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Home Loan Balance Transfer

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Home Loan Balance Transfer

  • Avail a home loan balance transfer at a lower interest rate of 8.55%*.
  • Get an additional top-up loan of up to Rs. 50 Lakh on transferring your existing home loan.

You can use our Home Loan Balance Transfer Calculator to compute your savings, as well as your top-up loan eligibility.

Avail Top-up Loan up to ₹ 50 Lakh* with Home Loan Balance Transfer @8.55%* Interest Rate. Apply Now!!

Home Loan Balance Transfer Fees & Charges
Type of Fees Charges Applicable
Interest Rate 8.55%**
Processing Fees Up to 1%
Loan Tenure Up to 20 Years
EMIs per Lakh Rs. 874
Interest and Principal Statement Charges NIL
PDC Swap Charges NIL
Penal Interest 2% per month + applicable taxes
EMI Bounce Charges* Up to Rs. 3,000/-
Loan Statement Charges Rs. 50

Key Features of Home Loan Balance Transfer

 

  • Foreclosure facility – Foreclose your home loan anytime you want to and save on interests.
  • Part-prepayment facility – Part-prepay your loan to reduce your EMIs or the loan tenor. You also get to save on the total payable interest.
  • Manage your account online – Digital customer portal enables you to keep track of your home loan from any place without any charges.
  • Customised insurance schemes – Avail insurance policy to keep your family protected from any unforeseen circumstances.

Eligibility Criteria for Home Loan Transfer
 

  • Your property must be ready to occupy or already occupied.
  • You must have paid more paid more than 12 loan EMIs.
  • You should not have any outstanding dues on your existing home loan.

Required Documents for Home Loan Balance Transfer
 

KYC Documents
Documents Salaried Self-employed
Identity proof - Aadhaar, PAN, Voter ID, Driving License, NREGA card, etc. Yes Yes
Address proof – Aadhaar, passport, Driving License, Voter ID, etc. Yes Yes
Income Proof
Documents Salaried Self-employed
Latest salary slips or Form 16 Yes No
Bank account statement of the previous 6 months Yes No
Income tax returns of the last year No Yes
Balance Sheet and Profit & Loss Account Statement of the previous year No Yes
Registration certificate of the business No Yes

 

How to apply for Home Loan Balance Transfer

  • 1

    Step 1: Fill in your personal details

  • 2

    Step 2: Fill in your financial details

  • 3

    Step 3: Fill in your employment details

  • 4

    Step 4: Fill in your existing property details

  • 5

    Step 5: View your loan offer

  • 6

    Step 6: Submit your property details

  • 7

    Step 7: Pay the secure fee online

  • 8

    Step 8: Upload your documents

Home Loan Balance Transfer FAQs

What are the benefits of transferring a home loan?

The primary benefit of home loan balance transfer is 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 home a good idea?

Yes, it is beneficial. Refinancing your home loan helps you save on high rate of interest. Additionally, you can avail low home loan interest rate that your current lender does not offer.

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 is 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, financials 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 limit for the transfer of amount?

There is no maximum limit of the amount that you can transfer. Your entire home loan outstanding balance gets transferred to the new lender.

Can I get a top up loan at the time of balance transfer?

Yes. Bajaj Finserv provides a high-value Top up Loan of Rs. 50 Lakh when you avail the balance transfer facility.

Can repayment period be extended at the time of transfer?

Yes. The repayment tenor can be extended up to maximum period of 20 years. Do note that at the end of your home loan tenor, your age must not exceed 62 if you are salaried or 70 if you are self-employed.

Do I require a guarantor for home loan transfer?

No. There is no mandatory requirement of a guarantor.

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.

Is home loan balance transfer eligible for PMAY?

Yes. You have to be eligible for PMAY to avail the benefits of subsidised rate of interest with home loan balance transfer.

How does a home loan balance transfer work?

When Should You Do a Home Loan Balance Transfer?

How Home Loan Balance Transfer Helps you Save Money

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