Along with the new year, aspiring home buyers have another reason to celebrate. To keep the demand generated during the Diwali and Chaturthi season last year at a continual high, home loan lenders are committed to sweetening the deal for you. Lenders across the market have come forth with attractive home loan offers and festive deals – giving you the biggest reason to go ahead with a home purchase – lesser spending, bigger savings.
Reputed home loan lender and industry leader, Bajaj Housing Finance Limited isn’t behind in its festive offerings either. The Housing Finance Company recently announced a cut in its home loan interest rate, now down to 6.65%* p.a. for eligible applicants. Apart from offering such low interest rates on its home loans, the lender also gives applicants the opportunity to link their home loan interest rate to the RBI Repo Rate – an initiative that assures direct benefits of potential rate cuts in the market.
Combining both offerings could mean substantial savings on borrowing for home loan applicants, which is why one must make close note of the lender’s eligibility criteria to make the most of this limited-time festive offer.
Every lender has its own eligibility criteria that help them determine whether an individual is a viable home loan applicant. These are standard tasks to ensure that your financial and economic profile matches the lender’s expectations, allowing them to offer you competitive housing loan terms such as low home loan interest rates, a longer repayment tenor and a sizeable loan amount per your wish.
Following are the eligibility criteria of Bajaj Housing Finance Limited, specified to their festive season offer. These parameters are easy to meet and are uncomplicated. Read on to learn more.
- Work Experience
The Bajaj Housing Finance Limited festive offer is open to both salaried and professional applicants alike, granted they have the required work tenure in their respective fields. Salaried applicants should be working with a public sector or a private sector firm, or a multinational organization for at least 3 years minimum before they can apply. Similarly, professional applicants such as doctors and CAs too much have a work experience of a minimum of 3 years and a credible certificate of practice to be eligible for this offer.
2. CIBIL Score
Your credit score, otherwise known as the CIBIL score is an important factor in your home loan application evaluation. The score you have is the calculation of your income and financial profile, your current debt obligations, your repayment history, and your spending habits – all important parameters that a lender assesses before sanctioning your loan amount.
Applicants must have a CIBIL score of 800 or higher to be eligible for home loans starting from 6.65%* p.a. However, if you miss the mark by a little, you still stand to be offered a competitive interest rate only marginally higher than 6.65%* p.a.
3. Online Application
Bajaj Housing Finance Limited has been at the forefront of digitising secured home loans and the application process to ensure lesser snags and transparency – allowing you to retain full control over your home loan application. In a bid to encourage more online home loan applicants, the offer is open to only those applicants who apply through the lender’s official website. The whole process takes no more than just 3 steps, after which you also receive a digital sanction letter from the lender.
Applicants must ensure that they get their home loan application in before 26 January 2022 to be eligible. They must also note that the offer is applicable only on loan amounts disbursed by 25 February 2022.
Give Your Application an Edge with the Home Loan Calculator
If you’re interest in applying for the Bajaj Housing Finance Home Loan Festive Offer but don’t know where to begin, we say using the Home Loan Calculator is a good place to start. This online tool is free for all and easily accessible, giving you an error-free data-based analysis of your potential home loan plan.
You may have a home loan amount in mind, but you must also see how feasible that amount is in the context of your financial standing. The home loan calculator allows you assess your own financials, and then draws up the right loan amount, repayment tenor and even a tentative EMI forecast based on the information you input.
This tool is speedy and handy, saving you both and energy as you plan your repayment schedule before approaching the lender.
Apply for a Bajaj Housing Finance Home Loan Today
Having a clearer idea of what the typical home loan eligibility criteria are will help you address your problem areas and work towards enhancing your home loan application for the lowest home loan interest rate.
This festive season enjoy the perks of borrowing from leading lenders like Bajaj Housing Finance Limited and make use of their low interest rates and sizeable loan sanctions of Rs. 5 Crore* or higher.
Visit their website today, to know more.