Home Loan Balance Transfer Top-up for Self-employed for Higher Education

Some of the common ways of funding higher education are using family savings, lending from friends and relatives, or selling assets like land, gold etc. But you can also do so by refinancing your existing home loan with us. You can get a top-up loan of up to Rs. 1 Crore* on your balance transfer at competitive interest rates.
VISA AND FLIGHTS

VISA AND FLIGHTS

Your education loan will most likely cover your tuition fee, but not the cost of visa, insurance, and travel tickets. These expenses are significant and may cause a dip in your savings if they are unaccounted for.

COURSE FEE

COURSE FEE

Additional courses, vocational training, coaching, or elective subjects increase the cost of education. While the basic tuition fee is taken care of with an education loan, these additional costs are to be borne by you. A top-up on your existing home loan helps a lot in this case.

LIVING EXPENSES

LIVING EXPENSES

Reoccurring costs like rent expenses, groceries and food bills, transportation costs, clothing, phone bills, internet bills, and more, all add up. These expenses can significantly pile up and make a dent in your savings.

COURSE MATERIAL

COURSE MATERIAL

It's likely that you'll need access to a computer, software, and textbooks. These costs can crop up at any time and are rarely planned for. Consider adding a top-up on your home loan balance transfer with us and be financially prepared.

Emergency Fund

EMERGENCY FUND

Emergencies can come knocking at any moment. For unfortunate illnesses or accidents, to family emergencies that require you to take the next flight home, you may need some finances.

Features and benefits of our home loan balance transfer

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Home Loan Balance Transfer - Features and benefits

Our Home Loan Balance Transfer offers a top-up loan of Rs. 1 crore. Know other benefits.

  • Top-up loan of

    Top-up loan of Rs. 1 Crore*

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

  • Low interest rates

    Low interest rates

    Avail of low interest rates starting from 9.50%* p.a. by refinancing your loan with us.

  • No restrictions on top-up usage

    No restrictions on top-up usage

    You can use the top-up amount to pay for emergency medical bills, home renovation, wedding expenses, and other urgent needs.

  • Tenure of up to 20 years*

    Tenure of up to 20 years

    Manage your loan comfortably with our long repayment tenure ranging up to 20 years.

  • Foreclosure facility

    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

    Minimal documentation

    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 linked loans

    Externally benchmarked linked loans

    You can opt for an interest rate that is linked to an external benchmark, such as the Repo Rate, and benefit during favourable market trends.

  • Online account management

    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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Home loan balance transfer EMI calculator

Home loan balance transfer EMI calculator

Enter a few details and check your home loan balance transfer EMIs.

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.

Check your home loan balance transfer eligibility

Check your home loan balance transfer eligibility

Find out how much loan amount you can get.

How to apply for a home loan balance transfer

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Step-by-step guide to apply for a home loan balance transfer

  1. Click on the 'APPLY' button on this page. 
  2. Enter your full name, mobile number, employment type, and the type of loan you wish to apply for.
  3. Generate and submit your OTP to verify your phone number.
  4. Next, choose your current home loan lender from the drop-down and enter your monthly salary and the loan amount required.
  5. In the next step, enter additional details like your DOB, PAN number, email Id, current EMI amount, and other details.
  6. Finally, click on the ‘SUBMIT’ button.
That is it! Your application is submitted. Our representative will connect with you to guide you through the next steps.

Applicable fees and charges

We advise you to read about our fees and charges thoroughly before applying.

Type of fee

Applicable charges

Rate of interest for balance transfer

9.50%* to 15.00%* p.a.

Rate of interest for top-up loan

10.00%* to 18.00%* p.a.

Processing fees

Up to 7% of the loan amount

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. 1,000

For loan amounts from Rs. 30,00,001 to Rs. 50,00,000: Rs. 1,500

For loan amounts from Rs. 50,00,001 to Rs. 1,00,00,000: Rs. 2,000

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. 5,000

For loan amounts more than Rs. 10 crores: Rs. 10,000.

Penal interest

24% per annum in addition to the applicable interest rate on the overdue amount.

Secure fee

Up to Rs. 10,000 + GST as applicable

Interest and principal statement charges

NIL

Part-prepayment charges

NIL

Foreclosure Charges

NIL

Hard Copy Loan Statement Charges

Up to Rs. 500 per request + GST as applicable


Still haven’t found what you are looking for? Click on any of the links at the top of this page.

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 9.50%* p.a., more convenient terms, and a sizeable top-up loan of Rs. 15 Crore 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. 15 Crore.

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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