For the second time in a row, RBI has decided against changing the repo rate. This is a positive sign for the home loan market in India, with the home loan retail inflation easing at 6.85% in August from the previous 7.44%. In this situation, home loan interest rates are also at a standstill. In addition to that, as a cherry on top, the festivities are around the corner.
In India, Diwali is considered to be an auspicious time to start something. This is why many offers and discounts are available in the market. It is also an ideal time to invest in real estate. A good option worth considering is Bajaj Housing Finance’s festive home loan interest rate, starting as low as 8.45% p.a.
Reasons to take a home loan during this festive season
Diwali is a festival of prosperity and good fortune. Therefore, it is a great time to start something new. Here are some of the other reasons as to why customers should opt for home investments during the festive seasons:
-
New releases
A number of housing launches are lined up during this time of the year. As companies are slowly shifting to work from office arrangements, homebuyers are planning to buy homes in new cities. In this regard, they can avail the best home loan offers available during Diwali.
-
Low interest rate
Most of the financial institutions are offering some of the lowest interest rates as large purchases take place during festivals. Customers can find it more profitable to buy the home of their dreams without too much financial burden thanks to the basic eligibility criteria for home loan and low interest rates.
-
Long repayment tenor
This helps customers to select a repayment schedule that matches their financial standing. Borrowers can, therefore, spread their loan repayment for a longer tenor.
-
Price stability
House prices have been relatively constant for the last 1 year or so. This is because of concessions from developers and low home loan interest rates.
About home loan rates Diwali offer 2023
A large number of banks and other financial institutions are slashing their home loan interest rate to attract new borrowers. NBFCs like Bajaj Housing Finance are also walking in the same line and offering a festive special interest rate starting at 8.45% p.a. for salaried individuals. This is 0.15% lower than the prevailing rate of interest.
Customers can take advantage of such offers till Diwali. If customers get the loan disbursal within this time period, they will be eligible for this offer.
Applicants need to have a credit score of 750 or more to take advantage of this exclusive offer. Customers can benefit from equated monthly instalments starting from just Rs.729/lakh.
Features and benefits of availing festive home loan
Customers who apply for home loan at this time of the year can take advantage of multiple features and benefits. Here are all the features and benefits of opting for festive home loan offer:
-
Simple application process
Applicants do not have to face any sort of complications while applying for a home loan. This is because the entire application process can be completed online. Borrowers can skip branch visits completely by opting for doorstep document pickup.
-
Flexible repayment tenor
Customers can opt for a longer tenor for their loan repayment so as to pay at par with their financial standing. Lenders like Bajaj Housing Finance offer repayment tenor of up to 40 years to repay loans according to the convenience of borrowers.
-
Sizeable loan amount sanction
While choosing a dream home, customers do not have to worry about budget. Some financial institutions like Bajaj Housing Finance offer a sizable loan amount of Rs.5 crore or even more, provided the applicant meets the eligibility criteria.
-
Online loan account management
Financial institutions like Bajaj Housing Finance offer real-time access to home loan details and documents for their customers. They can log in to the lender’s customer portal to enjoy a seamless borrowing experience.
-
Online tools
Borrowers can avail various online tools offered by various lenders, such as their EMI calculator and eligibility calculator. These tools can help customers calculate home loan EMI according to their financial capabilities.
-
Customisable repayment options
Lenders like Bajaj Housing Finance offer loans to customers whether they want to purchase an under-construction property or a read-to-move one. Customers also get the freedom to customise their repayment options according to their convenience. They can start by paying only a part of their EMI to get acclimated with the repayment process.
-
Fast loan disbursal
Home loan approval and disbursal do not take too long these days. Applicants can expect to get their loan disbursed within a few hours after receiving approval of application and document verification.
-
Huge number of approved projects
While purchasing a home, prospective homeowners can take a look at the list of the projects approved by the lender, if any. If they choose any one of them, then they can enjoy the best borrowing terms, which include fast and hassle-free loan processing.
Many banks and NBFCs offer pre-approved loans for their long-standing customers. By opting for this loan, customers can enjoy a number of advantages, which include faster loan disbursal. Prospective borrowers can visit the official website of the lender to check whether they are eligible for such offers.
Steps to apply for getting the festive home loan interest rate
Applying for a festive home loan is extremely easy. Here is a step-by-step guide for all the interested customers:
Step 1: Visit the official website of the lender.
Step 2: Navigate to the home loan application form.
Step 3: Provide all the requisite information like name, phone number, employment details, income details and PIN code while filling up the form.
Step 4: Enter OTP and complete the remaining steps of the application process.
After receiving the application form, representatives of the lender will get in touch within a few hours. They will help with the remaining steps, such as documentation verification, so that customers get a hassle-free experience.