Voted as India’s cleanest city by Swachh Survekshan 2018 and 2019, Indore is a fast-growing city in Madhya Pradesh. Not only is it an educational hub with an IIM and an IIT to its credit, but it is also the commercial capital of the state. Indore’s potential for growth is further showcased by the recent plans to construct 2 new residential colonies on its Super Corridor, an area that promises modern development and outstanding properties. With property prices here ranging from Rs.20 lakh to around Rs.1 crore, a convenient way to own a house is to avail a home loan in Indore.
Among the various home loans in India, one impressive solution you have is the Bajaj Finserv Home Loan in Indore. It offers financing of up to Rs.3.5 crore at an affordable housing loan interest rate coupled with attractive repayment features. Read on to know more about this home loan in Indore.
If you’re a first-time homebuyer, you can make use of the Pradhan Mantri Awas Yojana or PMAY benefits and get a subsidy of up to Rs.2.67 lakh. This, in combination with the home loan, offers the advantage of excellent features and affordability.
As Bajaj Finserv offers you a cost-effective interest rate, starting at 6.70%*, you can consider refinancing an expensive loan that you already have here. To do so, avail the balance transfer facility. Bajaj Finserv offers a quick home loan balance transfer with minimal documentation and fast processing.
A top-up loan is an additional sanction over and above your original home loan. Bajaj Finserv offers you additional top up on home loan up to Rs.50 lakh, without extra documentation, helping you refurbish your home, revamp interiors and buy appliances easily.
You can repay a portion of your principal or the entire loan before the due date at no extra charges when you take a floating interest rate Home Loan from Bajaj Finserv. This lowers your total interest payment and helps you clear outstanding debt quickly when you have surplus finance on hand.
With a tenor of up to 240 months available to you, you opt for a long repayment window to keep your EMIs to a minimum. Alternatively, you can pick a short tenor and pay higher EMIs to clear the loan quicker.
By keeping the documents required for a home loan to a minimum, Bajaj Finserv allows you to benefit from fast application, processing and disbursal.
The interest you pay on your home loan is the cost of borrowing the amount. It is dependent on the principal, the tenor and the home loan interest rate. Interest rates are usually of two types: fixed interest rate, where the rate remains constant through the tenor, and floating, wherein the rate fluctuates.
Below are some home loan rates applicable to individual borrowers.
|Types of interest rate||Interest rate applicable|
|Regular interest rate (for salaried borrowers)||6.70%* to 10.30%|
|Regular interest rate (for self-employed borrowers)||6.70%* to 11.15%|
|Promotional interest rate (for salaried borrowers)||6.70%* onwards (for a loan of up to Rs.30 lakh)|
|Bajaj Finance Limited floating reference rate for salaried applicants||20.90%|
|Bajaj Finance Limited floating reference rate for self-employed applicants||20.90%|
|Type of charge||Charge/Fee applicable|
|Processing fees||Up to 0.80% for salaried borrowers and up to 1.20% for self-employed borrowers|
|Penal interest||2% monthly + tax|
|Loan statement charges||Rs.50|
|Secure fee||Rs.9,999 (one-time)|
|Mortgage origination fee||Rs.1,999 (non-refundable)|
|Principal and interest statement charges||Nil|
|EMI bounce charges||Rs.3,000|
For a complete list of fees and charges, please click here
Meeting home loan eligibility terms are part and parcel of obtaining the financing you seek. These criteria generally pertain to your citizenship, age and financial profile. Lenders set such criteria to ensure that you have the financial capabilities to repay the loan on time and in full.
Below are the eligibility terms for obtaining a Home Loan in Indore from Bajaj Finserv.
|Criteria||For salaried||For self-employed|
|Age bracket||23 to 62 years||25 to 70 years|
|Minimum work experience/ business continuity||3 years||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
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