Do you want a more flexible home loan option that is more convenient and gives you higher savings on EMIs? You can check out flexi home loans which are offered by a few financial institutions in the country. Bajaj Finserv, for example, offers a Flexi Hybrid home loan that will give you greater savings. Based on the premise that EMI amounts determine how easily you repay your home loan and your overall affordability quotient, this is a more convenient option that homebuyers can avail of.
With this product, you can stop putting off your home buying decision and go for it right away. This loan comes with competitive and low interest rates and a flexible loan tenor in addition to high loan amounts up to Rs. 10 crore. There is a principal holiday of 4 years. In any term loan, the EMI comprises of both principal and interest portions. However, in the Flexi Hybrid Home Loan, the EMI is lower for the first four years since you only repay the interest and not the principal amount. The principal amount and interest will both be repaid from the 5th year onwards.
This gives you the flexibility to manage your finances better and get savings on EMIs for the first four years. These years can be used by you to increase your earnings and savings, organize your finances and prepare to pay the full EMIs from the 5th year onwards. You can also save up to make part prepayments of your home loan without paying any charges. Part prepayments will help you slash the principal amount and the EMIs will become even lower as a result.
Additionally, the amount that has been prepaid by you, can again be availed as the loan in case you suddenly require funds down the line. You only have to repay the interest on the amount prepaid in this case. The interest rates on Flexi Hybrid Home Loans from Bajaj Finserv are quite low and reasonable. You can also get pre-approved loan offers to help you save time while applying.