Loan Against Property Balance Transfer for Self-employed Individuals - Fees and Charges

Go through all the fees and charges applicable before applying for a loan against property balance transfer.

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 (floating rate of interest)

8% to 14% per annum

Processing fee

Up to 3.54% of the loan amount (inclusive of applicable taxes)

Documentation charges

Up to Rs. 2,360/- (inclusive of applicable taxes)

Flexi fee

Term Loan - Not applicable
Flexi Variant - Not applicable

Prepayment charges

Full prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment

  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part-prepayment

  • Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.
  • Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

Note: If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Not applicable

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during Initial loan tenure. Not applicable for subsequent loan tenure.

Bounce charges

In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied

Penal interest

Penal interest is applicable in the following scenarios:

1. Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum on the monthly instalment outstanding, from the date of default until the receipt of monthly instalment.

2. Default of other condition(s): In case of breach of terms of the loan agreement and/ or sanction letter terms, including but not limited to non-submission of requisite documents to BFL, it shall attract penal interest at the rate of 1% per annum on the loan amount till the date of rectification of such default to the satisfaction of BFL. The effective date of levying of penal interest shall commence from the date of committing the default, unless otherwise communicated to the borrower(s) in writing before the penal interest is levied.

Stamp duty (as per respective state)

Payable as per state laws

Mandate rejection charges

Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered

Broken period interest/ pre-EMI interest

Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods:

  • For Term Loan: Deducted from the loan disbursement
  • For QDP process and disbursement mode is cheque: Added to the first instalment
  • For Flexi Term Loan: Added to the first instalment
  • For Flexi Hybrid Loan: Added to the first instalment

Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

  • In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

Mortgage origination fees

Up to Rs. 6,000/- per property (inclusive of applicable taxes)

Property insight (if availed)

Rs. 6,999/- (inclusive of applicable taxes)

CERSAI charges Up to Rs. 118/- (inclusive of applicable taxes)
Conversion fee (floating to fixed)

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note:

a) The company would charge additional interest rate risk premium of 200 bps over the applicable rate of interest on the borrower's loan account as on that date.

b) Three conversions are permissible throughout the entire tenure

Conversion fee (fixed to floating)

For Term Loan: Up to 1.18% (inclusive of applicable taxes) of principal outstanding + undisbursed amount (if any)

For Flexi Term Loan and Hybrid Flexi Loan: Up to 1.18% (inclusive of applicable taxes) on flexi limit + undisbursed amount (if any)

Note: Three conversions are permissible throughout the entire tenure.

Switch fee for ROI change Up to 2.36% (inclusive of applicable taxes) of principal outstanding
Commitment fee Maximum up to total PF amount.

How to apply for a loan against property balance transfer

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Step-by-step guide to apply for our loan against property balance transfer

  1. Click on the 'APPLY' button on this page.
  2. Enter your full name, mobile number, and pin code, and choose ‘Self-employed’ as the employment type.
  3. Now select the type of loan you wish to apply for.
  4. Generate and submit your OTP to verify your phone number.
  5. Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property.
  6. In the next steps, enter your PAN number and any other details as requested depending on your selected occupation type.
  7. Click on the ‘SUBMIT’ button.

That is it! Your balance transfer request is submitted. Our representative will connect with you and guide you through the next steps.