With the current property rates, it is difficult to buy a home today, and property buyers, therefore, turn to avail home loan as it funds the purchase of property effectively. Between FY-2017 and FY-21, India’s housing credit market grew 32%, and Bajaj Housing Finance has been a willing participant in that, offering end-to-end assistance to its customers.
Bajaj Housing Finance home loan offer a host of advantages to its customers, to know them in detail, keep reading.
Benefits of availing home loan with Bajaj Housing Finance Limited
Housing loan bestows borrowers with the following benefits that help them in the long run:
Availability of home loan Tax benefit:
A home loan is perhaps one of the biggest tax-saving instruments. The Government of India provides income tax exemption on the principal and interest component of a housing loan that helps to lower the financial burden of a debtor. Under section 24 (B) of the Income Tax Act, homeowners will get up to Rs.2 lakh on the interest payment and Rs.1.5 lakh on principal repayment under section 80C.
Get a high-quantum loan:
Borrowers get copious funds from the lending institution to back their dream of purchasing a home. One can get easily get a high-quantum loan by maintaining a decent CIBIL score for home loan. Applicants with a CIBIL score of 750 and above are likely to get a substantial amount. At the same time, one must keep the LTV ratio and down payment amount in mind before applying.
Repaying Bajaj Housing Finance home loan is convenient. It offers flexible repayment tenor to the borrowers as per their financial capabilities. One can choose a long tenor to reduce the EMI amount. Whereas borrowers who can afford higher EMIs can opt for a shorter tenor to close their loan account faster.
In this regard, borrowers can use a home loan EMI calculator to forecast EMI’s beforehand, which will, in turn, help them to manage their finances better.
Affordable home loan interest rate:
One of the significant features of home loans is the availability of competitive interest rates. Interest rates may vary from time to time. However, RBI’s accommodative stance to keep the repo rate unchanged for the ninth time keeps the housing loan interest rate affordable for property buyers.
No prepayment charges:
One of the advantages of housing loans today is that there are no additional fees on part payment and foreclosure in the case of individuals with floating interest rates. Nonetheless, one must get this clarification before applying.
Availability of pre-approved offers:
Leading HFCs extend pre-approved offers on financial products like home loan, loan against property etc. These offers streamline the loan application process and expedite access to the required finance. Borrowers can check the pre-approved offers by submitting their names and contact details.
Easy application process:
With the emergence of technology, applying for a home loan is no more tedious. Borrowers wondering how to apply for housing loan can avail it online and dodge the branch visits by following the steps mentioned below:
1: Go to the official website of preferred lending institutions
2: Fill in the online application form with necessary personal, employment, financial details
3: Submit necessary details along with filling in the details
4: Soon after property and document verification will be underway
Once done with the verification, a representative from the respective lending institution will contact the applicant to carry forward rest of the procedure.
Applying for a housing loan is the easiest and affordable way to acquire funds for property purchase. However, applicants must meet the home loan eligibility criteria. Besides adhering to these parameters, borrowers will have to keep the following documents handy.
- KYC papers
- Proof of income (Latest salary slip or Form 16 for salaried individual, TR documents or profit and loss statements for self-employed individuals)
- Bank account statements for the last 6 months
- Proof of business (for self-employed applicants)
To recapitulate, buying a home is a serious financial decision, and Bajaj Housing Finance housing loan helps borrowers to turn their dreams of owning a house into reality. Knowing about the above-mentioned benefits of availing home loan will help borrowers make an informed decision.