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How a Flexi Hybrid Home Loan works

  • Highlights

  • Make the most of simple eligibility criteria

  • Pay interest-only EMIs for the first 4 years

  • Make prepayments at no extra cost & avail a top-up loan

  • Avail this loan from Bajaj Finserv at a nominal annual fee

You are sure to have considered buying your own home at some point in your life. Fortunately, using a good home loan, in addition to your savings, is an excellent way to realise this goal. And, to enhance the ease with which you can buy your own home, you can now choose a Flexi Hybrid Home Loan.

Bajaj Finserv offers you a Flexi Hybrid Home Loan for added convenience and a suite of benefits. You can enjoy online application, a high loan amount of Rs.10 crore, easy eligibility and online loan management.

But first, take a look at how a Flexi Hybrid Home Loan works.

It has easy application criteria

To apply for a Flexi Hybrid Home Loan, you only have to fulfil two conditions. You must be less than 50 years of age with a regular income, and the property for which you are seeking a home loan must not be under construction.

Once you match these criteria, you can access funds via the Flexi Hybrid Home Loan by submitting a few documents along with your completed application.

It allows you to pay interest-only EMIs first

The most unique aspect of a Flexi Hybrid Home Loan is with regards to the EMIs you pay towards the borrowed sum. Unlike a term loan where each EMI consists of payment towards the principal and the interest throughout the tenor, a Flexi Hybrid Home Loan’s EMIs are different. For the first 4 years of the tenor, the EMIs are low in value and comprise only of the interest amount.

From the 5th year onwards, each EMI consists of payment towards the principal and interest. This allows you to organise your finances for future repayment during the initial period when you only have to pay affordable, interest-only EMIs. As a result, you can ease into repayment process.

Flexi Hybrid Home Loan - Things to Know Before Applying

It allows you to prepay and avail another loan with ease

A Flexi Hybrid Home Loan enjoys a tenor of up to 25 years and you can make part-prepayments towards it anytime you wish to, as many times as you wish to, without paying any extra charge. Besides this, you can also access an additional benefit when you do so. Unlike a term loan, when you make a prepayment towards the Flexi Hybrid Home Loan, the principal doesn’t decrease immediately. The lender simply sets this amount aside and your EMI stays constant. You can then avail this amount as a loan if you need finances at a later date and pay only interest on it.

Then, once your Flexi Hybrid Home Loan’s outstanding amount is equal to the amount that you have prepaid and taken as a loan, the lender will use it to prematurely close your loan. This gives you double the benefits. You can get an additional low-interest sanction and clear your total loan amount quickly.

In case you don’t withdraw the amount, then when the outstanding balance on your loan is equal to the amount of the part-prepayment, as well as the interest that you have been paying on it, the lender will use both these amounts and close your loan ahead of the lapse of the tenor.

It allows you to access your account conveniently

Apart from the ease of repayment and usage, Bajaj Finserv Flexi Hybrid Home Loan gives you access to an online account. This allows you to track your loan details at your own convenience. With just a click you can log on to the customer portal and access information pertaining to your loan such as loan statements, payment details, part prepayment ledger, etc. Besides, to make use of this loan option, you only have to pay a nominal annual fee.

So, apply for this loan from Bajaj Finserv and enjoy maximum benefits and flexibility. Moreover, you can share basic details and check your pre-approved offer immediately. This way, you can further simplify the application process and get more benefits along with your loan sanction.

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The material contained in this site and on associated web pages is general information and it is not intended to be advice on any particular matter. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. The decision with respect to any financial product or opportunity or nature or suitability or choice or the viability of any product or service shall always be sole responsibility and decision of the subscriber and user.

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