Bajaj Finance launches homes loan with 3-month EMI moratorium

Tags: News
Non-bank lender Bajaj Finance today said it has launched a new home loan product under which borrowers need not pay installments for first three months.

The customers are not required to pay EMIs (earnest monthly installments) on their home loans for first three months under the scheme, launched to help the borrowers to plan their monthly finances better, it said in a statement.

Borrowers tend to put maximum of their savings towards down payment, stamp duty and registration and other costs, it said, explaining the need for such a product.

"The interest for the first three months would get capitalised, i.E. The interest component of first three EMI's would be added to the principal amount and the repayment schedule would get calculated on this amount," it said, clarifying that there is no additional interest or charge which a customer has to bear.

The Pune-headquartered company started selling the product since June and has disbursed Rs 77.5 crore under the new scheme till now, the statement said, adding that it aims to grow 15 per cent per month from here on.

The product is targeted at both the salaried and self- employed persons and is available for requirements between Rs 25 lakh and Rs 15 crore.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture