July 2, 2024: Bajaj Housing Finance introduced Sambhav Home Loans, aimed at providing affordable and accessible housing finance.
According to the official statement, this home loan product is tailored for first-time homebuyers, making the dream of homeownership attainable through affordable financing options. The income requirement for Sambhav Home Loans starts at just Rs 10,000 per month, with loan amounts starting from Rs 10 lakh. This low-income threshold makes the product accessible to a broad range of prospective borrowers.
Sambhav Home Loan Eligibility
Both salaried and self-employed individuals from various employment sectors, including manufacturing, trading, and the informal job sector, are eligible for these loans. The eligibility criteria, documentation, and application process have been made flexible to accommodate all employment types.
Sambhav Home Loan Advantages
Borrowers can benefit from attractive interest rates, affordable EMIs, and the option to choose a repayment tenor of up to 20 years. Eligible borrowers can also access sizeable loan amounts, making homeownership more convenient.
With the launch of Sambhav Home Loans, Bajaj Housing Finance now offers a comprehensive suite of housing finance products, catering to all customer categories. With over 6,000 approved projects, the lender provides customized mortgage solutions across India.
Also Read: Here's a brief overview to financially prepare yourself for purchasing a home
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Ans 1. To qualify for a home loan with Bajaj Finserv, you should have a CIBIL Score of 725 or above. We provide home loan in most cities in India at affordable interest rates. You can easily apply for a loan with us if you are a doctor, a self-employed professional, or a salaried professional.
Ans 2. How to Reduce Home Loan EMI Negotiate for Better Terms. Based on your existing relationship with your lender and your repayment track record, you can request for a lower Home Loan interest rate. ... Refinance your Home Loan. ... Make Part-Prepayments. ... Select the Best Lender. ... Pick the Right Loan. ... Make a Larger Down Payment.
Ans 3. Bajaj Housing Finance Customer Care Call our Customer Care number – 022 4529 7300, to speak with a customer care executive, from Mondays to Saturdays, anytime between 9 am to 6 pm. ... Write to us at bhflwecare@bajajfinserv.in, and expect a follow-up shortly.
Ans 4. 30 Lakh Home Loan EMI and Interest The lowest home loan interest rate is 8.40% p.a. Here is how your 30 Lakh home loan EMI will be with different tenure options. So, the EMI for a 30 lakh home loan at an annual interest rate of 8.40% and a loan tenure of 20 years (240 months) is Rs. 25,845/- per month.
Ans 5. The exact loan amount offered varies between lenders, but typically, applicants can avail a loan of around 60 times their annual salary as the home loan amount. Therefore, for a salary of ₹60,000 one can avail a home loan of approximately ₹36,00,000.