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Say Goodbye to Heavy EMIs – Opt for Flexi Hybrid Home Loan

With pre-approved offers from Bajaj Finserv on a gamut of loans including business loan, personal loan, etc., availing finance is easy and quick.

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Home Loan
Say Goodbye to Heavy EMIs - Opt for Flexi Hybrid Home Loan.
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  • Flexi Hybrid Home Loan allows paying only interest as EMI
  • Principal holiday period of 4 years
  • The principal and interest after 4 years paid only on the amount utilised
  • Flexibility of flexi-interest and flexi term loan in a single loan

With the Reserve Bank of India (RBI) hiking repo rates in its bi-monthly monetary policy review by 25 bps, interest rates of several loans have already started tightening. Though aimed to control inflation, it’s anticipated that home loan borrowers will bear the brunt of the latest move by the apex bank.

Hike in repo rate would push up home loan interest rates and subsequently the EMIs. The move might be a dampener if you are a first-time home loan borrower. However, with Bajaj Finserv Flexi Hybrid Home Loan, not only do you get the requisite funds to buy your dream home but are also relieved of heavy EMIs. Read on to know more.

Home Loans
In this 21st century building a home is not everybody’s piece of cake but there is always a way for a will hence home loans provide you the way to own a house. Pixabay

Payment of only interest component as EMIs

A regular home loan, on a fixed interest rate, taken from a financial institution consists of the interest and the principal component. During the entire loan tenor, the EMI remains constant. Though the interest and the principal ratio varies during the loan tenor, the EMI remains fixed.

However, with Bajaj Finserv Flexi Hybrid Home Loan, during the initial tenor, you pay only the interest as the EMI and nothing for the principal. The principal holiday period, where you need not pay anything towards the principal, lasts up to 4 years. Only after 4 years, the EMI will constitute the principal and the interest component.

So, for instance, if the EMI of your home loan is Rs.30,000, with the interest component amounting to Rs.20,000, during the initial 4 years, you need to pay only Rs.20,000. Only after 4 years, you need to pay the principal component of the EMI. This not only reduces your EMIs but also help you better manage your finances. Also, during the interest-only period, there’s no reduction in the loan limit.

Principal and interest only on the amount utilised

Unlike a regular home loan where you need to pay interest on the entire loan amount disbursed, in case of Flexi Hybrid Home Loan, after the principal holiday period of 4 years for the balance tenor, the EMIs would consist of the principal and the interest – only on the amount utilised from your approved loan limit and not on the entire limit.

For instance, if your approved limit is Rs.25 lakh for a tenor of 15 years, and you use only Rs.20 lakh from this limit, after the principal holiday period, from fifth year onwards, you need to pay the principal and the interest only on Rs.20 lakh. This further brings down the EMI and helps in savings in the long-run.

High EMIs – No longer a hurdle

Thus, with a Bajaj Finserv Flexi Hybrid Loan, high EMIs are no longer a hurdle in purchasing your dream home. Irrespective of hike in home loan interest rate, following RBI’s move, this new and innovative home loan offering helps you buy your dream home with utmost ease.

Home Loan
You need to know we can get the loan for various purposes. Pixabay

Even if you are early into your career, where generally income levels are low, you can go on and address the crucial life goal of buying the home of your choice. The principal holiday period of 4 years not only keeps your EMIs low but also ensures you are able to take care of day-to-day expense of running a household. Apply for home loan today and enjoy the joys of owning your own home.

With pre-approved offers from Bajaj Finserv on a gamut of loans including business loan, personal loan, etc., availing finance is easy and quick. No long queues and lengthy paperwork. Just share a few basic details to know your pre-approved offer within seconds.

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Mobile Banking Becomes Main Personal Banking Channel in Singapore

Mobile banking is growing for a reason - it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances among others.

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Mobile banking
Virtual banking is becoming the go-to option for many customers in Singapore. Flickr

Digitization is revolutionizing the personal banking sector, with mobile banking experiencing a 15% jump over the last 12 months, as noted by Telecomasia. In fact, mobile banking now beats branch banking by transaction volume and new customer adoption in Singapore. Mobile is entering a revolutionary and rapid phase with regions like South East Asia and Africa becoming the main driver of this trend globally. Banks, in particular, are putting a lot of effort to leverage mobile technology to remain competitive.

Despite the rising popularity of mobile banking, banks need to fully transform before Singapore can be considered a mobile-driven digital economy:

Mobile banking
Bank of India. Flickr

Dedication to Improving User Experience 

Up to 46% of mobile banking users have reported issues when using their mobile banking app which the finance customer service industry are invested in improving. From logging problems to long loading times and even security issues, the personal banking sector understands the value in improving user experience. Loyal customers who save money each month via mobile apps are motivated by banks who embrace the enhancement of digital services, and who place their valuable customers at the center of their transformation. This not only improves their reputation, but also deepens overall customer relationships.

Building Trust and Brand Confidence is Top Priority

Personal banking is all about offering quality services to consumers in a convenient and effective way, and mobile banking falls perfectly in this category. But to achieve meaningful gains, building trust and brand confidence has to be a top priority for banks, as 41% of bank customers who are yet to switch to mobile banking apps cite trust and security as their main concern. Additionally, customers are faced with numerous choices in the market, combined with Fintech disruptions in the industry. To build trust, banks need to focus on developing mobile banking platforms that assure customers of secure, fast and efficient banking at all levels.

mobile banking
Despite the rising popularity of it, banks need to fully transform before Singapore can be considered a mobile-driven digital economy. Flickr

Virtual Banking is the Way to Go

Virtual banking is becoming the go-to option for many customers in Singapore. With mobile wallet use on the rise, more bank customers are expected to opt for multiple mobile banking apps to suit their specific financial needs. From Apple Pay that makes shopping online convenient to NetsPay that allows you to make digital payments via top banks in Singapore, virtual banking is expected to be the next frontier of growth in the personal banking sector. This is evident as we continue to see the emergence of more mobile banking solutions and e-wallets, with financial institutions adopting innovative digital banking technologies that make life easier to end customers.

Mobile banking is growing for a reason – it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances, convenient monitoring of all transactions, more efficient bill payments, saved time and money spent on visiting bank branches, among others. Despite the industry facing a few challenges, mobile banking is expected to remain the leading personal banking channel in Singapore.