Bajaj Housing Finance Cuts of Interest Rate for the Festive Month
Planning on buying your dream house this festive season? Bajaj Housing Finance has you covered as it announces low interest rate on loans this festive season! The offer is exclusively for new customers. Potential borrowers can home loan interest rates starting at just 6.9% per annum. The announcement is sure to set the festive mood, especially for those who have been waiting to meet big-ticket expenses that wouldn’t have been easy otherwise. Read on to learn about low interest rate and exclusive benefits offered by one of India’s leading financial institutions – Bajaj Housing Finance!
Eligibility for Low Interest Rate
The interest rate offered to borrowers depends on multiple factors but the two primary factors are the borrower’s eligibility and credibility. These are measured in terms of the following –
Credit Score
The first thing that the lender evaluates is the credit score, also known as the CIBIL score. This 3-digit figure ranging from 300 to 900 represents the borrower’s creditworthiness. The higher the score, the better the chances of successful loan repayment and faster approvals. Customers with credit scores of more than 750 are eligible for low interest rate on loans offered by the Bajaj Housing Finance.
Employment Status
Customers with a steady employment profile and income can greatly benefit since lenders are usually inclined towards providing cheaper interest rates to those who have a solid financial backup to pay off the loan.
Individuals with the right profile can take benefit from a low home loan interest rate and better lending terms. Apart from these, factors like processing fees, additional fees and charges also determine the borrower’s decision. With Bajaj Housing Finance, one can be sure of the loan policy and transparency.
Conditions to Avail of Low Interest Rate
The following conditions must be fulfilled by potential borrowers looking for slashed interest rates –
- The borrower must have a credit score of 750 or more
- The low interest rate offer is only valid for loans disbursed during the festive month i.e. September 13 to November 12, 2023.
Documents Required for Home Loan Offers
The following documents need to be presented by both salaried and self-employed individuals to be eligible for home loan offers this festive month –
| Document Needed for Salaried Individuals | Document Needed for Self-employed Individuals |
| Duly filled-in home loan application form | Duly filled-in home loan application form |
| 2 passport-size photographs | 2 passport-size photographs |
| Proof of Identity (PAN card, Aadhaar card, Passport, Voter ID card, Driving license) | Proof of Identity (PAN card, Aadhaar card, Passport, Voter ID card, Driving license) |
| Proof of Address (Aadhaar card, Passport, Voter ID card, Driving License, Utility bills like telephone, water or electricity) | Proof of Address (Aadhaar card, Passport, Voter ID card, Driving License, Utility bills like telephone, water or electricity) |
| Salary statement of last 6 months
Bank statement for the last 3 months Income tax returns |
A statement stating profit and loss
Bank statement for the last 3 months Income tax returns Challan as proof of Advance Income Tax payment |
| Property documents (Certificate of possession, Sale agreement, Receipts of advance payment, Allotment letter from society, Approved building plan, Power of attorney, Non-encumbrance certificate, No Objection Certificate) | Property documents (Certificate of possession, Sale agreement, Receipts of advance payment, Allotment letter from society, Approved building plan, Power of attorney, Non-encumbrance certificate, No Objection Certificate) |
Bajaj Housing Finance Loan Benefits
Check out the list of home loan benefits and exclusive features offered by Bajaj Housing Finance to make your festive month all the more cheerful –
Low Interest Rate
Bajaj Housing Finance has reduced housing loan interest rates for salaried professionals by 0.05% from 6.75% to 6.70% per annum. With the rate of interest coming down significantly, borrowers can now enjoy lower monthly installments or EMIs starting at INR 624/lakh*.
Easy Home Loan Balance Transfers
Existing borrowers can also take advantage of the slashed interest rates by opting for housing loan balance transfer to Bajaj Finserv. In addition to considerable savings on interest outflow, they also offer top-up loans of up to INR 1 Crores. To eligible customers. The home loan balance transfer process is fast and hassle-free and involves minimal documentation.
Flexible Loan Tenor
Bajaj Housing Finance offers longer, flexible repayment tenor of up to 30 years on home loans. This makes it easier for borrowers to repay the loan. However, with the rate of interest going down this festive season, customers can opt for a shorter loan tenor so they do not have to pay the interest for much longer or so they can prepay the dues well in advance of the expiry of the tenor.
Read Also: Benefits Of Raising Home Loan Rates
A Sizeable Loan Amount
Borrowers who meet the eligibility conditions laid down by Bajaj Housing Finance can get their hands on a lump sum worth INR 5 Crores. Such a huge amount is certainly beneficial when you are looking to build your dream home.
Prompt Disbursal within 48 hours
One of the most competent lending institutions, Bajaj Housing Finance offers quick loan processing and loan disbursal within 48 hours of approval and document verification. With round-the-clock assistance, online account management, and doorstep documentation, customers can enjoy all the perks when opting for housing loan.
Summary
This festive month, get home loan interest rates as low as 6.70% per annum. With financial institutions like Bajaj Housing Finance cutting interest rates, borrowers can easily afford the monthly EMIs in addition to a host of other exclusive features and benefits. Make sure your credit score is on track and you can avail of the most competitive rates on loans taken between September 13 and November 12, 2023.
