Home Loan for rural area
Rural housing loans are financial instruments tailor-made to cater to your monetary needs to build a house. Home loans are available whether you are a self-employed or salaried person, and you can apply for one to construct a new residential property or renovate your existing house.
These policies were introduced with assistance from the Government of India, sensing the immense need for housing in rural areas to fuel development.
Bajaj Housing Finance Limited offers advances at an affordable interest rate, along with several borrower-friendly features like Top-Up Loan facility, doorstep services, etc.
Let’s take a look at the various features of home loan for rural areas from Bajaj Finserv –
-
Features of Bajaj Housing Finance Limited Loan
-
Assistance from Pradhan Mantri Awas Yojna
Home loans have become significantly affordable with the assistance from Pradhan Mantri Awas Yojna- Urban for first-time homeowners.
-
Minimum Eligibility and Documentation
Avail the necessary financial assistance by fulfilling only some easy to meet home loan eligibility criteria. You will also have to submit only the basic documents while applying for credit.
-
Flexible Repayment Tenor
You can select a flexible repayment tenor of up to 240 months, allowing you to pay off your debts without straining your finances.
-
Simple Balance Transfer Facility
Transfer your existing home loan to Bajaj Finserv and enjoy an affordable Home Loan interest rate for the remaining tenor. A Balance transfer facility is available against minimum documentation and quick processing, allowing you to transfer your debt without any hassle.
-
Top-up Credits
Enjoy a top-up loan over your existing rural home loans whenever you avail the balance transfer facility. Finance your various requirements with a high-value
-
Part pre-payment and foreclosure facility
Make a part-prepayment or foreclose the credit before its tenor without any extra charges. Prepayment facility can help you lower the interest rate or repayment tenor, alleviating your financial burden.
Bajaj Housing Finance Limited Home Loan Interest Rates
| Interest rates and fees | Applicable charges |
| Interest rate (promotional) for salaried individuals | 6.95%* onwards |
| Interest rate (regular) for salaried individuals | 6.95%* to 10.30%* |
| Interest rate (regular) for self-employed individuals | 6.95%* |
Eligibility Criteria for Home Loan
Rural home loan eligibility criteria are simple and easy to fulfil. You have to meet the following conditions –
| Criteria | Minimum requirement |
|---|---|
| Age | 23 to 62 years of age (for salaried individuals) or 25 to 70 years of age (for self-employed individuals) |
| Work experience | Minimum 3 years (for salaried individuals) or minimum 5 years (for self-employed individuals) |
| Residence | Residing Indian citizen |
