Features and benefits of our home loan balance transfer

All you need to know about our home loan balance transfer 01:34

All you need to know about our home loan balance transfer

Watch this video to know everything about our home loan balance transfer: Features and benefits, fees and charges, eligibility criteria, and more.

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

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

    Transfer your 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

    With our low interest rates starting at 8.50%* p.a., refinance your home loan and pay EMIs as low as Rs. 819/lakh*.

  • No restrictions on top-up use

    No restrictions on top-up use

    Use the top-up loan amount of Rs. 1 crore* or higher to manage situations like medical emergencies, home repairs, education, and any other pressing needs.

  • Convenient tenure

    Convenient tenure

    Repay the loan over a long tenure of 25 years* and manage your finances comfortably.

  • Foreclosure facility

    Foreclosure facility

    Individual borrowers with a floating rate of interest can make a part prepayment or foreclose the entire loan without paying an additional fee.

  • Minimal documentation

    Minimal documentation

    Balance transfer process on home loans can be lengthy. We keep our document requirements to a minimum, ensuring a hassle-free process.

  • Externally benchmarked loans

    Externally benchmarked loans

    Choose an interest rate linked to an external benchmark, such as the Repo Rate, and benefit during favourable market conditions.

  • Online account management

    Online account management

    You can easily check your loan status, 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: A salaried/ professional applicant must be between 23 years to 70 years, and a self-employed professional must be between 23 years to 70 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.
  • Occupation: Salaried, self-employed professionals like doctors and self-employed non-professionals are eligible to apply.

Documents required:

  • KYC documents (identity and address proof)
  • Proof of income (salary slips or P&L statement)
  • Proof of business (for self-employed applicants), 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

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

  1. Click on the 'APPLY' button on this page.
  2. Enter your full name, mobile number, your 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

Salaried

Self-employed

Doctors

8.70%* to 15.00%* p.a.

8.70%* to 15.00%* p.a.

8.70%* to 15.00%* 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

Loan statement charges

Up to Rs. 500 + 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 your existing home loan from one lender to another, you are doing a home loan balance transfer. With Bajaj Finserv, this feature allows you to get low interest rates starting at 8.50%* p.a.. more convenient terms, and a sizeable top-up loan of Rs. 1 crore* or higher for your urgent financial needs.

What does a top-up loan mean?

A home loan top-up is additional financing available when you transfer your home loan to another financial institution. Refinance your current home loan with Bajaj Finserv and avail of a top-up loan of Rs. 1 crore* or higher.

The top-up amount has no limitations on its usage which means, you can use the amount for anything, from the home renovation or interiors to even paying for emergency medical bills or a wedding.

When can I apply for a home loan balance transfer?

You can apply for a home loan balance transfer any time 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 home loan amount that can be refinanced?

There is no limit on the amount when transferring the home loan balance. The loan amount granted to you 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, changing 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.