PremiumTo push growth during festive season, Bajaj Housing Finance Limited (BHFL) reduced the home loan interest rates for new customers. Home buyers can get a loan with an interest rate starting at 6.9% per annum. "This announcement is sure to bring festive-season cheer to home loan borrowers and comes at a time when many require assistance to meet big-ticket expenses," the company said.
With a lower housing loan interest rate, borrowers benefit from smaller EMIs, less interest outgo, cheaper top-up loans. "With a cheaper home loan interest rate, borrowers can balance the EMI and net interest payable to arrive at a manageable debt-to-income ratio. So, even though the principal increases, the EMI can remain same as the housing loan interest rate has dropped," Bajaj Housing Finance Limited explained.
Borrowers with other lenders who wish to benefit from the new home loan interest rates can opt for a balance transfer. This facility is ideally more effective during the initial part of the tenor, when EMIs comprise mainly the interest, the company said.
New customers on floating rate loans will benefit from such home loan interest rate cuts, BHFL said. Home buyers can apply for the loans up to ₹3.5 crore through Bajaj Housing Finance Limited website.
"The declining repo rate has in the recent past pushed the home loan interest rates in India down across the board and with the Bajaj Housing Finance Limited Home Loan, home buyers can now fulfil their housing needs more cost-effectively," it added.
Bajaj Housing Finance Limited is a 100% subsidiary of Bajaj Finance Limited. Head quartered in Pune, Bajaj Housing Finance Limited offers finance to individuals as well as corporate entities for purchase, construction and renovation of homes or commercial spaces.
