Taking a loan is a huge financial responsibility - the borrower must pay their EMIs on time or they will not only be compelled to pay a late fee, but their credit score will also drop, making it difficult for them to avail of a loan in future. Borrowers are therefore advised to borrow money after careful planning and borrow only what they can easily repay. It is also crucial that they find a lender they can implicitly trust. Bajaj Housing Finance is a wholly owned subsidiary of Bajaj Finance Ltd., one of the most trusted NBFCs in India. If you are planning to avail of a home loan, here are 7 reasons why you must choose Bajaj Housing Finance as your loan partner.
7 Reasons You Must Avail of a Loan from Bajaj Housing Finance
Low-Interest Rates
One of the key reasons why you should avail of a loan from Bajaj Housing Finance is that the company offers loans at low home loan interest rates. When you get a loan at low-interest rates, your EMIs become affordable and you are also able to reduce the cost of borrowing the loan, which helps you save a substantial amount of money in the long term.
Long Repayment Tenor
When it comes to a big-ticket loan, such as a home loan, borrowers must have the option of being able to pay it over an extended period. With Bajaj Housing Finance, borrowers can choose to repay the loan amount over a period extending up to 30 years. This makes loan repayment completely stress-free. However, borrowers must try to strike the right balance between affordable EMIs and easy repayment. Keep your loan tenor as short as possible while also keeping your EMIs affordable.
Higher Loan Sanction
People don't buy homes every day. Therefore, it is not very surprising that when they finally take the decision, they want to buy the best home they can afford. However, this often means feeling the need to avail of a higher loan sanction. With Bajaj Housing Finance, borrowers can avail of Rs.5 Crore of higher as a home loan, basis eligibility. A higher loan sanction will allow you to make your dream home yours.
East Approval Process
Compared to other lenders, Bajaj Housing Finance has simple home loan eligibility requirements. Further, the company asks for minimal documentation to make applying for a loan easy. Bajaj Housing Finance is also known for quick approval and disbursal. Borrowers can expect to hear about their home loan application within 24 hours of making an application and can expect disbursal within 48 hours of document submission and approval.
More Than 5,000 Approved Projects
The lender also offers favourable terms on Home Loans for more than 5,000 approved projects. What does this mean? All of these projects and developers are vetted and the lender is quick to extend credit for a property from one of these projects – so your chances of approval are better, you stand to avail of a more competitive interest rate, and your loan processing and disbursal are quicker since the lender conducts fewer checks – given that they have already conducted a number of checks beforehand when approving then project.
Top-up Loans
Sometimes when borrowers calculate the cost of buying a house, they do not include additional costs, such as the cost of maintaining a house, refurbishment and repair charges, and interior charges. If you have availed of a home loan and now find yourself in need of additional money to take care of expenses, you can transfer your loan to Bajaj Housing Finance and apply for a top-up loan of Rs. 1 Cr or higher, depending on your eligibility. However, to be able to avail of a top-up loan, you must have honoured your EMI commitment to the company for at least a year. Further, you must also have a decent credit score.
Festive Offers
Bajaj Housing Finance also keeps coming up with festive offers. If you avail of a loan during one of the festive offers, you will be able to benefit from a reduced rate of interest. This will help you save more money in the long run.
*Terms and conditions apply.
Also Have a look at: Top 7 Reasons To Avail of Home Loan
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