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.
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"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.
