Bajaj Housing Finance on November 23, 2022, launched a new scheme under which the public lender would offer homebuyers the flexibility in EMI payments.
Under the My EMI scheme, Bajaj Housing Finance has offered property buyers investing in under-construction properties the option to pay an EMI starting as low as Rs 4,999 per month. Buyers can continue to make use of this facility for three years or till the housing project is complete, whichever is earlier. The actual loan EMI would start only after this period.
It begs a mention here that buyers of under-construction properties find themselves under greater monetary pressure since they have to face double burden of EMI as well as rent payment in a majority of cases.
As part of this scheme, the Pune-headquartered non-banking finance company is offering salaried as well as self-employed borrowers a starting home loan rate of 8.2% per annum. This rate is valid for a limited time period of December 5, 2022.
The move by the private housing finance company comes at a time when most banks have hiked interest rates in line with the Reserve Bank of India’s 190-basis point increase in the repo rate since May this year.
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Bajaj Housing Finance Limited offers finance to individuals as well as corporate entities for the purchase and renovation of homes, or commercial spaces. It also provides loans against property for business or personal needs as well as working capital for business expansion purposes.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
