Loan Against Property Balance Transfer Top-up for Higher Education

Getting a college degree can be a big investment with some unexpected costs. Aside from tuition, there will be costs for travel, extra elective course fees, rent, and so on. With a loan against property balance transfer and a top-up loan up to Rs. 10.50 Crore*, you can easily pay for these unexpected costs.

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VISA AND FLIGHTS

VISA AND FLIGHTS

If you want to go to college in a foreign country, you will have to spend a great deal of money on visas, insurance, and flights. At first, it's hard to figure out how to pay for these costs, and education loans rarely cover them.

COURSE FEE

COURSE FEE

If you decide to take an extra course or an elective during your course, it could mean a sudden cost. Even though education loans pay for tuition, these other costs are not considered. With the top-up loan on your loan against property balance transfer, you can reach your goals without worrying about the finances.

LIVING EXPENSES

LIVING EXPENSES

In addition to rent, you will need regular cash flow for groceries, daily commutes and transportation, mobile bills, high-speed internet, and other purchases. These things could be expensive and hard to pay for without a loan.

COURSE MATERIAL

COURSE MATERIAL

Depending on your programme, you may need some important textbooks, computers, software, and other things. Most of the time, these costs come up out of the blue. With a Top-up on your loan against property balance transfer, you can make sure you have enough money.

EMERGENCY FUND

EMERGENCY FUND

It's important to put some money aside for unfortunate accidents, illnesses, and other things you can't plan for. Even though insurance can help in some situations, it doesn't always pay for everything.

Features and benefits of our loan against property balance transfer

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Features and benefits of Loan Against Property Balance Transfer

Learn about the features and benefits of loan against property balance transfer.

  • Low interest rates

    Low interest rates

    Transfer your current loan against property to us and get an attractive interest rate starting from 9% to 14% (Floating rate of Interest) p.a.

  • Top-up loan

    Top-up loan of up to Rs. 10.50 Crore*

    By transferring your existing loan against property to us, you can be eligible to get a top-up loan of up to Rs. 10.50 Crore*

  • Speedy approval

    Speedy approval

    Get a quick approval on your loan application soon after your document verification.

  • Tenure

    Tenure of up to 15 years*

    Manage your loan easily with convenient repayment tenure of up to 15 years*.

  • Multiple end-use options

    Multiple end-use options

    Use the loan amount to meet your financial requirements like wedding expenses, medical emergencies, home renovation costs, and more.

  • No foreclosure charges*

    No foreclosure charges*

    As an individual borrower with a floating rate of interest, you can make a part prepayment or foreclose the loan without an additional charge.

  • Externally benchmarked interest rates

    Externally benchmarked interest rates

    You can opt for an interest rate which is linked to an external benchmark, such as the Repo Rate, and benefit from a transparent interest rate process and favourable market conditions.

  • *Terms and conditions apply.

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EMI Calculator

Loan against property EMI calculator

Enter a few details and check your loan against property EMIs.

Eligibility criteria and documents required

Anyone can apply for our loan against property balance transfer 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: Minimum age: 25 years* (18 years for non-financial property owners)
    Maximum age: 85 years* (including non-financial property owners)
    *Age of the individual applicant/ co-applicant at the time of loan maturity.
    *Higher age of co-applicant may be considered up to 95 years basis 2nd generation (legal heir) meeting age norms and to be taken as co-applicant on loan structure.
  • CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property balance transfer.
  • Occupation: Salaried, self-employed professionals like doctors, and self-employed non-professionals are eligible to apply.

Documents required:

  • Proof of identity/ residence
  • Proof of income
  • Property-related documents
  • 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.

Eligibility Calculator

Check your loan against property balance transfer eligibility

Find out how much loan amount you can get.

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 pin code and click Proceed.
  3. Provide your basic details like your full name and mobile number.
  4. Now select the type of loan that you wish to apply for, your net monthly income, your area pin code, and the required loan amount.
  5. Generate and submit your OTP to verify your phone number.
  6. Enter further details like your property location, your current EMI amount/ monthly obligation, and your PAN.
  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.

Applicable fees and charges

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

Types of fees

Applicable charges

Rate of interest (floating rate of interest)

9% 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. Any delay in payment of monthly instalment shall attract penal interest at the rate of 3.5% per month 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/- per property (inclusive of applicable taxes)

Mandate registration charges

In case of UPI mandate registration, Re. 1 (inclusive of applicable taxes) will be collected from the customer

Frequently asked questions

Who can apply for a loan against property balance transfer?

Anyone with an existing loan against property can apply for a balance transfer with us. Choose us for low interest rates, top-up loan up to Rs. 10.50 Crore*, and convenient repayment tenure.

Your age, employment status, and city of residence are some of the key standards that you should meet for loan approval.

Who is eligible for a loan against property balance transfer?

If you are an Indian citizen, residing in India, between the age group of 25 years to 85 years, or a 25 years* to 85 years* old self-employed Indian, then you are eligible.

*Terms and conditions apply

What is the maximum repayment tenure for a loan against property balance transfer?

You can repay the total sum borrowed over a convenient repayment tenure of up to 15 years*.

Why should I opt for a loan against property balance transfer?

You are advised to opt for a balance transfer for loan against property when your current loan against property terms are no longer feasible to you. By transferring your loan against property balance to a us, you can be eligible for more affordable interest rates, top-up loan, and also enjoy privileges to revisit your repayment tenure, and more.

What are the usual documents required for a loan against property balance transfer?

When applying for a loan against property balance transfer, you will need a few of the following documents along with the term documents from previous lender:

  • Proof of identity/ residence
  • Proof of income
  • Property-related documents
  • Proof of business (for self-employed applicants), and
  • Account statements for the last 6 months

These documents will help us verify your profile, the property you have mortgaged, and the loan terms.

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