Once known as Madras, Chennai is regarded as the cultural, educational, and economic hub of the South. It is home to the enigmatic Tamil film industry as well as reputed IT companies and MNCs. Nicknamed the Detroit of India, Chennai houses over one-third of the country’s automobile industry as well. All these factors attract expatriates too, with the count standing at a whopping 1 lakh in 2016.
Undoubtedly, the demand for housing in this part of the country has also skyrocketed, and triggered year-on-year housing inflation. For the January to March quarter of 2019, inflation was recorded at 12.4%. But with lenders like Bajaj Finserv offering affordable Home Loans, owning a home in Chennai is no longer a distant dream. Moreover when you avail a home loan in Chennai, you also get to enjoy a suite of benefits and features. Take a look at what they are.
If you are a first-time homebuyer, you can avail the Bajaj Finserv Home Loan in Chennai under the PMAY scheme. This is an affordable housing scheme launched by the Indian Government that allows you to claim a subsidy of up to Rs.2.67 lakh. Thanks to it you can service the loan at a nominal housing loan interest rate to keep your borrowing cost low all through the tenor.
In case you are repaying a home loan with a high interest rate, you can opt for home loan balance transfer to Bajaj Finserv to reduce your heavy EMI burden. Apart from being able to service the loan at a lower interest rate, you can enjoy a suite of value-added features. The process lets you reduce your credit burden instantly, without tedious documentation or other processes.
Bajaj Finserv also offers a home loan top-up up to Rs. 50 lakh over and above the home loan sanction. You can use this hefty amount to fund a range of needs such as home improvement, business expansion, and education costs. Moreover, you don’t have to submit any documents to avail this facility.
While this loan is a smart funding solution, you may wish to clear it quickly. To help you do so faster, Bajaj Finserv allows you to foreclose your home loan before the tenor ends, at absolutely no cost! What’s more, you can also make part-prepayments towards the principal of your home loan and reduce your EMIs for the balance of the tenor.
To help you repay your loan without compromising on other financial responsibilities, Bajaj Finserv offers a flexible tenor of up to 240 months. By choosing a tenor based on your affordability, you can repay your home loan comfortably without overshooting your budget.
To avail a Bajaj Finserv Home Loan you don’t have to submit a stack of documents. On the contrary, you only have to submit minimal documents required for home loan to can enjoy speedy approval.
|Type of interest/ fee||Amount applicable|
|Promotional interest rate for salaried borrowers||6.95%*|
|Fixed rate interest for salaried borrowers||6.95% to 10.30%|
|Fixed rate interest for self-employed borrowers||6.95% to 11.15%|
|Floating rate interest for salaried and self-employed borrowers||20.90%|
|Processing fees||Up to 0.80% (for salaried individuals)
Up to 1.20% (for self-employed individuals)
|Loan statement charges||Rs.50|
|Interest and principal statement charges||Nil|
|EMI bounce charges||Rs.3,000 per bounce|
|Penal interest||2% per month + taxes|
|Secure fee||Rs.9,999 (one-time fee)|
|Mortgage origination fee||Rs.1,999 (non- refundable)|
|Foreclosure fees for fixed rate home loan||2% + taxes|
To help you qualify for a home loan in Chennai easily, Bajaj Finserv has simple home loan eligibility criteria. Meet all these terms before applying to accelerate your approval.
|Home loan eligibility term||Salaried applicants||Self-employed applicants|
|Age||from 23 to 62 years||from 25 to 70 years|
|Work/business continuity||Minimum 3 years||Minimum 5 years|
New and existing customers can contact with Bajaj Finserv customer care for all queries related to our home loans.
1. For new customers