Bajaj Finserv is offering home loan with a hybrid flexi loan option. Hybrid flexi loan offers a flexibility to pay interest as EMI on a home loan for the initial years.
The home loan borrowers will be able to manage their finances better with the advantage of not paying the principal amount upto four years. After a span of four years, the customer will have to pay the principal amount as well as interest on the amount utilised.
Hybrid Flexi loan option lets you save on monthly installments for the initial tenure of the home loan. It can be availed by customers below 50 years for home loans of any value. So, if you are planning to invest in a ready-to-occupy property or to re-finance existing home loan with flexible tenure upto 25 years, Bajaj Finserv with its hybrid flexi home loan option is seemingly the best option. In addition to flexibility of interest payments, bajaj finserv home loan also offers loan amount exclusively for furnishings and fixtures of home.
The borrowers of the home loan can make repayments using dropline repayment schedule. Make partial payments or withdraw or forclose your loan amount by making prepayment of the entire amount raised without any additional charges or any pre-payment penalties.
Let’s understand this better with an example-
If you have raised a home loan of Rs. 50 lakhs for a period of 20 years under Hybrid Flexi Loan Option then,
Pay only interest as EMIs (no principal) for the first 4 years under Hybrid Flexi loan facility availed for a loan amount of Rs. 50,00,000 for a tenure of 20 years. Loan limit will start at Rs. 50,00,000 even if Rs. 10,00,000 is availed during the principal moratorium period out of Rs. 50 lakh loan limit in the first 4 years. From the fifth year onwards, the repayment schedule converts into a flexi-term loan for the balance 16 years. The withdrawal limit gets reduced each month till the approved loan amount reduces to zero at the end of the loan tenure.
Bajaj Finance Limited, a part of Bajaj Finserv group, is an NBFC that caters to more than 21 million customers across the country with its Consumer Durable Loans, Lifestyle finance, Bajaj Finserv Personal loan, Loan Against Property, Small Business Loans, Home Loans, Credit cards, Two-wheeler Loans, Construction Equipment Loans, Loan Against Securities and Rural finance which includes Gold Loans and Vehicle Re-financing Loans.
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