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Home Loan Balance Transfer

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About Home Loan Balance Transfer

  • Avail home loan balance transfer facility with low rate of interest only 8.55%*.
  • Bajaj Finserv offers top-up loan up to Rs. 50 Lakh when you avail home loan transfer facility.
  • Transfer your home loan balance if you are paying an EMI of more than Rs. 874 per lakh on your loan amount.
  • Opt for Bajaj Finserv’s Home Loan Balance Transfer facility and avail all of the benefits and features mentioned above.

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.
  • Zero foreclosure charges – No additional fees required when you foreclose your home loan availed with floating rate of interest.
  • 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.
  • Zero part-prepayment charges – No additional fees needed when you part-prepay your loan home loan.
  • 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

    Enter your personal details, including your name, date of birth, address, and contact details

  • 2

    Step 2: Fill in your financial details

    Input your income details, so we can find the best deal that suits your financial standing.

  • 3

    Step 3: Fill in your employment details

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

  • 4

    Step 4: Fill in your existing property details

    Submit the details of the existing property for which you need balance transfer loan.

  • 5

    Step 5: View your loan offer

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

  • 6

    Step 6: Submit your property details

    Share details of your new home, including its location and size, so we can help you get the best deal

  • 7

    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 home loan transfer process and documents once you have paid the fees. You can pay the fee online, through our secure payment portal without any hassle.

    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.

  • 8

    Step 8: Upload your documents

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

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 Urban Residents Can Get a House under PMAY - Urban?

Everything You Need to Know about Home Loan Balance Transfer

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