Home Loan Balance Transfer - Features & Benefits
Transfer home loan to Bajaj Finserv and get an additional top-up loan of up to Rs. 50 Lakh. Move your home loan outstanding balances to Bajaj and Pay lower monthly instalments at lower interest rate of 6.75%*.
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 Rs. 50 Lakh with a Home Loan Balance Transfer Apply Now!!
Applicable Fees and Charges on Home Loan Balance Transfer
| Home loan balance transfer fees & charges | |
|---|---|
| Type of Fees | Charges Applicable |
| Interest Rate | 6.75%* |
| Processing Fees | Up to 1% |
| Loan Tenure | Up to 25 Years |
| EMIs per Lakh | Rs. 649* |
| 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 a 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 than 12 loan EMIs.
- You should not have any outstanding dues on your existing home loan.
Documents Required for Home Loan Balance Transfer
|
|
||
|---|---|---|
| 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 |
|
|
||
|---|---|---|
| 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
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 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 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 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 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 the repayment period be extended at the time of transfer?
Yes. The repayment tenor can be extended up to a 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 for 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.
