Avail of Home Loan at Lowest Interest Rate from Bajaj Housing Finance With the RBI offering a repo rate of 4%, keeping it unaltered for the third time consecutively, borrowers can be assured of benefits on their ongoing and freshly availed credits. Financial institutions are currently providing the lowest interest rates to fulfill an individual’s dream of having a home of their own.
Avail of Home Loan from Bajaj Housing Finance
When it comes to the lowest interest rates, scheduled commercial lenders may offer the lowest interest rates in the lending market. However, to avail home loan from such institutions can be a difficult task.
Individuals face issues with factors such as:
Eligibility criteria
Such financial institutions set stringent eligibility criteria. Borrowers cannot avail of a loan if their CIBIL score is low or they do not have a regular income.
Documentation period
Borrowers have to wait a longer period for their documents to get a verifier to avail of a loan.
Individuals looking for an opportunity to avail of a loan at a low interest rate can alternatively opt for NBFCs such as Bajaj Housing Finance Home Loan. Such institutions allow applicants to avail of home loans against simple terms and make the whole process easier. Here are a few benefits individuals enjoy by choosing NBFCs:
- PMAY eligible
Individuals opting for credit from NBFCs are eligible to avail of a direct interest subsidy under the PMAY scheme. Although the validity for the two categories under this is not extended yet, eligible applicants can try through a third category.
- Flexible tenor
Individuals can opt for a longer tenor to pay lower EMIs depending on their budget flexibility. This allows the borrower to plan his/her budget accordingly. This may, however, lead to a higher interest outgo in the long run.
- Eligibility criteria
NBFCs have simple eligibility criteria. Not only does this ensure easy access for most applicants, but it makes the process far simpler and more hassle-free.
- Digitisation
Bajaj Housing Finance has improved its technological approach to making a borrower’s life easier. Individuals can now apply for a home loan from the comfort of their homes. Even the documentation can be submitted. The only leg of the process that requires a meeting is the final stage, where you need to sign the loan agreement.
- Easy documentation
NBFCs have a comparatively easier documentation process. As the process of documentation submission is online now, borrowers do not need to visit the institution in person. The Bajaj Housing Finance Online Home Loan offers come with an added benefit where borrowers get an instant digital sanction letter.
- Pre-approved offer
Individuals can also skip the hassle of waiting for approval with pre-approved offers. Pre-approved offers are available on various products, including home loans, loans against property, etc. Borrowers can check their pre-approved offers online by providing their names and contact numbers.
- No hidden charges
Several financial institutions offer lower rates upfront but may have several hidden charges. Sometimes these institutions also try to make up for these lower rates with a higher processing fee. Borrowers are advised to be cautious of extremely low rates and do their research well.
- Low rates
When it comes to the lowest home loan interest rates offered by NBFCs, Bajaj is among the leaders. This particular NBFC provides the most affordable rates for its customers against the simplest terms.
With NBFCs trying to keep up with the other financial institutions, they not only offer low home loan rates but also make the whole process convenient. Moreover, with rising competition, NBFCs pledge to offer their customers better services than other lenders.
Growing competition and lower rates indicate revenue can be attained only by keeping borrowers happy. NBFC’s are trying to make the most of this opportunity. Availing a credit no longer requires waiting days for approval and queuing up for hours. These low rates can also be a valid reason to invest in real estate as the sectors are speculated to offer promising returns in the coming years.
