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Home Loan Balance Transfer + Top up for Self-employed Individuals

Interest rates starting 7.95%* p.a. | Loan up to Rs. 15 cr* | Tenure up to 20 years*
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Get Home Loan from Bajaj Finserv
 
 
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Trusted by 3 lakh+ customers

Home Loan Balance Transfer + Top up for Self-employed Individuals
Interest rates starting 7.95%* p.a. | Loan up to Rs. 15 cr* | Tenure up to 20 years*
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Approval in 48 hours*

Your loan application will be approved in 48 hours* of submission, and in some cases, even before that.

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Top-up loan up to ₹ 1 crore or higher

Switch your ongoing home loan to us and avail an additional top-up loan of up to ₹1 crore or higher

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No restriction on use of top-up loan

Use the loan amount up to ₹1 crore* to manage medical emergencies, home repairs, and more.

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Foreclosure facility

For individual borrowers opting for a variable interest rate, there are not additional charges when foreclosing the entire loan amount or making part-prepayment.

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Benefit from low EMIs

Benefit from low interest rates and pay home loan EMIs starting just ₹833/lakh*.

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Approval in 48 hours*

Your loan application will be approved in 48 hours* of submission, and in some cases, even before that.

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Top-up loan up to ₹ 1 crore or higher

Switch your ongoing home loan to us and avail an additional top-up loan of up to ₹1 crore or higher

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No restriction on use of top-up loan

Use the loan amount up to ₹1 crore* to manage medical emergencies, home repairs, and more.

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Foreclosure facility

For individual borrowers opting for a variable interest rate, there are not additional charges when foreclosing the entire loan amount or making part-prepayment.

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Benefit from low EMIs

Benefit from low interest rates and pay home loan EMIs starting just ₹833/lakh*.

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Features and benefits of our home loan balance transfer & top-up loan

  • Top-up loan of Rs. 1 crore* or higher

    Self-employed professionals can transfer their existing home loan to us and avail of a top-up loan of up to Rs. 1 crore* or higher.

  • Low interest rates

    Avail of low interest rates starting from 7.40%* p.a. by refinancing your loan with us.

  • Top-up loan for renovations/repairs

    You can use the top-up loan for housing-related needs, such as home renovations or repairs, to enhance and maintain your living space.

  • Tenure of up to 30 years

    Manage your loan comfortably with our convenient repayment tenure of up to 30 years.

  • Foreclosure facility

    Self-employed professionals who opt for floating interest rates can make part prepayment or foreclose the entire loan without an additional fee.

  • Minimal documentation

    The balance transfer process on home loans can be time-consuming. We keep our document requirements to a minimum, ensuring a hassle-free process.

  • Externally benchmarked interest rates

    You can opt for an interest rate which is linked to an external benchmark, such as the Repo Rate. This may benefit you during favourable market conditions.

  • Online account management

    You can access your loan status and EMI schedule online, and download your statement of account, and other documents on our customer portal - My Account.
*Terms and conditions apply
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Eligibility criteria and documents required

Anyone can apply for our home loan balance transfer facility as long as they meet the criteria mentioned below.

Eligibility criteria

  • Nationality: You must be an Indian citizen residing in India with property in a city we operate in.
  • Age: As a self-employed applicant, you must be between 23 years to 75 years.
    *The upper age limit is considered as the age at the time of loan maturity.
  • CIBIL Score: A CIBIL Score of 725 or higher is ideal to get your home loan balance transfer approved.
  • Employment status: As a self-employed applicant, you should have a business continuity of over 5 years in the current business.

Documents required

  • KYC documents (identity and address proof)
  • Proof of income (P&L statement)
  • Proof of business existence, and
  • Account statements for the last 6 months
Note: This is an indicative list that may change based on your actual loan application.

How to apply for a home loan balance transfer & top-up loan

Get Home Loan from Bajaj Finserv
 

Get Home Loan from Bajaj Finserv

Step-by-step guide to applying for a home loan balance transfer & top-up loan

  1. Click on the “APPLY” button on this page.
  2. Enter your 10-digit mobile number and click "Get OTP". Enter the OTP received and verify your number.
  3. Fill in the Personal Details form, including Full Name, PAN, Date of Birth, and Pin code, and proceed.
  4. Provide your Employment/Business/Professional Details as required to continue.
  5. Enter property-related details and share your banking details using an Account Aggregator to help us fetch your eligibility.
  6. Edit the loan amount, variant, and tenure based on your eligibility.

Our representative will connect with you to guide you through the next steps.

That is it! Your application is submitted. Our representative will connect with you to guide you through the next steps.

Applicable fees and charges on our home loan balance transfer & top-up loan

Type of fee

Applicable charges

Rate of interest for balance transfer

7.95%* to 20%* p.a.

Rate of interest for top-up loan

9.20%* to 10.85%* p.a

Processing fees

Up to 4% of the loan amount + GST as applicable

Bounce charges
  • For loan amounts up to Rs. 15 lakhs: Rs. 500
  • For loan amounts from Rs. 15,00,001 to Rs. 30,00,000: Rs. 500
  • For loan amounts from Rs. 30,00,001 to Rs. 50,00,000: Rs. 1,000
  • For loan amounts from Rs. 50,00,001 to Rs. 1,00,00,000: Rs. 1,000
  • For loan amounts from Rs. 1,00,00,001 to Rs. 5,00,00,000: Rs. 3,000
  • For loan amounts from Rs. 5,00,00,001 to Rs. 10,00,00,000: Rs. 3,000
  • For loan amounts more than Rs. 10 crores: Rs. 10,000.

Penal charge

Click here to know about the penal charges.

Interest and principal statement charges

NIL

Part-prepayment charges

(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes:

  • For Term Loan – Nil
  • For Flexi Term Loan – Nil

(2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans:

  • For Term Loan – 2% on the part-prepayment amount.
  • Flexi Term Loan - Nil

*GST as applicable will be payable by the borrower in addition to the prepayment charges, if any.


**Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution.


Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.

Foreclosure Charges

(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes:

  • For Term Loan – Nil
  • For Flexi Term Loan – Nil

(2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans:

  • For Term Loan – 4%* on principal outstanding
  • For Flexi Term Loan – 4%* on the sanctioned amount during the Flexi interest only loan repayment tenure; and 4%* on the available Flexi loan limit during the Flexi Term Loan tenure

*GST as applicable will be payable by the borrower in addition to the prepayment charges, if any.


**Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution.


Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.

Frequently asked questions

What is a home loan balance transfer?

When you transfer an existing home loan from one lender to another, you are doing a home loan balance transfer. With Bajaj Finserv, this facility allows you to get low interest rates starting at 7.40%* p.a., more convenient terms, and a sizeable top-up loan of Rs. 1 crore* or higher for other financial needs.

What does a top-up loan mean?

A home loan top-up is additional financing available when you switch your home loan to Bajaj Finserv. Transfer your current home loan to us and receive a top-up loan of Rs. 1 crore* or higher.

The loan has no end-use limitations, which means you can use the amount for anything, from home renovation or interiors or wedding to even paying for emergency medical bills.

When can I apply for a home loan balance transfer?

You can apply for a home loan balance transfer after paying off 6 monthly instalments to your current lender. When applying, you must not have outstanding dues on your present loan.

What is the maximum loan amount that can be transferred?

There is no limit on the balance transfer amount with the home loan balance transfer facility. The loan amount sanctioned is based on your income profile, CIBIL Score, and the value of your home.

How long does it take to change the home loan lender?

Typically, switching to a lender via a home loan balance transfer takes 5 to 10 days. This duration is also affected by how fast you receive the foreclosure letter and other documents from your current lender.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.