Bajaj Finserv Home Loan Interest Rates
Bajaj Finserv is a top financial lending service provider with various products and services. One of their primary products includes the Bajaj Finserv Home Loan, which incorporates many features and attractive loan interest rates. Customers can avail of the benefits of the loan scheme with quick disbursement and an easy application process. Interest rates start from 8.60%.
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Compare Bajaj Finserv Home Loan Interest Rates with Other Lenders
It is always a good idea to explore the options available in the market to get acquainted with the prevailing interest rates. While Bajaj Finserv home loan interest rates range from 8.60 % to 15 %, here is a list of some of the top banks offering home loans and their respective interest rates.
- Starting Interest Rate (p.a)
- Processing Fee
- Min. Loan Amount
IDFC FIRST Bank HL Interest Rate
8.75% - 10.5%
Up to 3.5% of the loan amount
₹1L - ₹10Cr
Tenure(1 - 30 Years)
HDFC Bank HL Interest Rate
8.35% - 9.4%
₹4,999 One time fee
₹1L - ₹10Cr
Tenure(1 - 30 Years)
Axis Bank HL Interest Rate
8.7% - 13.3%
0.50%(Min ₹10,000)one time fee
₹1L - ₹5Cr
Tenure(1 - 25 Years)
Kotak Bank HL Interest Rate
8.7% - 9.6%
Up to 3% of loan amount
₹10L - ₹10Cr
Tenure(5 - 25 Years)
Bajaj Finserv Home Loan Interest Rates 2024
Bajaj Finserv home loan interest rates for 2023 are at a starting rate of 8.60%. Customers can procure this rate by being eligible for the scheme while adhering to specific parameters. Moreover, the scheme allows borrowers to pay off the loan amount with affordable EMIs, which are as low as INR 779 per month for a lakh. Also, customers can choose between fixed and floating Bajaj Finserv home loan interest rates.
Bajaj Finserv Home Loan Highlights
With the Bajaj Finserv home loan interest rates, customers can expect the following benefits from the scheme:
- Attractive Interest rates starting at as low as 8.60% per annum.
- Flexible tenure options of repayment of up to 30 years.
- Flexibility to choose between a fixed and a floating interest rate.
- Customers can get expert advice on utilising the Bajaj Finserv home loan scheme with expenses as low as possible.
- Easy and affordable EMI options starting from INR 779 per month for every lakh.
- Customers can acquire a home loan amount of 5 crores or more depending on their eligibility which they can use to renovate, purchase, or construct a new home.
Bajaj Finserv Home Interest Rates on Loan Schemes
Customers availing of the Bajaj Finserv home loan will access the full range of home loan products. The interest rates as per the loan schemes are as detailed below:
Home Loan Balance Transfer
Enjoy the benefits of the home loan balance transfer facility by Bajaj Finserv with competitive interest rates, flexible repayment tenures, and other provisions. Interest rates start from 8.60% for a tenure of 30 years with a funding amount of up to INR 5 crores. Customers can also get quick disbursement of the loan amounts within 48 hours.
Top-up Home Loans
Avail of a top-up home loan facility of up to INR 1 crore with a starting interest rate of 8.60%. This can help customers with their urgent financial needs over their Bajaj Finserv Home Loans. Enjoy the hassle-free process with quick loan disbursement and affordable rates.
Pradhan Mantri Awas Yojana
Under the Housing for All scheme by the government of India, Bajaj Finserv is deploying funds for the economically weaker sections of society. Customers availing of this government subsidy can get lower interest for INR 2.67 Lakhs. The applicable interest rates are 4% and 3% for MIG I and MIG II, respectively.
Joint Home Loans
In case anyone in need of a home loan facility that isn’t eligible for the scheme can tag another customer and get a joint home loan. The joint member should be a close relative. Interest rates begin from 8.60% per annum.
Women’s Home Loan
For independent women looking for loan assistance, Bajaj Finserv has the provision to procure financial aid under the Women’s Home Loan scheme. The interest rates start from 8.60% per annum, along with various features and benefits.
Home Construction Loan
Get a home construction loan with a top-up facility to meet home construction costs. The interest rates begin from 8.60%. Customers will benefit from getting their loan amounts sanctioned in 3 working days.
Home Loan for Advocates and Private/Government/Bank Employees
Any advocates and private/government/bank employees can approach Bajaj Finserv for a home loan facility with attractive interest rates starting from 8.60% per annum. Eligible customers can access the full range of Bajaj Finserv Home Loan schemes with a hassle-free application process.
Bajaj Finserv Home Loan Interest for Salaried and Self-Employed
The Bajaj Finserv Home Loan Interest rate for salaried and self-employed borrowers are as listed below:
|8.60 % to 14.00 %
|9.00 % to 14.00 %
|For Top-Up Loan Facility
|9.55 % to 15.00 %
|9.75 % to 15.00 %
Bajaj Finserv Home Interest for Government Employees
Government employees can get ample funding of up to INR 5 crore to meet their financial needs of home construction, home purchase, or home renovation. The interest rates are attractive and competitive, along with a full range of features and benefits, making the Bajaj Finserv Home Loan for Government employees scheme a lucrative funding option. The interest rates range from 8.60 % to 14 % for regular loans and 9.55 % to 15 % for top-up facilities.
Bajaj Finserv Bank Home Loan Interest Rate For Women
Women can separately approach the bank to procure a Bajaj Finserv home loan facility under the home loan for women scheme. Customers will access attractive interest rates, fast loan sanctions, extensive funding options, reduced EMIs, an easy application process, and more. The interest rates start from 8.60% per annum.
Bajaj Finserv Bank Home Loan Interest Rate For NRI
Non-resident Indians can get home loan funding ranging from INR 2 Lakhs to INR 15 Lakhs with attractive interest rates and a reasonable EMI structure. With a processing fee of up to 2 % of the loan amount, NRI customers will get an interest rate starting from 8.60% per annum. Eligible customers who can produce relevant documents when loan application submission can access the full range of Bajaj Finserv Home Loan features.
Bajaj Finserv Home Loan Fees and Charges
With the home loan, customers must pay certain fees and charges in addition to the monthly EMIs. These charges are non-refundable and a one-time deal. However, there are also penalties involved in missed EMI payments which can depend on the customer’s repayment behaviour. Some of the fees and charges for Bajaj Finserv Home Loans are listed below:
|Types of Fees
|Up to 7% of loan amount
|EMI Bounce Charges
|Up to INR 3000
|Up to 2%
|Up to INR 4999
How to Calculate Bajaj Finserv Home Loan Interest?
Always use a home loan EMI calculator before applying for the loan scheme. This can give an approximate estimate of how the interest payment expenses will look in the future. Consequently, customers can create an appropriate financial plan during their loan repayment tenure, easing their expenses. The easiest way to calculate the Bajaj Finserv home loan EMIs is to use an online calculator tool. Anyone who needs to calculate manually can use the following mathematical formula.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- ‘P’ stands for the Principal amount
- ‘R’ stands for the interest rate
- ‘N’ stands for tenure
Why are Bajaj Finserv Home Loan Interest Rates the Best Option for Customers?
Bajaj Finserv Bank is a prominent bank for home loans in India. With home loan interest rates ranging from 8.60 % to 15.00 % per annum, Bajaj Finserv offers several housing finance schemes to cater to a wide range of customer needs. Additionally, housing finance is available for salaried employees, self-employed, advocates, and women based on their eligibility criteria with flexible repayment tenure of up to 30 years. When applying for Bajaj Finserv home loans, access attractive interest rates compared to other lenders and substantially save on processing fees and other charges.
Bajaj Finserv Home Loan Interest Rates for Existing Customers
Customer holding accounts with the Bajaj Finserv Bank have the advantage of being a trusted account holder. Consequently, customers have a higher chance of getting their loans sanctioned. Moreover, this can also help the customers get a pre-approved loan quote. The interest rates for existing customers start at 8.60 %.
Factors Affecting Bajaj Finserv Home Loan Interest Rate and EMI
Being aware of the factors that affect the Bajaj Finserv Home Loan interest rates and EMIs can assist a customer in opting for the loan policies with prudence. These factors impacting interest rates can also improve creditworthiness, diminish EMIs, plan finance, and much more. Some major factors that affect the Bajaj Finserv Home Loan are explored below:
- Whether the interest rate is flexible, floating, or mixed rates.
- Central bank policies on standard market interest rates.
- Home evaluation and loan-to-value ratio.
- Location and condition of the property.
- Duration of repayment
- Creditworthiness of the applicant.
- Repayment behaviour of the applicant.
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Frequently Asked Questions (FAQs)
What's the interest rate for Bajaj Finserv?
The prevailing Bajaj Finserv home loan interest rate ranges from 8.60% to 15%.
Does Bajaj Finserv provide a 90% home loan?
Bajaj Finserv does provide a 90% Loan-to-Value ratio with an interest rate starting from 8.60%.
What is the EMI for a 30 lakhs home loan for 20 years?
For a home loan amount of INR 30 Lakhs for 20 years, the interest payable will be INR 32,93,972. The applicable EMI will be INR 26,225.
How can I reduce my Bajaj Finserv home loan interest rate?
There are many ways to reduce the Bajaj Finsev home loan interest rates, including selecting lower repayment duration, using a balance transfer facility, negotiating on annual EMIs, and prepaying loans.