When it comes to home loans, the interest rates offered by Bajaj Housing Finance will leave you asking for more. With Bajaj Housing Finance, you can get a home loan at an interest rate starting at 8.60% per annum. Typically, your home loan interest rate depends on your applicant type, your credit score, and your overall repayment capacity. In addition to the interest rate, you must pay a processing fee to cover the administrative charges and property inspection. If you want to repay your Bajaj Housing Finance home loan before the end of the loan repayment tenure, you can do so for free.
The other kinds of charges associated with a Bajaj Housing Finance Home Loan are as follows:
Processing Fee |
Up to 6% of the loan amount |
Foreclosure Charges |
Nil |
Penalty Interest Rate (charged on EMIs that are paid late) |
Up to 2% per month |
EMI Bounce Charges (if the EMIs are paid through cheques) |
Up to ₹3,000 |
Secure Fee (one-time payment) |
Up to ₹4,999 |
The example below will tell you what your minimum and maximum monthly EMI payment will be if your Bajaj Housing Finance home loan interest rates and repayment tenure is on either side of the spectrum.
Let us assume that you borrow a home loan of ₹2 Lakhs from Bajaj Housing Finance at an interest rate of 12% p.a and your loan repayment tenure is 5 years. Your friend, on the other hand, has taken the same amount, but his interest rate is 6.65% p.a. and his loan repayment tenure is 30 years. Now, let us look at the charges applicable and the final amount that will be paid by the both of you by the end of your respective repayment tenures.
Processing Fee |
Up to ₹12,000 (i.e. up to 6% of the loan amount) |
Fee Payable (to Bajaj Markets) |
Nil |
Maximum and Minimum EMI |
|
Total Amount Payable |
|
Bajaj Housing Finance has three primary housing finance schemes available for people from all walks of life. Their interest rates are as follows:
Bajaj Housing Finance Housing Loan Scheme Name |
Interest Rates |
Bajaj Housing Finance Home Loan |
8.60% p.a. onwards |
Bajaj Housing Finance Top-Up |
8.60% p.a. onwards |
Bajaj Housing Finance Home Loan Balance Transfer |
8.70% p.a. onwards |
The Bajaj home loan interest rates applicable to salaried and self-employed applicants are as follows:
Type of Applicant |
Interest Rates |
Salaried |
8.60% p.a. onwards |
Self-Employed |
9.00% p.a. onwards |
The applicable Bajaj home loan interest rates applicable to women and government employees are as follows:
Type of Applicant |
Interest Rates |
Women |
8.60% p.a. onwards |
Government Employees |
8.60% p.a. onwards |
The Home Loan balance transfer facility allows you to transfer your remaining home loan balance to a different lender. You may want to go for this option to take advantage of the lower interest rates at which the other lender will allow you to pay off your pending loan amount. However, before you go ahead and make the switch, you must check the relevant foreclosing charges and applicable processing fees with both of your lenders. The Bajaj Housing Finance home loan balance transfer interest rate starts from 8.70% p.a.
The interest rates at which other leading lending institutions are providing home loans are as follows:
Lender |
Interest Rates (per annum) |
| Bajaj Housing Finance Limited | 8.60% p.a. onwards |
| PNB Housing Finance | 8.50% p.a. onwards |
| Union Bank of India Limited | 7.90% p.a. onwards |
| ICICI Bank | 8.75% p.a. onwards |
| HomeFirst Finance Company (HFFC) Limited | 9.50% p.a. onwards
|
The factors that could affect the Bajaj home loan interest rate applicable to you are as follows:
Your CIBIL Score: A CIBIL score of 750 or above will get you a loan at a lower interest rate, whereas you may be charged a higher interest rate if your CIBIL score is below that.
Your Monthly Income: Your monthly cash inflow will be a determinant of your loan repayment capacity. The higher your monthly pay, the lower your home loan interest rate will be and vice-versa.
Your Loan Amount: If you take a high loan amount, you get it at a higher interest rate and vice-versa.
Type of Applicant: If you are a salaried professional, you will be charged a lower interest rate in comparison to a self-employed person.
Relationship With Lender: If you already have a savings/current account with the lending bank and have taken loans in the past (which were repaid on time), you may get a home loan at a lower interest rate.
Down Payment: If you have paid a sizable portion of the property value upfront as a down payment to the concerned people, you may be able to secure a Bajaj Housing Finance Home Loan at a low-interest rate.
You can avail a home loan of ₹ 25 Lakhs for 15 years from Bajaj Housing Finance at an interest rate starting from 8.60% per annum.
Yes, you can convert your housing loan rate from fixed rate to floating rate as well as vice-versa.
Yes. Section 24 and Section 80C of the Indian Income Tax Act of 1961 allow Indian residents to avail tax benefits on the principal amount as well as interest payments for a home loan.
The current Bajaj Housing Finance home loan interest rate starts from 8.60%.
You can avail a Bajaj Housing Finance home loan of up to Rs. 2.5 Cr on Bajaj Markets.
The benchmark rate applicable for mortgage loans is Repo rate(RR).