Become Owner, Get Amazon Gift Voucher with Bajaj Finance Limited Home Loan
â Offer valid until July 22, 2021 on mortgage loans disbursed until July 30, 2021
The COVID-19 pandemic has had a significant impact on several industries, and the housing sector is no exception. A cycle of high supply and low demand has driven home prices and mortgage rates down over the past year. The year 2021 continues to see these very strong price trends. So, people who are impatient to buy a home will find that now is the perfect time to take advantage of home financing.
Recently, Bajaj Housing Finance Limited (BHFL), a wholly owned subsidiary of Bajaj Finance Limited, announced an attractive proposition for mortgage borrowers in addition to their existing consumer friendly borrowing terms. Customers have a chance to earn Amazon vouchers up to Rs 10,000 by filling out the home loan application form on the BHFL website.
Below are a few factors that now make the best time to get a home loan from BHFL and finance a home purchase.
1. Apply for a home loan online with BHFL and get Amazon vouchers worth 10,000 rupees
Bajaj Housing Finance Limited offers an exclusive offer for borrowers who wish to apply for a mortgage. Customers must complete the home loan application form on the BHFL website by July 22, 2021 to be eligible. Below are some details about the same.
– Individuals get Amazon gift certificates worth Rs 5,000 when they get a home loan of up to Rs 50 lakh.
– People opting for a home loan greater than Rs.50 lakh are eligible for a voucher worth Rs.10,000
Note that individuals must request this financial product online between June 21, 2021 and July 22, 2021 to be eligible for this offer. In addition, the loan amount must be disbursed before July 30, 2021.
2. Real estate prices stagnate
The housing and real estate sector has been significantly affected due to the pandemic-induced recession. The low level of commercial activity and the possible cuts in wages and job losses have reduced disposable income and, consequently, the propensity of individuals to consume during periods of confinement.
Similar trends were observed for real estate purchases. As a result, real estate prices have fallen by 5-10%. It is not yet known whether there may be a further decrease in these costs. However, potential buyers can take this opportunity to get their dream home with a low interest rate home loan starting at 6.75% * from Bajaj Housing Finance Limited.
3. Low interest rates
An important factor that borrowers focus on before opting for a financial product is its interest rate. The year 2020 saw mortgage interest rate reach a record low for 15 years. This year, the RBI continues to stick to its previous year’s repo rate of 4%.
As a result, several financial institutions still have their mortgage rates around 7%. A lower interest rate results in less interest expense and, therefore, a lower repayment amount. Individuals can now borrow a larger loan amount without straining their finances with a repayment obligation.
4. Fiscal advantages
Borrowers should be aware of the tax exemptions available on the principal and interest of their home loans. Here are the sections of the Income Tax Act by which individuals can avail these benefits.
– Section 80C: Borrowers can benefit from tax exemptions of up to Rs.1.5 lakh on their return of capital.
– Section 24 (b): This section facilitates tax exemption up to Rs.2 lakh on interest payable on fully built properties within 5 years of purchase. Borrowers can benefit from a tax deduction of up to Rs 30,000 in case the construction of the property takes more than 5 years.
– Article 80EE: This exemption is exclusive to first-time buyers. They can take advantage of an additional exemption of Rs 50,000 on interest on home loans up to the limit of Rs 35 lakh. Note that the property value should not exceed Rs.50 lakh in this regard.
Additionally, Housing finance in Bajaj Also extends benefits such as pre-approved offers against home loans to speed up the loan transfer process. These offers are also applicable on loans against real estate. Therefore, individuals should keep in mind to check their pre-approved offer before proceeding with the request.
Thus, people seeking to realize their dream of owning a home can take advantage of the current home loan offers mentioned above. Make sure you have sufficient financial support to cover the down payment and subsequent repayments.
Disclaimer: This content is distributed by Bajaj Finserv. No journalist from the HT Group was involved in the creation of this content.
Never miss a story! Stay connected and informed with Mint. Download our app now !!