Home Loan Balance Transfer Top-up for Self-employed for Medical Expenses

We have no control over when we might experience a medical emergency. The insurance you have may help pay for some of your medical expenses, but it probably will not cover all of them. By opting for a top-up loan by refinancing your current home loan, you can easily manage these emergencies.

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DIAGNOSTICS

DIAGNOSTICS

Detecting an illness is important but modern diagnostic scans and imaging technology can cost upwards of thousands to a lakh or two. This means you may have to touch your savings if you need several tests over the months. A top-up loan can really aid.

HOSPITALISATION EXPENSES

HOSPITALISATION EXPENSES

While the bills for your surgery, hospital and prescription drugs are taken care of, your insurance will not pay for simple comfort. A better room in the hospital, special meals, or even a visit from a nutritionist or an outside specialist can become an additional cost to bear.

POST-OPERATIVE CARE

POST-OPERATIVE CARE

Post-operative care is important in many cases. Whether it may be psychological therapy or physiotherapy, an expert is a necessary requirement, which may lead you to pay a huge upfront fee.

HOUSEHOLD EXPENSES

HOUSEHOLD EXPENSES

Medical treatments can sometimes cost a fortune. When a family is undergoing a medical emergency, regular monthly expenses may feel like a burden. A top-loan loan can act as a help in such dire situations.

OPTIONAL TREATMENTS

OPTIONAL TREATMENTS

Aesthetic treatments and other add-on elective surgeries are quickly picking up. From hair transplants to LASIK surgeries, and dental implants to fertility treatments, the cost of such procedures is in lakhs! Instead of dipping into your savings to pay for such treatments, a top-up loan certainly helps.

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

Features and benefits of home loan balance transfer and top-up 00:38 ‌

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

Here is everything you need to know about home loan balance transfer and top-up.

  • Top-up loan of

    Top-up loan of up to 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

    Low interest rates

    Avail of low interest rates starting from 8.45%* 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 & top-up loan calculator

Enter a few details and check your home loan balance transfer & top-up loan EMIs.

Eligibility criteria and documents required

Anyone can apply for our home loan balance transfer & top-up loan 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 & top-up loan eligibility

Find out how much loan amount you can get.

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

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

  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

8.45%* to 17.00%* p.a.

Rate of interest for top-up loan

9.35%* to 17.00%* 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.

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 8.45%* p.a., more convenient terms, and a sizeable top-up loan of up to 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 up to 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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