Since a home loan is a big financial commitment, it is important to choose the right kind of home loan from various types of home loan in India to make your purchase. One variant that you must consider is a Flexi Hybrid Home Loan. With this offering, you can enjoy a host of benefits apart from a high loan amount available to you at a low rate of interest. Take a look at a few reasons why you should pick a Flexi Hybrid Home Loan.
Flexible repayment terms
The biggest benefit of taking a Flexi Hybrid Home Loan is that you can make repayment extremely easy. For the first 4 years, you only have to pay interest as EMIs. You don’t have to pay any amount towards the principal during this period. Thereafter, your EMIs will increase slightly, as you pay towards both, the principal and interest. This allows you to take the first 4 years of the tenor to organise your finances and make use of the low, interest-only EMIs to plan future repayment with greater ease.
Unique prepayment benefits
When you choose a Flexi Hybrid Home Loan and make a part-prepayment towards it, your principal amount doesn’t decrease, as is the case with a regular home loan. Instead, the lender sets aside this sum. Later, during the tenor, you can take a supplementary loan up to the amount of the part-prepayment that you have made at a very low rate of interest, and pay only interest on it. Then, once your outstanding amount on the Flexi Hybrid Home Loan is equal to the amount that you have prepaid, the lender will prematurely close your loan. Thus, you can benefit from additional funds at a low rate of interest, as well as clearing your loan quickly.
Should you choose not to withdraw the amount as a loan, when the time comes, the lender will use this amount, plus the interest that you have been paying on it, to close your loan before the lapse of the tenor.
When you take a Flexi Hybrid Home Loan from Bajaj Finserv, you can enjoy this unique feature along with a high loan amount of up to Rs. 10 crore, and a tenor of up to 25 years. You can also make as many part prepayments as you wish to, at no extra charge.
Easy eligibility criteria
If you are seeking a Flexi Hybrid Home Loan, you only have to meet two criteria to qualify for it. Firstly, you must be less than 50 years of age. Secondly, the property that you are seeking a home loan for must not be under-construction. Once you match the criteria, you have to submit a handful of documents along with the application form to access funds in the form of a Flexi Hybrid Home Loan.
Online account management and nominal fee
You can easily track your loan’s progress online without getting in touch with the loan provider. Simply log on to Bajaj Finserv’s customer portal and access all the information you seek, such as loan statements and outstanding balance. Besides, to avail the many benefits of a Flexi Hybrid Home Loan, you only have to pay a nominal annual fee.
Value-added features
Along with a high loan amount and flexible repayment schedule, you can make use of certain value-added features. For example, a property dossier service will help you understand the legal and financial aspects of purchasing a home. Similarly, you can use customised insurance schemes to protect your family from the stress of loan repayment in case of an unfortunate event.
Packed with benefits, this loan makes buying a home using external funds easy and convenient. With features that help make repayment effortless, you can clear the loan quickly and mitigate the risk of defaulting on your home loan. When you take this loan from Bajaj Finserv, you can access funds even quicker by making use of the pre-approved offers available to existing and new customers. Simply share your basic details and view your pre-approved offer.
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