Current home loan interest rates
Bajaj Finserv gives you one of the lowest home loan interest rates in India @ 7.00%* onwards to fulfill your dream of owning a house.
| Interest Rate for Salaried Borrower | |||||
|---|---|---|---|---|---|
| Benchmark Rate (BR) | Prevailing BR | Loan type | Type of Rate | BR + Spread | Effective Rate of Interest (per annum) |
| Repo Rate (RR) | 4.00% | Home Loan | Floating | RR+ 3.25% to RR+ 8.00% | 7.25% to 12.00% |
| Repo Rate (RR) | 4.00% | Top up | Floating | RR+ 3.75 % to RR+ 8.00% | 7.75% to 12.00% |
| Salaried Floating Reference Rate (SAL-FRR) | 12.90% | Home Loan | Floating | FRR-5.40% to FRR -0.90% | 7.00% to 12.00% |
| Salaried Floating Reference Rate (SAL-FRR) | 12.90% | Top up | Floating | FRR-5.15% to FRR -0.90% | 7.75% to 12.00% |
| Salaried Floating Reference Rate (SAL-FRR) | 12.90% | Loan Against Property | Floating | FRR-4.40% to FRR -0.90% | 8.50% to 12.00% |
| Interest Rate for Self-Employed borrower | |||||
|---|---|---|---|---|---|
| Benchmark Rate (BR) | Prevailing BR | Loan type | Type of Rate | BR + Spread | Effective Rate of Interest (per annum) |
| Self Employed Floating Reference Rate (SE-FRR) | 13.30% | Home Loan | Floating | FRR-4.80% to FRR +0.20% | 8.50% to 13.50% |
| Self Employed Floating Reference Rate (SE-FRR) | 13.30% | Top up | Floating | FRR-4.30% to FRR +0.20% | 9.00% to 13.50% |
| Self Employed Floating Reference Rate (SE-FRR) | 13.30% | Loan Against Property | Floating | FRR-3.30% to FRR +0.20% | 10.00% to 13.50% |
**Terms and condition apply
Disclaimer
- BFL charges an additional rate over the benchmark rate, called “Spread”, to arrive at the final lending rate. Spread will vary basis various parameters such as the Bureau Score, Profile, Segments, approval from competent authority etc for arriving at final lending rate
- The above-mentioned rates are for new loans originated post August 2020 and not for existing loans and accordingly the Effective rate of interest on existing loans may be different.
- On or before March 18, BFL FRR was applicable for all type of loans (secured & unsecured) booked by the Company however, this benchmark rate is applicable for unsecured loans post this period
- Above benchmark rates are subject to change. The Company will update the applicable benchmark rates on its website as and when changes done.
Knowing the housing loan interest rate in advance helps you to calculate your loan EMIs easily, and thus plan your finances and repayment better. With one of the best home loan interest rates, Bajaj Finserv home loans are affordable and easy to repay.
With the low-interest home loans, Bajaj Finserv offers clear and transparent fees and charges. Click here to see the other charges.
Housing loan interest rate FAQs
How is interest rate calculated?
To calculate interest rate, use an interest calculator that lets you accurately calculate your monthly installments or EMIs for the loan. This tool can also help you find the total payable interest and cost of loan. You only have to enter your housing loan interest rate, principal, and tenor to calculate the EMI.
What is the current interest rate on home loans?
The current home loan interest rates offered by Bajaj Finserv are:
Fixed rate of interest:
- Salaried Customers - 9.05% to 10.30%
- Self-employed customers - 9.35% - 11.15%
The current promotional housing loan interest rate for salaried customers (For New) is 7.00%* onwards.
Which interest rate is better?
- Fixed Rate: Fixed rate home loans enable you to plan your repayment more easily. Your EMIs remain constant throughout the tenor.
- Floating Rate: The rate of interest on a floating home loan can decrease as floating rates vary with market conditions. Hence, your EMIs become more affordable. However, the rates can also increase along with the EMIs.
One of the advantages of floating interest rate is zero charges on foreclosure or part-prepayment.
How to reduce home loan interest burden?
- Avail lower home loan interest rates offered by another lender by transferring your existing loan.
- Part-prepay your home loan to reduce the EMIs and save on interest.
- Increase your loan EMIs to decrease the total interest payable.
Why should you choose Bajaj Finserv Home Loan?
Some of the reasons why you should choose Bajaj Finserv Home Loan:
- Subsidies on interest rates under Pradhan Mantri Awas Yojana (PMAY).
- Avail Home Loans up to Rs. 3.5 Crore.
- Repayment tenors of up to 20 years.
- Refinance your home loan with a balance transfer facility. Avail a high-value top-up loan of Rs. 50 Lakh with this facility.
- Negligible part-prepayment and foreclosure fees.
