Home Loan Balance Transfer

 
15 reviews

8.35%*
on Balance Transfer

High top-up amount
at an attractive interest rate

Apply Online

*T&C apply | Offer valid from 16th to 22nd October

About Balance Transfer

What is 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 attractive top up loans. To opt for one, all you need to do, is calculate your savings on Home Loan Balance Transfer and fill an online Home Loan Balance Transfer application form.

How it helps?

Transferring your loan helps you in the following ways:

1

Lowers your loan repayments by paying lower monthly instalments.

2

You can utilize the savings from the interest, for spending it on other requirements.

3

Attractive interest rates that make your Home Loan much more affordable and easier on your pocket.

4

Customised repayment options to suit your needs.

5

Get high Top-up at lower interest rates.

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
management

Customised insurance
solutions

3 EMI Holiday
Feature

Features and Benefits

Features and Benefits

Is the interest rate on your existing home loan too high? A home loan balance transfer is the answer to your problems. Get the advantage of low interest rates and low EMIs on your home loan, with Bajaj Finserv Home Loan Balance Transfer. Our home loan balance transfers come with additional benefits like NIL foreclosure charges and NIL part pre-payment charges. We also offer a 3 EMI holiday to help you plan your finances better and give you some breathing room. Apply for Home Loan Balance Transfer online and get instant approval.

Top-up Loan

Buying a home comes with many unforeseen expenses that you can’t always plan for. That’s where Bajaj Finserv Top-up Loans come in. Get the advantage of a top-up on your existing home loan with Bajaj Finserv at low interest rates and a hassle-free application process. In addition, our top-up loans come without the need for you to submit collateral, as they are just an add-on to your existing home loan.

Bajaj Finserv Top-up loans are a unique benefit offered to our home loan balance transfer customers. If you have transferred your home loan balance to us, you will be eligible to apply for a top-up loan after one year.

Home Loan Balance Transfer

If you’re unhappy with your current Home Loan plan, you can switch to Bajaj Finserv and avail of our numerous advantages like Online Application Process, Instant Online Approval, Minimum Documentation, Additional Top loan at attractive rates

Top-up Loans

If you opt for a Home Loan Balance Transfer at Bajaj Finserv, you can also get a Top-up Loan at a minimal rate of interest. This loan amount can be used as per your discretion, be it for a home improvement project or for a holiday.

Part prepayment facility

You can prepay any amount. However, the prepayment transaction should not be less than the total amount of 3 EMIs. There is no limit on the maximum amount. This is subject to you clearing your first EMI.

Nil foreclosure charges

You get the option to foreclose your Home Loan anytime during your loan tenure. Use our Home Loan foreclosure calculator for this purpose. Bajaj Finserv will not charge any foreclosure charges.

3 EMI Holiday

Bajaj Finserv focuses on the ease of repayment through multiple flexible options that make it easier for the customer to repay their loans. A 3-month EMI grace period will help manage/plan monthly expenses and give a cushion to the customer to plan his finances.

Online account management

Once you’ve availed a Home Loan from Bajaj Finserv, you can get all the information about your housing loan like payment schedule, interest certificate, repayment track and key information related to your loans through our

Fees and Charges

Fees and Charges

8.85% Rate of interest

0.8% Processing fees

NIL Loan statement charges

NIL Interest & principle statement charges

NIL PDC swap charges

2.00% p.m Penal interest

NIL EMI bounce
charges*

NIL Part prepayment charges*

Rs.1000 EMI bounce
z charges*

*Applicable following 1st EMI clearnce.

How to apply for Home Loan Balance Transfer

How to Apply

How to apply for Home Loan Balance Transfer

A Home Loan Balance Transfer with Bajaj Finserv will not only make your home loan more affordable, but also introduce you to a host of other benefits like top up loans to help you in your time of need. You can now apply for a Home Loan Balance Transfer by giving us a call on 1800-103-3535 or you can reach us by clicking on 'Apply Online'.

Here are the steps you need to follow when applying for an online Home Loan on our user-friendly website.

Step 1: Fill in your personal details

All you have to do is enter your personal details including your name, date of birth, address, and contact details.

Step 2: Fill in your financial details

Give us your income details and we can help you find a deal that suits your financial standing.

Step 3: Fill in your employment details

The next set of details you need to submit pertain to your employment status.

Step 4: Fill in your existing property details

You need to submit the details of the exiting property for which you need balance transfer loan.

Step 5: View your loan offer

Using our state-of-the-art eligibility calculator, you’ll be able to know what kind of offers we have in store for you.

Step 6: Submit your property details

Give us the details of your new home, including its location and size, and we can help you get the best deal.

Step 7: Pay the secure fee online

This fee is needed to secure and reserve the offer calculated for you. Our Relationship Manager will get in touch with you to help you with the loan process and documents once you have paid the fees. You can pay the fee online through our secure payment portal without any hassles.

Step 8: Upload your documents

Upload copies of all your documents, including ID, address, signature proof, photographs, employment and income details on our website.

So, go ahead! Apply for Home Loan with us, get exactly what you want, and be a part of our family.

Customised Insurance Schemes

Life insurance

HDFC Life Group Credit Protect Plus is a tailor made insurance policy, which protects the families of the insured members from the burden of repaying the outstanding loan to the financial institute in the event death or critical Illness

  • Individual Health Guard Complete Health Protection for an Individual. Get tax benefit.
  • Family Floater Health Guard Insure your family against expensive treatment costs. Get tax benefit.
  • Critical Illness Keep yourself covered in the hour of crisis against critical diseases.
  • Comprehensive Care Plan Cover as loan protection which might arise out of unfortunate incident such as critical illness, Accidental Injuries or loss of employment
  • My Home Complete security for your property and contents in a single policy.
  • Personal Accident Life is Uncertain, Your Future doesn't have to be. The accidental Death or injury of a breadwinner can create serious financial problems for the family. Our Personal accident insurance policy ensures total security and peace of mind.

Property Dossier

Property Dossier is another industry first value added service offered to Mortgage customers of Bajaj Finserv. Property Dossier is a customized report that guides the customer through all the legal and technical aspects of owning a property in a simple and crisp manner. It also covers general property knowledge tips as well as all macro factors like property index of the city, important property tips etc.

Property Search Services

Searching for the perfect property is a task that requires guidance, at each step. We want to ensure that you get the best possible assistance right from search to purchase.

For details about Home Loan agreements, terms and conditions or have any questions, you can refer to our Home Loan FAQs or can contact us at a nearest Bajaj Finserv office.

Eligibility & Documents

Eligibility & Documents

Our Home Loan Balance Transfer facility is available only for properties that are ready to occupy, or already occupied. In order to avail this facility. You should have completed payment of more than 12 loan EMIs without any dues /bounces. In addition, your outstanding loan amount must be greater than Rs. 5 lakh. Once you’re eligible for a home loan balance transfer, You will need the following documents:

FinancialsForm 16/Latest salary slips

Bank StatementsBank statements of salary account for the last six months

Identity ProofVoter's ID card, Driving license, Job card issued by NREGA/Aadhar card/PAN card (PAN card only as identity proof)

Address Proof Passport/Voter's ID card/Driving license/Aadhar Card

FAQs

FAQs

What is home loan balance transfer?Home loan balance transfer is when you switch your existing home loan, and the entire principal amount that is still unpaid, to another lender for a lower interest rate. The lender that you had originally taken the loan from will receive this unpaid amount, while you continue to repay the loan amount at a new interest rate to the new lender that takes up your loan.
You should first understand home loan balance transfer carefully before opting for the same. It is important that you ascertain the benefits you will receive by way of lower interest rates before you choose a home loan balance transfer scheme. You can apply for home loan transfer online with Bajaj Finserv.

Can you transfer a home loan to another financial institution? Yes, you can always transfer your existing home loan to another financial institution. People often want to transfer home loans when they find that they are paying a higher rate of interest, as compared to market rates. This takeover of home loans is called home loan balance transfer. It basically involves transferring your unpaid principal amount from one lender to another at a lower rate of interest.
Home loan balance transfer is a great way to reduce your debt in case you find that your present home loan is too expensive. You can use the Bajaj Finserv home loan balance transfer calculator to work out your savings in accordance with the lower interest rate.

As per RBI guidelines, what are the charges levied on a home loan balance transfer? The RBI home loan balance transfer policy contains information on balance transfer charges that you will have to take into account before transferring your home loan.
The RBI has directed financial institutions to refrain from charging foreclosure fees when it comes to floating interest rate home loans. Earlier, lenders would levy a prepayment penalty ranging between 2-5% of the outstanding principal at the time of refinancing the home loan. Under the new guidelines, individual borrowers of floating interest home loans are exempt from such penalty charges. The charges remain in place for individual borrowers of fixed interest home loans, and all non-individual borrowers.
Even if you are exempt from penalty charges, you are still required to pay a processing fee to your new lender which could vary between 0.5-1% of the loan amount. This amount is sometimes restricted by many lenders to Rs.5,000.

What are the eligibility criteria and documents required in order to quality for a home loan balance transfer? Home loan balance transfer eligibility criteria are quite similar to the eligibility criteria for regular home loans. These criteria vary from one lender to another. However, most lenders take into account the applicant’s age, qualifications, monthly net income, number of dependents, credit (CIBIL) score, and existing debt.
The documents required for home loan balance transfer include proof of address, identity proof, photographs, proof of income, and latest bank statements. In addition to these, you will also have to provide documents related to the purchase of your home. These include the NOC from your developer/housing society, documents from the first lender, and documents that prove the ownership of the property for which you are taking the loan.
At the initial stage of application, you have to submit a letter to your current lender, requesting a balance transfer for your home loan. You will then get a letter of consent, a foreclosure letter, an NOC (no objection certificate), a loan statement displaying your EMI repayment track record, and a list of property documents. All of these have to be provided to your new lender, along with your personal identification documents.
You can use our eligibility calculator for home loan balance transfer, which will help you plan your next steps better.