What is a Balance Transfer?
Home Loan Balance Transfer involves the process of transferring your existing Home Loan account to another bank or NBFC. People usually opt for a Balance Transfer if they come across a financial institution offering a lower rate of interest and better services. To opt for one, all you need to do, is calculate your savings on Home Loan Balance Transfer and Top Up and fill an online Home Loan Balance Transfer application form.
How it helps?
Transferring your loan helps you in the following ways:
- Lowers your loan repayments by paying lower monthly instalments.
- Let’s you enjoy your savings from the interest, that you would have otherwise spent on things that really matter to you and your family.
- Attractive interest rates that make your Home Loan much more affordable and easier on your pocket.
- Customised repayment options to suit your needs.
Bajaj Finserv is the best option to choose from
Bajaj Finserv’s Balance Transfer is amongst the best in the industry for the following reasons:
- Pre-payment facility
- No hidden charges
- Nil foreclosure charges
- Online account access
- Customised insurance solutions
- 3 EMI Holiday Feature
You can opt for Bajaj Finserv’s Balance Transfer facility and take a loan up to the registered value of your property.
For eg: Ms. Sudha had purchased a home for Rs. 1 crore. For which she got a home loan from ABC Bank of Rs.80 lakh at a fixed interest rate of 11%. Her monthly EMI was of Rs.82,575 and her loan tenure was for 20 years.Total interest payable is Rs.1,18,18,017 and the total amount that needs to be repaid is Rs.1,98,18,017.
Sudha, kept paying her EMIs for 10 years, meaning she paid back Rs.99,09000 and still has to pay back Rs.99,09017. ABC Bank did not offer all the benefits and the facilities that other lenders were providing. She had to go through a slow and time consuming process in order to pay her EMIs.
Ms. Sudha got a windfall of Rs.60, 00000 with which she decided to pay off a part of her home loan to decrease the loan tenure, meaning she still has Rs.93,09017 to repay. Due to the fluctuation in the market, the rate of interest too, changed from 11% to 10%, but she couldn’t avail this benefit as she took a loan under fixed interest rate scheme.
Sudha found out about Bajaj Finserv’s offers on Home Loan Balance Transfer. She visited the website, through which she easily and conveniently applied for a Home Loan by simply filling up a form. The balance amount of Rs.39,09017 was paid to ABC Bank by Bajaj Finserv, and the home loan got transferred.
After paying her first EMI, Ms. Sudha part-prepaid her home loan without incurring any fees or charges to do so. Now, not only does she pay lower EMIs (Rs.37,723 only) due to the interest cut but also enjoys facilities such as online account access, shorter loan tenure and much more.