Bajaj Finserv is one of leading and aggressive provider of home loan in the country. Due to its customer centric approach and well built technology it has edge over many other home loan lenders. You can avail the Bajaj Finserv Home loan for wide range of purposes related with property. So you can avail this home loan for buying a house or to self construct a house on the plot of land owned by you. You can also avail the Bajaj Finserv home loan to purchase a plot of land or even for renovating your existing house. The Bajaj Finserv home loan is available for all types of persons be salaried or self employed whether professional of not.
Bajaj Finserv Home Loan Rate of Interest and Prepayment Charges
For availing the home loan from Bajaj Finserv you have to pay the processing fee which is maximum 1% for salaried and 2% for self employed. The processing fee can be negotiated and the actual fee will depend on your ability to negotiate. Bajaj Finserv home loan is available at competitive rate of interest. For salaried the present rate offered is 8.55% where as self employed home loan seekers have to pay some premium over the salaried people and the rate applicable for them is 11.15% p.a.
There is no prepayment penalty for Bajaj Finserv home loan taken under floating rate but for fixed rates home loans availed you have to pay a prepayment penalty of 4% for full prepayment of your home loan from Bajaj Finserv. For part prepayment of your home loan under fixed rate, you have to pay the prepayment of 2% of the loan amount repaid.
Flexi Hybrid Home Loan by Bajaj Finserv
The Bajaj Finserv home loan has various variants. One of the most useful variant is Flexi Hybrid Home loan which is similar to home loan overdraft facility offered by many banks with added feature of moratorium for repayment of principal amount during initial period. Under Flexi Hybrid Bajaj Finserv Home loan you have the facility to only pay the interest for initial period which can be as long as four years.
This feature gives the borrower the much needed leeway during the initial period of home loan when all the savings have been wiped out and have to incur many additional expenses like furnishing of the house with limited resources. This feature can only be availed by the people who are below 50 years of age and that too for only ready to move in house and thus is not available for an under construction property.
In addition to moratorium for principal amount during the initial period you have the facility to part pay any amount and withdraw it as and when needed through their customer portal. Unlike the banks with overdraft home facility which you can avail from any branch but for utilising the facility under that this Bajaj Finserv home loan facility is made available through the customer portal online as Bajaj Finserv is not a bank,As the saying goes “No lunch is free”, this feature under Bajaj Finserv home loan does not come for free and you have to pay some maintenance fee at the end of the year to avail this facility.
I think this feature is excellent feature of Bajaj Finserv home loan where you can effectively earn interest on your temporary surplus funds equal to the interest rate you are paying on your home loan and thus effective interest outgo.
Availing Bajaj Home Loan balance transfer and top up loans
The Bajaj Finserv offers the home loan seeker the facility to shift their home loan from other lender and avail the facilities under Bajaj Finserv Home loan. The balance transfer facility may be availed for various purposes including getting the better interest rates. While availing the balance transfer facility, you can avail top up loan over the amount of home loan being transferred now.
The top up money can be availed for any purpose including for personal consumption. Before applying for the top up loan, you should ensure that the value of the house covered under the home loan has gone up to warrant the bank lending you additional funds by way of top up loans.
Thee EMI holidays for salaried people
One of the feature which is available for salaried under the Bajaj Finserv home loan is that you get a moratorium from payment of initial three EMI which will help you to smoothen your finances in the difficult initial period when your liquidity situation becomes precarious . Under this feature of Bajaj Finserv home loan the amount of there initial home loan EMIs for which you can avail waiver firm payment are spread over the balance home loan tenure.
This is a very good feature looking at the fact that during the initial period you have to incur many expenditure which are not covered under the home loan in relation to the house which you bought. This feature gives you breathing time to settle before your actual outgo on account of home loan starts.
Documents for availing the Bajaj home loan
For availing Bajaj Finserv home loan you have to submit some basic KYC documents , like for any loan applications. These include colour photograph, documents for address proof, identity proof like PAN card, electricity bill, address proof, date of birth proof etc. In addition to the basic documents the salaried have to provide copy of the bank account for one month where your salary gets credited and for self employed they have to provide bank statements for six months.
For property to be purchased you need to provide the photocopy of the agreement to be executed , allotment letter, NOC from housing society etc. As far as income proofs are concerned salaried borrowers have to provide copies of their form no. 16 whereas the self employed have to provide copy of the Income Tax return for last year along with copies of profits and loss account and balance sheet for two years.
I am sure those who seem additional feature in the home loan provide by housing finance company is very useful specially for salaried who want to buy a ready to move in house.