Bajaj Housing has announced its extension of the maximum tenure of home loans for salaried applicants.
Buying a house is a dream for many and a reality for some. To make buying a house easier and more convenient, many opt for a loan. Home loans can be availed from almost every bank, which provides a tenure of 30 years. But, recently, a private finance company has announced to extend the tenure for home loans for 40 years.
Bajaj Housing Finance is a subsidiary of Bajaj Finance and part of Bajaj Finserv. It has announced that it is extending its maximum tenure of home loans by 10 years, making it 40 years for new buyers who are salaried applicants. They believe that this will allow buyers to be flexible with their repayment at their convenience. It is offering the most competitive home loan with the lowest EMIs (Equated Monthly Instalments) that start at INR 733/lakh only.
Here’s what other banks offer:
State Bank of India (SBI)
SBI is one of the largest public sector banks in India. Home buyers can get home loans for only 30 years. It can be offered for a maximum of 33 years only if one avail of additional facilities as an add-on. It offers an interest rate between 9.15 % per annum to 12.95 % per annum.
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ICICI Bank
For salaried customers, ICICI offers home loans for tenures up to 30 years. This means that the home buyer will have a maximum of 30 years to repay the loan to the bank. It currently offers an interest rate of 6.75 % onwards.
HDFC Bank
Considered to be one of the largest private sector banks, HDFC too gives a maximum of 30 years to home loan borrowers. It offers an introductory interest rate of 8.50 %. The borrower has to pay an EMI of Rs 760/lakh only.
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Punjab National Bank (PNB)
PNB is a public sector bank. PNB Housing just like other banks too offers 30 years maximum for repayment of loan. Its current interest rate ranges from 8.60 % to 9.95 % per annum.
Bank of Baroda
Bank of Baroda also gives a maximum of 30 years for repayment to home loan borrowers. The bank has a minimum tenure of 5 years for home loans. The bank offers an interest rate ranging from 8.60 % to 10.60 % per annum.
