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Home loan tenure: Bajaj Housing Finance has extended its maximum home loan tenure by 10 years. The company, a subsidiary of Bajaj Finance and a part of Bajaj Finserv, is now offering home loan tenures of up to 40 years for new homebuyers who fall under the category of salaried applicants. The modified upper limit for the home loan repayment tenor is subject to the applicant's age at the time of application.
Updated Jun 13, 2023 | 10:05 AM IST
Bajaj Housing Finance has extended its maximum home loan tenure by 10 years.
Photo : ET Now Digital
Home loan repayment period: Bajaj Housing Finance has extended its maximum home loan tenure by 10 years. The company, a subsidiary of Bajaj Finance and a part of Bajaj Finserv, is now offering home loan tenures of up to 40 years for new homebuyers who fall under the category of salaried applicants. Bajaj Finance believes that the new tenure will allow homebuyers to pick a flexible repayment tenor that suits their convenience.
"With the change in the tenor, Bajaj Housing Finance now offers among the most competitive home loans in the market, with one of the lowest EMIs — starting at just Rs 733/lakh," Times of India quoted the company as saying.
Eligibility dependent on age
The modified upper limit for the home loan repayment tenor is subject to the applicant's age at the time of application. Bajaj Finance's eligibility criterion for a home loan has an upper limit of 75 years at the time of loan maturity. Meanwhile, the minimum age set by the financier for the same is 23 years, the publication reported.
Industry trend for home loans
The trend for maximum home loan tenure in the industry is usually capped at 30 years. It is interesting to note, however, that the average loan tenure at the time of agreement is pegged below 20 years.
Pros and cons of longer tenor
It is important to note that personal finance experts say that increasing the tenure of the loan increases the absolute amount that a borrower must repay by a significant margin. The core advantage of a longer tenor, on the other hand, is the improvement that homebuyers can see in terms of affordability.
Current interest rates
Bajaj Finance's home loans start at 8.5 per cent per annum for salaried individuals and professionals. Customers can link their interest rate with an external benchmark, such as the repo rate.
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