If you feel your home loan EMIs are too high and your loan burden is mounting each day, you need to look for alternatives to reduce your EMI burden.
If you wish to transfer your home loan to Bajaj Finserv, here are the exact steps that will take you through the whole procedure:
Step 1: Inform your existing lender
The first step would be informing your existing lender that you wish to transfer your home loan. You might need to state the reason for transferring the home loan.
Step 2: Negotiation
Your existing lender might get into a negotiation for retaining you as a loan customer. If you have done your cost-savings analysis well, you would know exactly how much you are saving by transferring your home loan. If the existing lender is not able to match the offer, it is advisable to move on.
Step 3: Request a NOC
You will need to submit an application to your existing lender, asking for a ‘No Objection Certificate’ for your home loan transfer.
Step 4: Additional documents
You will also need a few more documents from your existing lender, like, a letter of consent, a foreclosure letter, your property documents, and the final home loan statement showing your EMIs payment.
Step 5: Cancellation of post-dated cheques and payment of charges
Ensure that you cancel or take back all the post-dated cheques submitted to the existing lender. You will also have to pay the charges, if any, for foreclosing the home loan before time.
Additional Read: How Does A Home Loan Balance Transfer Work
Step 6: Apply for balance transfer online
Once you have all the documents in hand, you can start your balance transfer application online at Bajaj Finserv.
Step 7: Submit all the required documents
Bajaj Finserv would ask you for the following documents to apply for a balance transfer:
- Personal and address details
- Income and employment details
- Financial statements
- Property documents
- Clearance letters from the existing letter
Step 8: Work out the best loan offer
Step 9: Get approved
If your eligibility and documents are in alignment with the Bajaj Finserv’s requirements, your home loan balance transfer request would be approved within 5 minutes.
Step 10: Pay off and close the existing loan
Bajaj Finserv will settle your existing home loan by paying off the remaining amount to your old lender.
Step 11: Sign the loan agreement
Once your existing loan is paid off, sign a fresh loan agreement with Bajaj Finserv.
Additional Read: 5 Benefits Of A Home Loan Balance Transfer With Bajaj Finserv
Step 12: Start a fresh home loan with lower rates
That’s it! Now you can start a fresh home loan with the Bajaj Finserv with a reduced interest rate and better services.
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