Homes & Loans Blog

Know About Buying Property At Piramal Vaikunth

immensa_artist-impression-elevation-dusk-viewProperty investment is not just about purchasing the property you like. It involves thorough planning, accessing goals and eventually finalizing on a property which can offer you that much-needed comfort and peace of mind. The best time for investment in Thane property is now.Piramal Vaikunth Phase IV is such a project in Thane, Maharashtra that promises tranquility in the hustle bustle of the city

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Do you Know the Advantages of Taking a Home Loan in India?

Property prices in India are increasing steadily over the past few years. Under such a circumstance, purchasing a home without some form of financial assistance is difficult for most. With the availability of a home loan in India, potential buyers can rest easy, ensuring easy affordability.

Benefits of availing a home loan in India

Listed below are some of the major advantages of purchasing a property with a home loan– 

  1. Substantial quantum available

Based on an applicant’s eligibility, housing finance companies are ready to disburse substantial amounts for property purchase. Nevertheless, borrowers must utilise a home loan calculator beforehand to compute their monthly EMIs. Most lenders can disburse up to 90% of a property’s market value as housing credit. The buyer must fund the remaining amount from his/her own pockets.

  1. Easy to meet eligibility criteria

Since a home loan in India is a secured form of credit, an applicant must meet only a handful of eligibility norms to avail said loan. Credit score, age, income and the nature of employment are some of the common factors considered when determining one’s eligibility for a home loan.

Applicants must use a home loan eligibility calculator to verify whether they qualify for this type of credit. Such tools also show how much one can borrow.

  1. Affordable interest charges

Due to the ongoing economic slump, the current home loan interest rate has been slashed. Such a move has made these credit options even more affordable than before. Individuals with impressive credit ratings can avail loans under the most favourable terms.Besides such advantages, one must also consider home loan tax benefit. Borrowers are eligible for deductions under Section 80C and 24b of the Income Tax Act. They can get a deduction of up to Rs.1.5 lakh on the principal and up to Rs.2 lakh on the interest paid amount, respectively.         

A complete guide on Indira Gandhi Awas Yojana 2021

Indira Gandhi Awas Yojana (IAY), initially launched in 1985, got restructured as Pradhan Mantri Awas Yojana Gramin in 2016. Central Government came up with this scheme with the objective of providing affordable housing facilities to the poverty-stricken section of the society. Apart from access to living units, the scheme comes with multiple benefits for eligible applicants. 

Benefits of Indira Gandhi Awas Yojana

Here is a list of advantages beneficiaries will be getting under this scheme:

  • Under this scheme, beneficiaries will be provided with pucca houses with a minimum carpet area of 25 sq. m., along with basic amenities like washrooms, electricity, kitchen, etc.  
  • The house construction will be completed using sustainable and eco-friendly materials.
  • Married couples can opt for joint ownership of the house, made under Indira Gandhi Awas Yojana. Additionally, women or differently-abled individuals will be able to enjoy complete ownership if allotted by the State Government. 
  • IAY beneficiaries can obtain a sizable home loan amount at subsidised interest rates. However, both the interest subsidy percentage and allotted amount vary, depending on the income slab the applicant belongs to. 

All these benefits have made IAY one of the best housing schemes in India, and to make the most of these advantages, applicants need to check their loan eligibility first. All the eligibility parameters are mentioned below:

  • Applicants cannot own a pucca house and live in a house with maximum two rooms, kutcha walls and roofs. 
  • The annual household income should not exceed Rs.6 lakh. 
  • To be eligible for this scheme, one must belong to the lower-income group or BPL category, middle-income group and economically challenged sections. 

Apart from these basic eligibility requirements, applicants of Indira Gandhi Awas Yojana should also check the income parameters, set by the Central Government and meet them before submitting the loan application.  

Apply for an online home loan from Bajaj Housing Finance Limited and get an Amazon gift voucher free

Borrowers who fill up the home loan application form on the Bajaj Housing Finance web portal are eligible for a limited period offer to earn an Amazon gift voucher worth up to Rs.10,000. The offer is applicable only for customers who have applied between 22nd June ’21 and 15th September ’21 and get their loans disbursed by 30th October ’21.

Details about the Amazon gift voucher

Apart from filling up the online home loan application form on the Bajaj Housing Finance Limited website to qualify for receiving a free voucher, potential applicants had to meet the a number of conditions in terms of the application and disbursement period.

Further, applicants borrowing a Bajaj Housing Finance home loan amount up to Rs.50 lakh will receive an Amazon gift voucher worth Rs.5,000. On the other hand, individuals opting for a sanction of more than Rs.50 lakh will receive a voucher having a value of Rs.10,000. On the other hand, those with a loan amount lower than Rs.15 lakh stand ineligible.

Benefits of acquiring a loan from Bajaj Housing Finance Limited

Below are some of the benefits of acquiring a home loan from Bajaj Housing Finance:

  1. Flexible repayment tenor

Bajaj Housing Finance provides applicants with an extended tenor for loan repayment to ensure that borrowers are not concerned about the loan’s affordability.

  1. Minimal documentation process

To ensure that the procedure for acquiring a home loan is hassle-free for applicants, Bajaj Housing Finance has kept the requirements for documents to a minimum.

In addition to these, Bajaj Housing Finance offers reliable home loan calculator for helping an individual know more about EMI, eligibility, and the maximum top-up amount that can be availed.

Apart from getting a gift voucher, these are some of the benefits of submitting a home loan application form to Bajaj Housing Finance

Get Amazon Gift Voucher when you take an online Bajaj Housing Finance Home Loan

Bajaj Housing Finance Limited (BHFL) is offering Amazon gift vouchers worth up to Rs.10,000 for all customers who apply for a home loan on their website till 15th September ‘21 and get it disbursed till 30th October ‘21. Customers can still take advantage of this offer and BHFL’s low interest rate and buy a new home on favourable terms by submitting their home loan application form.

Benefits of taking a home loan from Bajaj Housing Finance

The following are some benefits of submitting the home loan application form on BHFL’s website.

  1. Affordable and competitive interest rates

 BHFL offers a competitive home loan interest rate starting at 6.75%* for salaried individuals and 8.50%* for self-employed applicants. However, such affordable rates are only possible due to low real estate prices and may not last for long.

  1.  Getting a substantial amount of loan

Applicants can avail up to 80%* of their property’s value with our home loan provided that they fulfil all the eligibility criteria. This means applicants will have to make a lower down payment.

  1.   Select from a wide range of home loans

Regardless of the property purchase needs, one will find the perfect housing loan in India from BHFL. With home construction loans, one can construct on an empty plot, while home renovation loans let you repair/renovate an existing house.

  1. Get loans easily with easy eligibility criteria

 At Bajaj Housing Finance, eligibility criteria for home loans are simple and straightforward. Applicants will only need to be between 23 to 62 years of age and have a steady income for few years to get their home loan application form approved.

  1.  Easier to repay 

BHFL home loans come with features like online loan management, no prepayment charges, and a flexible tenor of up to 30 years, making repayment much easier.

With so many benefits available for BHFL’s home loans, applicants don’t need to wait for special offers and must consider submitting their home loan application form at the earliest.