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Home Loan Interest Rate

Home Loan - Fees and Charges

Bajaj Finserv gives you one of the lowest home loan interest rates in India, and clear and transparent charges on your home loan. Knowing home loan rates in advance helps you to calculate home loan EMIs easily, and thus plan your finances and repayment better. With one of the best housing loan interest rate in India, Bajaj Finserv housing loans are affordable and easy to repay. Here is a list of our current home loan interest rate and charges. You also get home loan interest tax benefit up to Rs. 2 lakh, under Section 24 of the Income Tax Act. You also get home loan interest income tax benefit up to Rs. 50,000 under Section 80EE of the Income Tax Act.

Types of Interest Rates & Fees Charges Applicable
Regular Interest Rate BFL-SAL FRR* – Margin = 8.85% to 10.30% (For Salaried)
Regular Interest Rate (Self Employed) BFL-SE FRR* – Margin = 9.25% - 11.15%
*BFL-SAL FRR (Bajaj Finance Limited Floating Reference Rate for Salaried customers) 20.80%
*BFL-SE FRR (Bajaj Finance Limited Floating Reference Rate for Self Employed customers) 20.80%
BFL FRR for cases booked prior to 20 June 2018 was 12.95%
Processing fees Up to 0.80% (Salaried), Upto 1.20% (Self Employed)
Loan statement charges Rs. 50
Interest and principal statement charges NIL
EMI bounce charges Rs. 3,000
Penal interest 2% per month + applicable taxes
Secure fee Up to Rs. 4,999 (One time)

Bajaj Finserv Home Loans also come with transparent foreclosure charges and part-prepayment charges. Knowing the foreclosure charges and part-prepayment charges on your home loan helps you plan your repayment better. Moreover, if you are an individual borrower with a floating interest home loan, you do not have to pay any foreclosure charges or part-prepayment charges on your housing loan.

Foreclosure Charges

Borrower Type: Interest Type Time Period (Months) Foreclosure charges
Individual: Floating rate >1 Nil
Non-individual: Floating rate >1 4% + applicable taxes
All borrowers: Fixed rate >1 4% + applicable taxes

For Term Loan, charges are calculated on the outstanding principal.

For Flexi Interest-only Loan, charges are calculated on the sanctioned limit.

For Flexi Term Loan, charges are calculated on the current dropline limit.

Part - Prepayment Charges

Borrower Type: Interest Type Time Period (Months) Foreclosure charges
Individual: Floating rate >1 Nil
Non-individual: Floating rate >1 2% + applicable taxes
All borrowers: Fixed rate >1 2% + applicable taxes

Part-prepayment made should be more than 1 EMI.

These charges not applicable for the Flexi Interest-only Loan and Flexi Term Loan facilities.


 

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