Bajaj Housing Finance has announced that it will now offer home loans with a tenure of 40 years to its customers, up from the previous maximum of 30 years. This move comes after the Reserve Bank of India did not change interest rates this year, prompting banks to find new ways to attract customers. The extended tenure will allow customers to take a loan of a higher amount, and the monthly installments will be lower. According to Bajaj Housing Finance, this home loan is being provided to customers at an interest rate of just Rs 733 per lakh, making it one of the lowest rates in the market.
However, the maximum age of the person applying for a home loan for a tenure of 40 years should be 23 years. In addition, if the home loan is to be taken for a tenure of 40 years, the age of the applicant will matter a lot. For salaried employees, the interest rate for this loan is 8.5% per annum.
In conclusion, Bajaj Housing Finance’s offer of a 40-year home loan is a great opportunity for customers who want to take a loan of a higher amount and pay lower monthly installments. However, customers should be mindful of the age limit and ensure that they can repay the loan within the extended tenure.
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