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How to access your home loan repayments?

  • Highlights

  • Choose a Flexi home loan instead of a term loan

  • Redraw what you have repaid if you need extra funds

  • Access extra funds without applying for a fresh loan

  • Enjoy a long tenor and nominal interest rate

Sometimes you may feel the need to re-avail the funds you have repaid on your home loan. This may be due to a cash deficit due to a family or medical emergency or due to circumstances like loss of your job or urgent tuition fees for your child. Instead of availing a separate loan to fund these expenses, you can borrow from what you have already repaid towards your home loan.

This is possible when you opt for a Flexi home loan.

Choose a Flexi home loan

A home loan comes with a long tenor spanning decades. While you may not expect any urgent expenses during this period, you may need urgent funds. You can finance emergencies swiftly by redrawing money from the amount that you have already paid towards your home loan. This facility is provided to you when you opt for a Flexi Home Loan.

This is a loan offering by Bajaj Finserv that allows you to re-avail the amount you repay when you need it, without additional documentation. Besides, you only have to pay interest on the amount that you use. The rest of it is interest-free till the time you use it. Also, you have the option to pay interest-only EMIs and repay the principal at the end of the tenor. This further allows you to manage your cash flow more easily.

Additional Read: Differences Between A Flexi Hybrid Home Loan And A Regular Home Loan

Six things to remember before taking a Home Loan from Bajaj Finserv

Documents Required For Home Loan

How does a Flexi home loan help?

A Flexi home loan gives you the option to customise your loan usage. Even though you have to repay a substantial loan over a long tenor, the flexible terms allow you to manage your finances more easily. If you face an emergency, instead of borrowing funds through a separate loan, you can redraw the amount that you have repaid. You don’t have to apply for a new loan or wait for the approval process to be completed. You will get access to funds instantly.

Additional Read: 5 Benefits of Flexi Hybrid Home Loans

As long as you make timely EMI payments and prepayments towards your Flexi home loan, you can rely on redrawing funds to tackle any unforeseen needs.

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