Bajaj Housing Finance Interest Rate
With its headquarters in Pune, Bajaj Housing Finance Ltd. (BHFL) has emerged as a reliable housing finance company helping people buy residential homes through its affordable home loans. Bajaj Housing Finance interest rate varies for salaried and self-employed borrowers. The Bajaj Finance home loan interest rate begins at 8.50% per annum for applicants who are salaried and 9.10% per annum for applicants who are self-employed. Unlike other banks and housing finance companies, Bajaj Housing Finance offers a maximum repayment period of up to 40 years. Applicants must pay a processing fee cheque of up to 7% of the loan amount and taxes while submitting a home loan application with BHFL.
Bajaj Housing Finance EMI Calculator
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Bajaj Housing Finance Home Loan Key Highlights
| Amount of Loan | Up to Rs. 5 crore |
|---|---|
| Rate of Interest | 8.50% p.a. onwards |
| Processing Fees |
Up to 7.00% of the loan amount + GST |
| Max Tenure for Loan Repayment | 40 years |
Bajaj Housing Finance Interest Rates in 2024
BHFL is India's leading financial institution offering convenient home loans to eligible applicants. Bajaj home loan interest rate for salaried starts at 8.50% p.a., whereas it starts at 9.10% p.a. for self-employed applicants. Listed below are different tables displaying Bajaj Housing Finance interest rate 2024 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Applicants | 8.50% per annum onwards |
| Self-Employed Applicants | 9.10% per annum onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.50% per annum onwards (Salaried) |
| All Loan | 9.10% per annum onwards (Self-Employed) |
Bajaj Finance Home Loan Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.50% per annum onwards (Salaried) |
| All Loans | 9.10% per annum onwards (Self-Employed) |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers | 9.80% per annum onwards (Salaried) |
| Top-Up for Existing Bank Customers | 10.00% per annum onwards (Self-Employed) |
Interest rates were last updated on 29th January 2024
Bajaj Housing Finance Interest Rates for All Schemes in India
Bajaj Housing Finance knows how to keep it simple and not confuse borrowers. Hence, it offers merely three types of housing loan schemes. Have a look at the table below to understand these three home loan offerings from the house of Bajaj Housing Finance:
| Bajaj Housing Finance Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| Bajaj Housing Online Home Loans |
|
| Bajaj Housing Balance Transfer Home Loan |
|
| Bajaj Housing Top-Up Home Loan |
|
Bajaj Housing Finance Interest Rates for Balance Transfer, Top Up and Overdraft
Bajaj Housing Finance Ltd. (BHFL) offers features beyond a home loan that can help borrowers extract maximum benefits. These come in the form of balance transfers, top-ups, and overdraft facilities. Read on to learn more about these three convenient housing loan facilities:
Bajaj Housing Finance Home Loan Balance Transfer
Bajaj Home Loan Balance Transfer Scheme is the first flexible facility offered by BHFL to home loan customers. As suggested by the name, it involves moving their existing home loan from one lender to Bajaj Housing Finance for the sake of a better rate of interest and other loan features. The interest rate for the Bajaj Housing Finance balance transfer home loan begins at 8.70% per annum for those earning monthly salaries and at 9.50% for self-employed.
Bajaj Housing Finance Home Loan Top-Up
The second amazing facility offered by BHFL on home loans is a top-up loan, which is provided to customers with a good repayment track record. The main benefit of a top-up is to get additional funds for personal expenses or to spend on the renovation and improvement of a home. Bajaj Housing Finance home loan top-up interest rate starts at 9.80% per annum for salaried and 10.00% per annum for self-employed applicants.
Bajaj Housing Finance Home Loan Overdraft Option
Another facility charted out to offer more convenience to home loan customers is the Bajaj home loan overdraft facility. It permits the existing home loan customers to withdraw funds up to a certain limit, and the interest is charged only on the amount utilized. The Bajaj Housing Finance overdraft facility is available at an interest rate of 13.00% per annum.
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Compare Bajaj Housing Finance Interest Rate with Top Banks
If you wish to confirm that you are choosing Bajaj Housing Finance as the right lender for a home loan, then do not hesitate to compare its rate of interest and processing fee with other similar lenders in your city. To make it easier for you, we are now throwing light on the top 5 contenders of Bajaj Housing in terms of rate of interest and processing fee:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Bajaj Home Loan | 8.50% p.a. onwards | Up to 7.00% of the loan amount + GST |
| LIC HFC | 8.50% p.a. onwards | Up to 0.25% (Rs. 25,000 max) |
| Kotak Mahindra | 8.75% - 9.60% p.a. | 0.5% - 1.0% of the loan amount + taxes |
| Standard Chartered | 8.75% p.a. onwards | 0.5% - 1% of the approved loan amount |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Rs. 3,540 max) |
| Karur Vysya Bank | 8.95% p.a. onwards | Rs. 2,500 - Rs. 7,500 + GST |
Bajaj Housing Finance Balance Transfer Interest Rates
No worries, even if you have a home loan at a higher interest rate, as Bajaj Housing allows you to transfer the remaining loan amount at a lower interest rate. This is precisely the purpose of offering Bajaj Housing Finance Home Loan Balance Transfer; a plan charted out to make it easy for existing home loan customers to shift their outstanding loan amount to Bajaj Housing Finance.
Bajaj Housing Finance balance transfer interest rates range between 8.70% per annum for salaried and 9.50% per annum for self-employed borrowers. Have a look at the easiest way to apply for a Bajaj Housing Finance balance transfer home loan:
- Start the procedure by accessing the Repay Right section on the official BASIC Home Loan website - Repay Right
- The second step is to fill in the information asked for in the provided form, such as details of the existing home loan and the new rate of interest you wish to apply for
- Proceed ahead by clicking on ‘Next’ after you are done with filling in the required details in the online form
- Up next, check out your savings with the Bajaj Housing Finance Balance Transfer Scheme
- If you do not have time to spare to follow all the steps mentioned above, then you better contact a BASIC Home Loan team member for assistance in applying for a Bajaj Balance Transfer Home Loan
Get Home Loan Starting at 8.5%*
How to Calculate Bajaj Housing Finance Interest Rates?
Do not stress calculating the interest rate to deduce the EMI amount payable every month on a home loan. Act smart and access the best online EMI calculator for your Bajaj housing loan at EMI. You can easily plan your monthly budget with the help of this easy-to-use online EMI calculator. Feel free to understand how much EMI you will need to pay for a Bajaj home loan for different tenures through the table below:
Bajaj Housing Finance Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.50% p.a. onwards | Rs. 12,399 | Rs. 8,678 | Rs. 7,689 |
| Rs. 20 lakh | 8.50% p.a. onwards | Rs. 24,797 | Rs. 17,356 | Rs. 15,378 |
| Rs. 30 lakh | 8.50% p.a. onwards | Rs. 37,196 | Rs. 26,035 | Rs. 23,067 |
| Rs. 40 lakh | 8.50% p.a. | Rs. 49,594 | Rs. 34,713 | Rs. 30,757 |
| Rs. 50 lakh | 8.50% p.a. | Rs. 61,993 | Rs. 43,391 | Rs. 38,446 |
| Rs. 60 lakh | 8.50% p.a. | Rs. 74,391 | Rs. 52,069 | Rs. 46,135 |
| Rs. 70 lakh | 8.50% p.a. | Rs. 86,790 | Rs. 60,748 | Rs. 53,824 |
| Rs. 80 lakh | 8.50% p.a. | Rs. 99,189 | Rs. 69,426 | Rs. 61,513 |
| Rs. 90 lakh | 8.50% p.a. | Rs. 1,11,587 | Rs. 78,104 | Rs. 69,202 |
| Rs. 1 crore | 8.50% p.a. | Rs. 1,23,986 | Rs. 86,782 | Rs. 76,891 |
You just checked out the estimated monthly EMI payable on home loans based on an 8.50% p.a. interest rate offered by Bajaj Housing Finance. Please note, that these are subject to change at the discretion of the housing finance company and may vary for different lenders.
FAQ's
Choosing Bajaj Housing Finance for a home loan means:
- Lower interest rates
- Flexible repayment options
- Quick loan processing
- Transparent policies
- Best customer service
Choosing between a fixed and floating interest rate in Bajaj Housing Finance depends on the borrower's personal financial preferences, current market conditions, and risk tolerance. If you are comfortable with the fluctuating rates, proceed with a floater rate basis, and if you want to stay relaxed without worrying about increasing or decreasing rate of interest, then go for a fixed rate of interest plan.
A borrower can reduce the home loan interest of Bajaj Housing Finance by maintaining a good credit score, increasing the down payment, opting for a floater rate basis, and opting for a shorter loan tenure.
The minimum credit score required for a Bajaj Housing Finance home loan is 750. Such a credit score ensures the company that the borrower is a risk-free borrower.
The rate of interest for Bajaj Home Loan 2024 for employees starts at 8.50% per annum.
Yes, the change in the interest rate due to a floating rate regime will impact the monthly EMI payable for the repayment of the loan.