Home loan balance transfer features and benefits

  • Interest rate

    Interest rate starting 8.30%*

    Refinance your existing home loan with Bajaj Finserv at an
    attractive rate of interest.

  • Funding of %$$HL-max-loan-amount$$%

    Funding of Rs. 5 Crore*

    The loan amount is tailored to your profile and needs, so the quantum of funding is never a problem.

  • Repayment tenor of %$$HL-Tenor$$%

    Repayment tenor of 30 years

    Select a suitable tenor based on your repayment capacity and ensure easy repayment.

  • Top-up of %$$HLBT-max-loan-amount-HLBT$$%

    Top-up of Rs. 1 Crore*

    Avail of a sizeable top-up loan free of end-use restrictions at a competitive interest rate.

  • Disbursal in %$$HL-Disbursal-TAT$$%

    Disbursal in 48 Hours*

    Transfer your home loan seamlessly with minimal documentation and fast processing.

  • Zero prepayment and foreclosure charges

    Zero prepayment and foreclosure charges

    Individuals with a floating interest rate home loan face no additional charges on prepayment or foreclosure.

  • Customised repayment options

    Customised repayment options

    Bajaj Finserv offers tailored repayment options to keep the loan affordable for every applicant.

  • External benchmark linked loans

    External benchmark linked loans

    Avail of a loan linked to external benchmarks, such as the repo rate, to make the most of external rate cuts.

  • Hassle-free processing

    Hassle-free processing

    Enjoy hassle-free processing with our simple eligibility criteria and minimal documentation.

  • Online account management

    Online account management

    Keep track of your home loan from any place and at any time through our customer portal –My Account.

A home loan balance transfer is the easiest way to ensure substantial savings in the form of a lower interest rate. Borrowers often find themselves with a higher interest rate than the current market standard, typically due to a dip in the market. In such a case, you can choose to apply for a balance transfer and avail of a reduced interest rate.

The benefit of a lower interest rate can be converted into either lower EMIs or a shorter tenor, depending on whether your priority is more comfortable repayment or earlier repayment. Home loan balance transfer also offers the advantage of a sizeable top-up loan, which can be availed of for any other financial needs you may have. The benefit here is that the additional sum comes with a relatively lower interest rate compared to other unsecured loans, such as a personal loan.

Bajaj Finserv offers home loan balance transfer starting at 8.30%* p.a, with EMIs as low as Rs. 755/lakh*. Applicants also have the option to avail of a top-up loan worth Rs. 1 Cr* or even higher, depending on their eligibility.

Use our home loan balance transfer calculator to compute your savings, as well as your top-up loan eligibility. By transferring your home loan to Bajaj Finserv, you benefit from a suite of features such as a flexible repayment tenor, online account management, attractive interest rates, hassle-free prepayments, and more. Assess the costs of conducting a balance transfer and then, apply online and submit a few documents to have your application processed speedily.

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Eligibility criteria for home loan balance transfer

Home loan balance transfer fees & charges

Type of fees

Charges applicable

Interest rate (Salaried)

8.30%*

Interest rate (self-employed) 8.55%

Processing fees

Up to 7% of the loan amount

Loan tenor

Up to 30 years

EMIs per lakh

Rs. 755/Lakh*

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


Find below all the relevant eligibility information you need to make your home loan balance transfer process a success.

  • 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

Home loan balance transfer document checklist

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

Property related documents, such as the title deed, will also be needed.

The mentioned list is only indicative, and you may be asked to present other documents during loan processing.

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How to apply for a home loan balance transfer

Follow these steps to apply for a home loan balance transfer with Bajaj Finserv:

  1. 1 Click on ‘Apply Online’ to open our online home loan form
  2. 2 Enter your basic personal details and verify your profile with an OTP
  3. 3 Fill out your personal, employment, and financial details as well as information about your existing property

A Bajaj Finserv representative will contact you and help with the next steps.

*Conditions apply

Home loan balance transfer FAQs

What are the benefits of transferring a home loan?

The primary benefit of a home loan balance transfer is cheaper repayment. A lower rate of interest helps reduce your monthly instalments. Also, you can avail a high-value top-up loan with Bajaj Finserv.

Is refinancing home a good idea?

Yes, it is beneficial when timed right. Refinancing your home loan helps you save on high interest outgo. Availing of a low home loan interest rate reduces your EMI.

Does refinancing hurt your credit score?

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 online through the Bajaj Finserv website for faster processing.

What is the maximum amount that can be transferred?

There is no maximum amount that you can transfer. Your entire outstanding home loan 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 top-up loan of Rs. 1 Cr* or even higher, basis eligibility, when you avail of its balance transfer facility.

Can the repayment period be extended at the time of transfer?

Yes. The repayment tenor can be extended, so that it is up to a maximum of 30 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 since a home loan is a secured loan.

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 it beneficial to opt for a home loan balance transfer?

One of the main reasons why a home loan balance transfer may prove useful is that it gives you the chance to negotiate a lower interest rate. Not only that, you also have the opportunity to avail of better borrowing terms.

What are the documents required for a home loan balance transfer?

The documents required for a home loan balance transfer are the same as those required for a fresh home loan, for the most part. Additionally, you have to submit SOAs for your existing loan and eventually, a foreclosure letter for the existing loan. Other documents may be requested, varying from a case to case basis.

What is the maximum tenor one can avail of for a home loan balance transfer?

A home loan balance transfer comes with the same features and benefits as a fresh home loan. So, the maximum tenor you can avail of on a home loan balance transfer is 30 years.

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