Loan Against Property Balance Transfer Top-up for Salaried for Home Expenses

Whether you're buying a new house or fixing up an old one, the costs are often high. Our top-up loan up to Rs. 10.50 Crore* can be quite helpful in such cases. It comes with no end-use limitation so you can use it for a varied number of needs.

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RENOVATION

RENOVATION

As your kids get older, they may want more alone time and space necessitating a structural change. Also, what if you wish to turn your balcony into a bedroom for extra space? It can be hard to save up for all of these things.

INTERIORS

INTERIORS

The way you decorate your home speaks of your style and standing. You might not want to miss the chance to give your new home a personal touch and a modern feel. Use our Top-up loan for immediate needs and repay over a suitable period.

MAJOR REPAIRS

MAJOR REPAIRS

Maintenance costs can come up every four or five years. Every repair, like making your walls waterproof, changing the plumbing, or rewiring the electricity, will add to the total cost. They can easily run into thousands of rupees and even a few lakhs.

FURNISHINGS

FURNISHINGS

With the right furniture, you can make your home look nice and comfortable. Using upholstered furniture and decorations inside and outside is a great way to make a statement. Even though these things may be expensive, a top-up loan can help you get them without much trouble.

SMART HOME

SMART HOME

Smart home technology is quite popular because it is useful and necessary in the modern times we live in now. Our top-up loan can help you get the cutting-edge technology you want to be installed in your dream home, like voice-controlled lighting, smart air conditioning, a tech-enabled security system, etc.

Features and benefits of our loan against property balance transfer

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All you need to know about our loan against property balance transfer

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

  • Low interest rates

    Low interest rates

    Salaried professionals can get a competitive interest rate starting from 9% to 14% (Floating rate of Interest) p.a. on a balance transfer.

  • Top-up loan

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

    Be eligible for a top-up loan of up to Rs. 10.50 Crore* on transferring your existing loan to us.

  • Multiple end-use options

    Multiple end-use options

    Use the loan to manage your big spending on weddings, higher education, medical emergencies, home renovation, and more.

  • Tenure

    Tenure of up to 15 years*

    Manage your loan conveniently with a long repayment tenure of up to 15 years*.

  • Speedy approval

    Speedy approval

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

  • No foreclosure charges*

    No foreclosure charges*

    An individual borrower with a floating rate of interest can make a part prepayment or foreclose the entire 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 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

Any salaried individual 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.
  • CIBIL Score: A CIBIL Score of 700 or higher is ideal to get an approved loan against property balance transfer.
  • Employment status: As a salaried applicant, you must be employed with a stable income source from a public or a private company with a minimum of 3 years of work experience.


Documents required

  • Proof of identity/ residence
  • Property-related documents (Mortgage documents, Title deed)
  • Proof of income (latest salary slips, IT Returns),
  • Proof of employment (ID card issued by employer), 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 basic details like your full name and mobile number.
  4. Choose ‘Salaried’ as your employment status.
  5. 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.
  6. Generate and submit your OTP to verify your phone number.
  7. Enter further details like your property location, your current EMI amount/ monthly obligation, and your PAN number.
  8. 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

Why should I choose a loan against property balance transfer?

It is recommended that you choose a loan against property balance transfer when your present loan against property lending terms are no longer feasible for you. Transferring your loan against property balance to a different lender may entitle you to more competitive interest rates as well as the ability to get a longer repayment tenure along with a top-up loan.

Who can get 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.

I am a salaried individual. Am I eligible for a loan against property?

A salaried Indian citizen residing in India, between the age group of 25 years to 85 years is eligible for the loan. Apart from that, you should have a stable income source and should be employed with a public or private firm. You must also carry an experience of minimum 3 years.

*Terms and conditions apply

What kind of documents are required for loan against property balance transfer?

If you are planning to apply for a loan against property balance transfer, you must be ready with some basic paperwork. A salaried applicant should have their KYC documents, proof of income (salary slips), property documents like title deeds, and account statements for the past 6 months, etc. handy.

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

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

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