which all coordination is done by phone or email. The only leg of the journey where you need to meet the representative in person is the last one, where you need to sign the loan agreement and complete other registration formalities.
Large loan amount of Rs. 5 Cr*
Applicants with good credit history and income and employment history can apply for a large loan amount of Rs.5 Cr*, or even more on the basis of eligibility. In other words, the amount of funding is never an issue.
First external loans linked to industry benchmark
With Bajaj Housing Finance Limited, applicants have the option of availing home loans whose interest rate is linked to external benchmarks, such as the repo rate. Here, they have a chance to benefit from regulatory rate cuts.
Payment in 48H*
The HFC offers fast, hassle-free processing from start to finish. Not only do candidates benefit from minimal documentation, but they are also assured of unparalleled turnaround times. Once the loan application is approved and verified, the amount is disbursed within 48 hours*.
30 year repayment term
The company offers flexible repayment terms to ensure that customers can comfortably repay in years to come, without stretching their finances too much. Applicants can opt for a term of up to 30 years when applying for a home loan from Bajaj Housing Finance Limited.
Interest subsidy under the PMAY
The lender is a primary lending institution registered with the Central Nodal Agency. So, eligible applicants can avail interest subsidy on their home loans under the Pradhan Mantri Awas Yojana when applying with Bajaj Housing Finance Limited. If the validity of the MIG I and II categories has not been extended, candidates can still benefit from the device via the LIG and EWS categories.
Zero partial prepayment and foreclosure fees
In line with RBI guidelines, individuals with floating interest rate home loans can choose to repay either part of their loan, or the full amount, before the end of their term at no additional cost.
Over 5,000 projects approved
The lender has over 5,000 approved projects. Applicants buying properties under these get even faster processing, with a better chance of securing the best possible borrowing terms.
Online account management
Bajaj Housing Finance Limited clients also benefit from an online client portal, where they can perform a number of tasks from the comfort of their own home. You can quickly download statements, as well as complete transactions, without having to visit a branch.
(*Terms and conditions of application)
