Home Loan Balance Transfer – Features and Benefits
Transfer the balance of your existing home loan to Bajaj Finserv and get an additional top-up loan of a sizable amount. Apart from the top-up loan that comes free of any end-use restrictions, you also gain the benefits of a competitive interest rate and the option to extend your repayment tenor. Use our Home Loan Balance Transfer Calculator to compute your savings and top-up loan eligibility.
Home Loan Balance Transfer Benefits
Many borrowers opt to transfer their loan to a new lender to avail of a lower interest rate. This is one of the key benefits as a lower interest rate translates to reduced EMIs and a lower interest payable on the loan. To know all about the other benefits of a home loan balance transfer, read on.
• Allows you to negotiate for loan restructuring
When you opt for a home loan balance transfer, you can negotiate with your new lender for more suitable repayment terms. You can also change your repayment to better match your repayment capabilities and goals.
• Balance transfer and top-up loan
You can avail of a top-up when you transfer your loan. The amount is free of end-use restrictions, and you can use it to meet any expense, right from a renovation project to an exotic vacation.
Avail of a top-up loan up to Rs.50 lakh with a Home Loan Balance Transfer. Apply Now.
Applicable Fees and Charges on Home Loan Transfer
| Home Loan Balance Transfer Fees and Other Charges | |
|---|---|
| Type of Fees | Charges Applicable |
| Interest rate | 6.70%* onwards (for salaried) 8.50%* onwards (for self-employed) |
| Processing fees | Up to 6% of the loan amount |
| Interest and principal statement charges | NIL |
| Loan statement charges | NIL |
| Penal interest | Up to 2% |
| EMI bounce charges* | Up to Rs. 3,000 |
Home Loan Balance Transfer – Features, Eligibility, and Documentation
Home Loan Balance Transfer – Key Benefits
- Sizeable top-up amount
- Flexible repayment tenor
- Doorstep service
- No foreclosure charges*
- No No part-prepayment charges*
- Online account management
- Customised insurance schemes
*Applicable in the case of individuals with a floating rate of interest
Home Loan Balance Transfer – Eligibility Criteria
- The property must be ready to occupy or already occupied
- You should have paid more than 12 loan EMIs
- You should not have any outstanding dues on your existing home loan
Home Loan Balance Transfer – Documents Required
The documents required for a Home Loan include KYC documents, such as identity and address proof. Apart from these, self-employed applicants must submit financial statements of their business for the last 2 years and documents supporting proof of business continuity for 5 years. Salaried applicants need to submit their latest salary slips/Form 16 and bank account statements for the last 6 months.
Home Loan Balance Transfer – How to Apply?
Fill in your personal details
Fill in your financial details
Fill in your employment details
Fill in your existing property details
View your loan offer
Submit your property details
Pay the secure fee online
Upload your documents
Home Loan Balance Transfer – FAQs
What Are The Benefits Of Transferring A Home Loan?
The primary benefit of a home loan balance transfer is a lower rate of interest. The facility thus reduces your monthly instalments.
Also, you get to avail a high-value top-up loan up to Rs. 50 Lakh.
Is Refinancing A Home A Good Idea?
Yes, it is beneficial. Refinancing your home loan helps you avail of a lower rate of interest, enabling you to save on the total interest outgo.
Does Refinancing Hurt Your Credit Score?
No. Refinancing your home loan will not lower your credit score.
How Long Does It Take To Switch A Lender?
It usually takes around 5 to 10 days to switch lenders. You can apply for a Home Loan Balance Transfer from Bajaj Finserv’s official website. Provide your personal details, financial data, employment details, and existing property information to view your loan offer.
Next, you have to submit your property details, pay the secure fee, and upload the relevant documents to apply for the transfer.
What Is The Maximum Amount That Can Be Transferred?
There is no maximum amount that you can transfer. Your entire home loan outstanding balance gets transferred to the new lender.
Can I Avail Of A Top-Up Loan At The Time Of Balance Transfer?
Yes, When you transfer your home loan to Bajaj Finserv, you have the option to avail of a high-value top-up amount to meet other financial needs.
Can The Repayment Period Be Extended At The Time Of Transfer?
Yes, Bajaj Finserv offers applicants the option to extend their repayment tenor. Please note that the maximum age at the time of loan maturity cannot exceed 62 years in the case of salaried individuals and 70 years in the case of self-employed individuals.
Do I Require A Guarantor For A Home Loan Balance Transfer?
No, you do not require a guarantor to go ahead with a home loan balance transfer.
Can A Home Loan Be Transferred To Another Person?
Yes. You can transfer your home loan to another person if you are selling your property to that same individual.
