Owning our own home is what we all dream about! However, it is only a select few who fulfill their wish of living in one’s own home. It’s because the prices of land and standalone apartments are higher and it’s practically not possible for a common man to buy it with his/her own funds and savings. Nonetheless, the facility of the home loan where you can avail up to Rs.3.5 crore at lower rates to fund your home in your city is possible. Yes, if you have the required home loan eligibility, you can secure the fund from leading online lenders.
However, many people don’t avail of a home loan thinking its payments in the form of the EMIs may affect their monthly income for long. Not anymore, it’s time to go ahead and save big on repayments by availing the facility of Flexi Hybrid Home Loan.
Leading lenders such as Bajaj Finserv has recently rolled out this facility to help prospective homeowners availing a home loan to save money. This post will briefly inform you about the insights on the Flexi Hybrid Home Loan facility.
What is a Flexi Hybrid Home Loan?
The Flexi Hybrid Home Loan is a unique facility offered by one of the top non-banking finance companies (NBFCs), Bajaj Finserv customers availing a home loan.
It’s an industry-first facility where a home loan customer only needs to pay the interest as EMI for the initial tenor.
For the remainder of the tenor, the customer is required to pay the principal and interest only on the utilized amount out of the total loan limit.
Features of the Flexi Hybrid Home Loan at a glance
- Flexibility – You get to enjoy the flexibility of the Flexi-term loan and Flexi interest loan in one loan. You are also authorized to withdraw from any part-payments that you make.
- You pay only interest as EMIs – You can save huge on what you have paid on a traditional home loan when you easily pay interest-only EMIs.
- Your loan limit remains intact – There is absolutely no reduction on your loan limit during the interest-free duration.
- Repay anytime – You get to prepay the principal amount without hassles.
- No extra and hidden charges – A home loan customer also gets to make part prepayments, withdraw an amount and also foreclose the loan without coughing extra charges.
- Reasonable annual fees – To enjoy the benefit of the Flexi Hybrid Home Loan, the lenders levies only small maintenance fees at year’s end
Exclusive benefits of the Flexi Hybrid Home Loan
- Forget paying the home loan principal for up to 4 years
- Payment of the interest-only EMIs lets you manage your finance better
- Part-payment and withdrawal facility
- No holds barred and no charges on the number of made withdrawals and part-prepayments
Eligibility criteria
- You ought to be at least 50 years of age to enjoy the facility
- It is not available if you plan to secure a home loan for the under-construction property
The Bottom Line
When saving so much money with the Flexi Hybrid Home Loan from Bajaj Finserv is possible, why still opt for the traditional home loan and pay more out of the pockets?
You can apply for the Flexi Hybrid Home Loan online!