Bajaj Housing Finance has launched a new offer for customers of home loans called My EMI. In the initial period of the tenor, applicants for a Home Loan have the option of selecting an EMI amount that is appropriate for them.
The company stated in a statement that EMIs starting at Rs. 0,1% of the loan amount can be paid by customers.4,999 for a maximum of three years or until the project is finished, whichever comes first. After this time, the loan’s actual EMI would start, allowing borrowers to buy a house without straining their finances too much at first.
For instance, if you take out a loan of Rs 50 lakh to purchase a home, you will only be required to pay an EMI of Rs 5000 per month for the first three years. The actual EMI will not begin until the project is finished or the loan has been in effect for three years, whichever comes first. Customers looking to book a new float or house for ongoing projects might be better served by using this facility.
The My EMI offer is available to customers who apply either online or in person. The home loan interest rates offered by Bajaj Housing Finance begin at 8.20 percent per annum. for professional and salaried applicants as part of their ongoing offer until December 5th.
According to the lender, prospective applicants gain additional advantages by having the option to link their interest rate to an external benchmark, such as the RBI repo rate.
One of the most diversified NBFCs in the Indian market, Bajaj Finance Limited serves over 58 million customers nationwide through its 100% subsidiary, Bajaj Housing Finance Limited.
Should EMI be taken?
On account of a home credit, it is in every case better to begin paying your genuine EMI as quickly as time permits as opposed to deferring it.As more delay means more interest.
If you accept the My EMI offer, you should figure out how it will affect your overall loan repayment. However, if you are certain about a project but lack the funds to begin paying full EMIs, the loan offer may be useful.
