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Individuals with a floating interest rate home loan face no additional charges on prepayment or foreclosure. A Top-up is a loan, and just like any other loan, it does count in your credit score. Whether positively or negatively depends on the regularity with which you pay your dues. If you can pay your EMIs on time, your credit score will stay healthy or even become better than before.
One of the biggest benefits of a Top-up Loan is that it allows borrowers to claim tax benefits. However, these benefits can be claimed only when the paperwork is complete and up to date. Online calculators are critical to informed decision-making in the case of long-term credit, such as a Home Loan. Bajaj Housing Finance has simple and reliable calculators to help you know more on eligibility, your EMI, and the maximum top-up amount you can avail of. One such calculator is the Home Loan EMI Calculator to check which loan amount and tenor work for you. Bajaj Housing Finance offers applicants the choice of an extended repayment tenor of up to 30 years to ensure comfortable repayment.
Housing Loan Eligibility Calculator
If you are in a situation where you need money urgently, the easiest way to arrange funds would be to opt for a Top-up Loan. The other way to arrange money would be to opt for a personal loan. However, applying for and getting Top-up Loans is quicker and requires less documentation when you already have a Home Loan running. Since you are an existing customer, they would be aware of how financially responsible you are. Thus, availing of a Top-up Loan is far easier and simpler than availing of a personal loan.
Making timely repayments over a long duration increases your credit length, thereby contributing to a better credit score. On the contrary, missing your payments or delaying them would most definitely impact your credit score negatively. As per RBI guidelines, no lender is permitted to offer 100% home financing. You need to make a down payment amounting to 10-20% of the property’s purchase price. Typically, you can obtain up to 80% housing loan financing for your property.
Competitive Interest Rate
You can check the status of your housing loan application online by entering your home loan application number/ ID, as well as your mobile number/ contact information. Bajaj Finserv, one of the most diversified NBFCs in India, offers home loans with a lengthy repayment tenor & quick disbursal. Smaller EMIs, you end up paying more in interest over the course of the tenor. On the other hand, if you pick a short tenor, you become debt-free sooner, but your finances may be stretched every month. Ideally, one should pick a tenor between the two, wherein you are able to pay your EMIs easily, but you are not paying too much in interest.
The Eligibility Calculator and the EMI Calculator helps individuals arrive at their ideal loan amount and tenor, that suits their financial standing. The repayment duration of home loans is directly linked to the risk of lending for financial institutions and the time value for the money extended as advance. A borrower’s housing loan interest rate is thus set to be higher for a longer tenor and lower for a shorter period of repayment. You may be faced with a medical emergency, or you may require funds to renovate your home. You may need to pay for higher education or even need finance to purchase a used car.
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You will be asked to fill the bare minimum details related to your identity, address, type of loan and loan amount. You must be a salaried individual and you must be able to show at least three years of work experience. Bajaj Housing Finance will update the current benchmark rates on this website in the event of a change. BHFL may grant loan below or above the documented rate of interest in deserving cases on exceptional basis under the powers of the competent authority, vested with them. Choose a property from our list of 5,000+ approved projects and enjoy the best borrowing terms, along with quick and hassle-free processing. Opt for interest-only EMIs for the initial part of the repayment term with the Flexi facility.
You will get a Top-up Loan only if you have cleared all your EMIs on time and your credit score is excellent. We try to make the application process as simple and hassle-free as possible by keeping our document requirements to a bare minimum. The biggest advantage of using a top-up loan is you can use this additional loan amount for anything. There is no restriction on how to use this loan amount and where to use it. Here are a few tips on how to get more funding on your home loan with the help of a balance transfer.
No, availing two housing loans at a time for the same property is restricted as per the CERSAI. However, individuals can opt for a house loan balance transfer to refinance their existing housing credit at a lower rate of interest. The facility comes with the top-up loan facility - an additional loan over and above the existing loan amount. You can also choose to transfer your existing home loan to us by following a simple process. Our home loan balance transfer facility comes with an array of features including competitive housing loan interest rate and a high-value top-up loan.
Bajaj Housing Finance charges a nominal processing fee of up to 7% of the loan amount. A Housing Loan also requires property evaluation, and, in this aspect, a Loan Balance Transfer may be easier. However, a Housing Loan Balance Transfer also requires you to submit all the documents pertaining to ID, address, age, and income to the new lender as well as all the property papers.
A top-up loan does not come with any end-use restrictions and requires minimum documentation. Your Top-up Loan is, in a way, your second mortgage loan and paying off two loans at the same time is no easy task. With Top-up Loans, borrowers get the flexibility to pay off the loan over a long tenor making repayment easier.
Mixed rates of interest result in interest levied at a fixed rate at the onset of the home loan tenor and converted to floating rates after a set period. You can opt for a floating interest rate on home loans when the market changes indicate a trend of falling rates. A floating rate of interest, however, may not be suitable during high market volatility as the risk of rising rates exists and can result in increased interest accumulation over time. Use our online home loan EMI calculator to plan your repayment with ease. You can select a tenor of up to 30 years and an interest rate to determine the EMIs that suit you. The repayment tenor can be extended, so that it is up to a maximum of 30 years.
You can also contact your home loan lender and ask about your home loan application status by providing your application ID/ reference number. Yes, If you want to get a bigger loan, you can take out a home loan in joint names. Family members, such as spouses, parents, siblings, and offspring, can be co-applicants for a joint house loan. Also, note that if you start your online home loan application and leave it for some reason, you can always resume it by visiting the same link at a later instance. If you wish to know the other fees and charges of a Top-up Loan, click here.
In simpler words, one can use the funds availed of as a top-up to meet any personal or professional requirements. You can use the money to buy another house, start a new business, or even take a luxury trip abroad. As long as you continue to pay your EMIs on time, your lender won't ask you how you are spending the top-up money. If you opt for a Bajaj Housing Finance Home Loan in Agra, you get the option of availing of a sizeable Top-up Loan at competitive interest rates.
For such needs, a top-up loan is ideal as it offers quick financing against simple eligibility criteria. A home loan balance transfer is the easiest way to ensure substantial savings in the form of a lower interest rate. Borrowers often find themselves with a higher interest rate than the current market standard, typically due to a dip in the market. In such a case, you can choose to apply for a balance transfer and avail of a reduced interest rate. The eligibility criteria for a Home Loan in Panjim is straightforward and simple.
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