mumbai bajaj housing finance a subsidiary of bajaj finance and part of bajaj finserv has extended its maximum home loan tenure to 40 years from 30 years for salaried applicants who are new home buyersuntil now home loan providers largely provided loans for a maximum tenure of 30 years although the average loan tenure at the time of agreement is below 20 yearsaccording to bajaj finance the new tenure will enable homebuyers to opt for a flexible repayment tenor that is most convenient to them with the change in the tenor bajaj housing finance now offers among the most competitive home loans in the market with one of the lowest emis starting at just rs 733lakh the company saidthe revised tenor capping is subject to the applicants age at the time of application the eligibility criterion for age with bajaj housing finance is 23 to 75 years with 75 years as the upper limit for age at the time of loan maturity the companys home loans start at 85 per annum for salaried individuals and professionals with prospective borrowers enjoying the option to link their interest rate with an external benchmark that is the repo rateaccording to personal finance experts while increasing the tenure of the loan improves affordability it significantly increases the absolute amount the borrower repays a long tenure also means that should interest rates rise sharply the borrower would have to pay higher emis as there may not be scope to extend the tenure furthera senior banker said that while they did not give fresh loans for 40 years some of their loans ended up with a 40year tenure because of the rise in interest ratespuneheadquartered bajaj housing finance offers loans to individuals as well as corporate entities for the purchase and renovation of homes or commercial spaces the company also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and high net worth individuals