Long Term Home Loan

Home Loan for Long Term Requirements

Know How to Apply for Long Term Home Loan

✓ Home Loan from ₹5 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

As the number of nuclear families in India increases, the requirement for houses is higher than ever. Considering the high costs involved in owning a home in India, availing a home loan is often one of the best options for buying a house. Long term home loans are home loans that have a longer repayment tenure than most other kinds of loans. They are often the best tool for building a family’s dream home.

Features and Benefits of Long Term Home Loans

There are several features and benefits associated with long term home loans, including for long term home improvement loans. It is important to remember that home loans can be availed not just for buying a house but also to renovate a house, to purchase property or a plot of land, to construct a home or even to expand the area of their current home. 

Availing a house loan through Bajaj MARKETS lets you secure up to Rs. 5 Crores for any of the above mentioned purposes. With interest rates starting at just 6.99%, these home loans are affordable and can be repaid over flexible repayment tenures. 

Read on below to learn the features and benefits offered with most long term home loans.

1. Interest Rate - While the interest rate on a long term home loan can differ from bank to bank, the house loan interest rate on a long term can also be significantly lower than the interest rate offered on other kinds of loans. 

2. Loan Amount - The loan amount also differs depending on the bank you are availing the loan from and the purpose for which you are availing the loan. For instance, the amount availed for long term home improvement loans can often be significantly different than the amount availed for a long term home loan to construct an entire property or to buy a plot of land. However, the loan amount offered with a long term home loan is often comparatively higher than other kinds of home loans. 

3. Repayment Tenure - The repayment tenure can often depend on the loan amount, the interest rate, and the equated monthly instalments (EMIs) you are required to make, but the home loan repayment tenure on a long term is often significantly longer than other kinds of loans. The repayment tenure for long term home loans can often range up to 30 years, depending on the conditions agreed upon by the borrower and lender. 

4. Foreclosure Benefits - Foreclosure refers to the full repayment of the loan before the due period. In many cases, lenders charge a foreclosure or prepayment fee if you repay the loan at a date before the repayment tenure. However, with a long term home loan, no foreclosure or prepayment charges are levied in case the borrower wishes to make a prepayment or foreclosure on the outstanding loan amount.

Best Home Loans for Long Term

It is necessary to assess the different kinds of loans available before selecting the one best suited for your particular requirements. Read on below to learn about the best home loans for the long term. 

Home Loan Provider

Interest Rate

Loan Amount & Tenure

Bajaj Housing Finance Limited

7.10% per annum onwards

Maximum Loan Amount: Rs. 5 Crores

Maximum Loan Tenure: 30 years

PNB Housing Finance Limited

6.99% per annum onwards

Maximum Loan Amount: Rs. 5 Crores

Maximum Loan Tenure: 30 years

ICICI Bank

7.60% per annum onwards

Maximum Loan Amount: Rs. 5 Crores

Maximum Loan Tenure: 30 years

Home First Finance Company

11.90% per annum onwards

Maximum Loan Amount: Rs. 40 Lakhs

Maximum Loan Tenure: 20 years

Union Bank of India

7.40% per annum onwards

Maximum Loan Amount: Rs. 5 Crores

Maximum Loan Tenure: 30 years

It is important to note that the interest rates might be subject to policy changes by lenders and market conditions. It is best to approach and assess their interest rates while applying for a loan.

Different lenders offer different benefits and features for the loans you can avail from them. Thus, it is extremely important to understand the different terms and conditions associated with every loan and lender before selecting them. 

How to Apply for a Long Term Home Loan

Applying for a long term home loan has become easier than ever since the process of applying for a loan can now be completed online with just a few steps. Applying for a long term home loan is easy and can be completed in a few steps. The platform hosts multiple lending partners and you can avail up to Rs. 5 Crores with attractive interest rates and flexible repayment tenures. Read on below to learn how you can easily apply for a loan in just a few steps through Bajaj MARKETS.

  • Step 1: Head to the Bajaj MARKETS website and go to the ‘Loans’ section. 

  • Step 2:  You will be required to provide a few details, including your date of birth (as mentioned on your PAN card) and phone number. You will also be required to share details pertaining to your current employment and your annual income. At this stage, you will also need to mention whether you have identified the property you wish to avail the loan for. Next, you will need to provide details of your PAN card, gender, and marital status. 

  • Step 3: Once you have filled in these details, proceed to the next stage in the process.

  • Step 4: As per the details you have entered, you will be shown offers from the various lending partners you can avail a long term home loan from through Bajaj MARKETS. You will also be shown the EMI you will be required to pay depending on the loan amount. 

  • Step 5: Go through the options and select the loan that best meets your requirements and preferences. 

  • Step 6: Once you have chosen the loan of your preference, your application will be verified. Once that is completed, your loan will be approved and disbursed to your account in no time.

Long term home loans are ideal for when you require a high amount since they offer longer repayment tenures and lower interest rates. Applying through Bajaj MARKETS can be even more beneficial since the application process is seamless and completely online, which makes the process significantly easier and more convenient.