Loan Against Property Balance Transfer Top-up for Home Expenses

A house makeover that is done correctly will not only help you make your home more beautiful on the outside, but it will also help you make it more comfortable and functional inside. In addition, if you are considering renting out or selling your home in the near future, certain modifications may also help increase the value of your property. You should not have to go use your savings for costs like these since you can get a top-up loan. The interest rate on our top-up is low. You can borrow up to Rs. 10.50 Crore* and spread out your payments over a tenure of 15 years*.

RENOVATION

RENOVATION

We would all like to occasionally renovate our living spaces, reorganise our beds, or seek other improvements along these lines. In a similar vein, when your children get older, they may want their own personal space, which means that your bedrooms will need to be rearranged to accommodate this need. Making arrangements for all of this and other things can put a significant hole in your savings.

INTERIORS

INTERIORS

The addition of decorative accents, such as a wood and brass coffee table, a huge abstract artwork, attractive furniture, and other décor elements, not only improves the aesthetic quality of a room but also reveals your unique sense of style. Such things can cost you a couple of lakhs easily.

FURNISHINGS

FURNISHINGS

The right pieces of furniture have the ability to turn an ordinary room into a sophisticated one. Tables, chairs, couches, and other upholstered items, in addition to curtains and other decorative items, improve the appearance of the interiors and exteriors. Even though these items could cost a large amount, you can easily make the necessary arrangements to purchase them with a top-up loan.

MAJOR REPAIRS

MAJOR REPAIRS

The plumbing and electrical systems in your home should be taken into account early on in the design stages of any renovation project. This will safeguard your loved ones from danger, guarantee a stable water supply to your house, and prevent any malfunctions in your home's electrical or plumbing. The amount you have to spend on house repairs is significant.

SMART HOME

SMART HOME

Smart homes give you a greater degree of control over the amount of energy you use while also automating tasks such as regulating the temperature, turning lights on and off, opening and closing window coverings, and adjusting the amount of water used for gardening depending on the conditions outside.

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 8% to 14% (Floating rate of Interest) p.a.

  • Balance transfer of up to %$$LAPBT-max-loan-amount$$%

    Balance transfer of up to Rs. 10.50 Crore*

    By transferring your existing loan against property to us, you can be eligible to get a balance transfer 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*

    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.

  • 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 - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
  • 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.

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.

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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