Bajaj Housing Finance offers cheaper home loans to those having high credit scores

Bajaj Housing Finance on Wednesday announced a new festive deal offering customers, who have high credit scores, home loans starting as low as 6.65 per cent. Announcing the new festive offer on Wednesday, Bajaj Housing Finance, a fully owned subsidiary of , said that as a first in the industry, the housing finance company (HFC) allows eligible homebuyers to opt to link their home loan rates to the RBI’s repo rate.

It will benefit them from possible rate reduction by the Reserve Bank of India (RBI), it said.

The company said one should have a CIBIL score of at least 800 to avail of this reduced rate of home loan.

However, those with a credit score between 750 and 799 can also apply at a competitive interest rate, which would be only marginally higher, it added.

Borrowers can avail of loans amounting to Rs 5 crore or higher, can transfer existing home loans, avail of a top-up loan of Rs 1 crore or more as well as take benefit of the Pradhan Mantri Aawas Yojana (PMAY) for an interest subsidy of up to 6.50 per cent, among others.

Salaried people employed with the public sector or a multi-national firm with a minimum work experience of three years can apply for the loan under this offer.

Doctors with MBBS or higher qualification as well as chartered accountants, with three years of work experience or valid practice, can also apply, Bajaj Finance said in a statement.

The company said interested borrowers can apply for a loan through its website by January 26, 2022.

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