June 13, 2023: Bajaj Housing Finance, a subsidiary of Bajaj Finance, has extended its home loan tenure to 40 years from 30 years for salaried applicants who are new homebuyers, according to an official release.
Usually, home loan providers offer loans the longest tenure of 30 years. However, the average loan tenure at the time of agreement is below 20 years. Home loan tenure refers to the total duration available to a borrower for repaying the loan amount.
This initiative by Bajaj Housing Finance will enable homebuyers to choose a flexible repayment tenure. With the change in tenure, Bajaj Housing Finance now offers equated monthly instalments (EMIs) starting at Rs 733 per lakh. The revised tenure capping is subject to the applicant’s age at the time of loan application. The eligibility criterion for age with Bajaj Housing Finance is 23 to 75 years, the upper age limit at the time of loan maturity.
Bajaj Housing Finance Home Loans start at 8.50% per annum for salaried individuals and professionals, with prospective borrowers having the option to link their interest rate with the repo rate.
See also: All about Bajaj finance home loan
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