Bajaj Finserv, through its subsidiary, Bajaj Housing Finance Limited, offers home loans starting at an interest rate of 6.75%*. The attractive structure of fees and charges let you lower your EMIs up to Rs.649/lakh*. With minimal documentation, you can get a high-value loan to buy, construct, or renovate your home.
Besides, you can also choose to transfer your existing home loan and switch to our offering through a simple process. Our home loan balance transfer facility comes with an array of features including competitive interest rates and a high-value top-up loan. What’s more, it also comes with nil part-prepayment and foreclosure charges.
To know the monthly instalments and total interest payable on your home loan, use our online home loan EMI calculator. You can select a tenor of your choice from the flexible range of tenor of up to 30 years. This tool helps in planning your home loan repayment better.
Apply online now for a home loan and get a step closer to fulfilling your dream of owning your house.
Current Housing Loan Rates Compared for Different Product in the Table Given Below:
|Employment Type||Product||Home Loan Rate|
|Home Loan Balance Transfer||6.75%|
|Self Employed||Home Loan||8.25%|
|Home Loan Balance Transfer||8.25%|
Interest rates on home loans are levied under two different types, fixed and floating. Take a detailed look at both types.
Fixed home loan interest rate remains constant for the entire loan tenor. It allows you to estimate your total repayment liability and interest outgo at the beginning of the loan tenor. Availing of a home loan at a fixed rate of interest also helps in planning repayment and manage finances efficiently.
A fixed lending rate on home loans is suitable during times when the possibility of an increase in interest rate exists. Depending on the current trend in rate changes, you can avail of finance at the lowest possible rate.
A fixed-rate of interest may not be suitable under circumstances that predict a decreasing trend in interest rates.
Unlike fixed rates, floating home loan interest rates are variable and change over the loan tenor due to multiple contributing factors. Based on the benchmark rate linked to housing finance, the floating interest rate on home loans increases or reduces.
You can opt for a floating interest rate on home loans when the market changes indicate a trend of falling rates.
A floating rate of interest may not be suitable during high market volatility as the risk of rising rates exists and can result in increased interest accumulation over time.
Depending on your suitability, borrowers can opt to switch from fixed to floating interest rates and vice-versa during your loan tenor. However, fixed rates are usually 1-2.5% higher than floating interest rates.
There are three different methods that you can use to calculate your home loan interest rate. Here is a step-by-step guide for your reference.
This is a manual process that requires you to use the following formula.
EMI = [P x r x (1+r)^n]/[(1+r)^n-1]
Here, ‘P’ is the principal or loan amount, ‘r’ is the rate of interest on offer and ‘n’ is the tenor of the loan in months.
A simpler option is to use the Microsoft Excel program and calculate EMIs using the ‘PMT’ function, which is
Here, ‘RATE’ is the interest rate offered divided by 12, ‘NPER’ is the number of EMIs, and ‘PV’ is the principal amount. Both ‘FV’ and ‘TYPE’ should have the value set to 0.
Using a Home Loan EMI Calculator is the simplest option and guarantees error-free results every time. These are the steps to follow.
There are several factors that affect the interest rate on home loans. Check the factors that impact the housing loan interest rate and payable instalments before applying, for affordable repayment. Factors affecting the interest rate also impact the EMIs payable as a change in interest rate is directly proportional to a change in the instalment amount.
As various factors contribute to home loan interest rate determination, interest accumulation on the loan amount is consequent to the rate availed. Adopt a few strategies to check the interest burden on your home loan for affordable repayment over the tenor. Take a look.
To calculate interest rates, use a home loan calculator that lets you accurately calculate your monthly instalments or EMIs for the loan. This tool can also help you find the total payable interest and cost of the loan. You only have to enter your housing loan interest rate, principal, and tenor to calculate the EMI.
The current lowest home loan interest rates offered by Bajaj Finserv are:Fixed-rate of interest:
There are two types of interest rates you can choose from - fixed or floating interest rates.
One of the advantages of floating interest rates is zero charges on foreclosure or part-prepayment.
The lowest home loan interest rate offered by Bajaj Finserv is 6.75% for salaried customers.
You can reduce the home loan interest burden in the following ways:
Some of the reasons why you should choose Bajaj Finserv Home Loan:
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