New Delhi | Jagran Business Desk: Bajaj Housing Finance Limited (BHFL), a wholly-owned subsidiary of Bajaj Finance Limited, is offering customers a Home Loan loaded with features. Customers can take advantage of current real estate prices and become homeowners on favourable terms. Now customers can also get an exclusive Amazon gift voucher worth up to Rs.10,000 when they avail of housing finance from the lender. Customers who fill the home loan application form on the BHFL website are eligible for this offer.

Exclusive Amazon Gift Voucher offer for customers who fill the home loan form online.

Borrowers can benefit from an exclusive Amazon gift voucher worth up to Rs.10,000 by filling the form online on the BHFL website.

  • The offer is valid for individuals who apply between June 21, 2021, and July 22, 2021, where the home loan is disbursed by July 30, 2021
  • Applicants who borrow up to Rs.50 lakh get an Amazon gift voucher for Rs.5,000, and those who opt for a sanction higher than Rs.50 lakh, get a voucher for Rs.10,000

Since this is a limited period offer, prospective borrowers must proceed with their application at the earliest to reap maximum benefits. Apart from this offer, which helps sweeten the whole loan borrowing experience, borrowers need to keep the below 5 things in mind when availing of a home loan. 

1.Know the housing loan amount needed and plan down payment

The eligibility criteria on a home loan in India not only vary across lenders but also change as per the city of one’s residence or where they intend to buy a home. Keep in mind that a lender’s housing loan eligibility primarily guides the loan amount one can avail of, but this change is based on the ongoing real estate prices in the area one plans to live in. For instance, real estate prices in a metro are high, so their chances of getting a bigger sanction in a metro city will be more as compared to a non-metro. 

While this dictates what one is eligible for, one must not forget to factor in their income and repayment ability. As a borrower, you must try to forecast your increase in income and commitments for the years to come and choose a housing loan amount that you can repay without strain. 

2.Know the eligibility for the housing loan

Every city has its income structure and standard of living, based on which the housing loan eligibility criteria are defined by the lender. However, some eligibility terms are universal, such as one’s CIBIL score. Having a high score of 750 or more helps borrowers get a faster sanction on pocket-friendly terms.

Another universal factor here is one’s salary or income. As a borrower, one must ensure they meet the lender’s minimum requirements. Though a housing loan is a secured loan, it involves a substantial amount, and lenders will review one’s repayment capacity before giving a sanction. In most cases, lenders will work towards giving a loan to those whose EMI does not take up more than 45% of their income. As a home loan applicant, one can calculate this for themself to be better prepared.

3.Check the home loan interest rate in the market

The home loan interest rate is one of the most important factors one needs to check when taking a housing loan. Compare different lenders for the lowest interest rates and also enquire about the interest rate type to know whether you are accessing the loan at a floating or fixed home loan interest rate. 

In the case of a fixed home loan interest rate, one’s EMIs all across the tenor will remain the same until the reset date. In the case of a floating rate home loan interest rate, market fluctuations and RBI’s rate changes will impact the rate applied. However, taking a home loan in India on a floating rate as an individual helps make part-prepayments at no charge, which in turn, helps them become debt-free faster and save more on repayment. So, consider the pros and cons of each before making a decision. 

4.Choose the right housing loan tenor

When applying for a home loan in India, choosing a comfortable tenor for repayment is key. This will help keep the EMIs affordable and allow one to attend to other financial obligations with ease. Remember, a short repayment will decrease one’s housing loan interest burden. However, it increases their monthly outflow towards the loan. On the other hand, a long tenor may increase one’s total cost of borrowing as they may end up paying more interest, but it keeps their EMIs low. That is why borrowers should seek a balance when it comes to the tenor. An easy way to plan this is by using the home loan calculator, an online tool available on all lender websites. One should use it to compute their EMIs over different tenors and choose carefully.  

5.Find out the fees and other related charges

When applying for a home loan in India, one will have to pay certain fees to access the sanction. Starting from a processing fee to secure fees, EMI bounce charges, penal interest, pre-payment and foreclosure charges, there are many fees related to one’s housing loan. While some charges are common across lenders, some may be unique. Be sure to check these with the lender before applying for a housing loan. 

Keeping these factors in mind, customers can consider the Bajaj Housing Finance Limited Home Loan to access high-value home financing at competitive interest. Borrowers can apply with ease thanks to its simple eligibility criteria and repay comfortably over up to 30 years. Along with transparent fees and charges, this loan also offers value-added services such as verification services. To get started on the journey to becoming a homeowner in 2021, apply today.

Posted By: Talibuddin Khan