Bajaj Housing Finance has launched a new offering - My EMI. Under this, home loan applicants can benefit from choosing an EMI amount suitable for them in the initial period of the tenor. Customers can pay amount as low as 0.1 percent of the loan amount as EMI, starting at Rs. 4,999 for a period of up to 3 years, or till project completion, whichever comes first, Bajaj Housing Finance said.
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"The actual loan EMI commences after this period, enabling borrowers to purchase a property without stretching their finances too thin in the initial period," it said.
Interested applicants can make the most of this scheme by applying either online or offline.
As part of their ongoing offer till December 5, the lender’s home loan interest rates start from 8.20 percent p.a. for salaried and professional applicants.
Prospective applicants also benefit from the option to choose to link their interest rate to an external benchmark, i.e., the RBI repo rate.
Bajaj Housing Finance is a 100 percent subsidiary of Bajaj Finance Limited. It offers finance to individuals as well as corporate entities for the purchase and renovation of homes, or commercial spaces. It also provides loans against property for business or personal needs as well as working capital for business expansion purposes. The company also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and high-net-worth individuals.
Interest Rates for self-employed applicants of Bajaj Housing Finance
Self-Employed Floating Reference Rate: 15.25 percent
Home Loan Interest Rate (Floating)
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.55%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.90%* to 14.00%* |
| Top Up | 9.40%* to 15.00%* |
Home Loan: Other Fees and Charges
| Type of Fee | Charges Applicable |
|---|---|
| Processing Fee | Up to 7% of the loan amount |
| Loan Statement Charges | NIL |
| Interest and Principal Statement Charges | NIL |
| EMI Bounce Charges | Up to Rs.3,000 |
| Penal Interest | Up to 2% |
| Secure Fee | Up to Rs.4,000 (one-time) |
(Edited by : Anshul)
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