Loan Against Property Balance Transfer Top-up for Salaried for Wedding

For most couples, getting married is a dream come true. You want it to be as lavish as possible which may cost a little more than you can afford at that moment. If you are short of funds, you could use a top-up loan and repay in monthly instalments. Loan against property balance transfer top-up comes with a loan up to Rs. 10.50 Crore*.

APPLY
VENUE AND DECOR

VENUE AND DECOR

Based on the size of the venue, a wedding setup can easily cost a couple of lakhs. Your wedding budget would be influenced by the cost of the venue. In this case, a top-up loan would be the best way to pay for it.

WEDDING PLANNERS

WEDDING PLANNERS

When you start to think about your wedding, a wave of innumerable, frequently unrelated details will wash over your head. When you engage a wedding planner, you will be relieved of the responsibility of worrying about the event's particulars. Even if the event is taking place, the wedding planner is in the ideal position to set your mind at ease, reassure you, and provide you with moral support so that you enjoy your own wedding party.

PHOTOGRAPHY

PHOTOGRAPHY

If you don't hire a professional photographer, all the work you put into getting ready and setting up the venue will be for nothing. This is not where exceptions should be made. A good photography team can assist you with your pre-wedding shoot and capture the best candid moments on your big day.

ENTERTAINMENT

ENTERTAINMENT

Keep your wedding guests entertained while the family is busy with lengthy rituals. Set the mood of the party with the right DJ or a live band. There are a lot of ways to have fun, but they all cost money.

GUEST HOSPITALITY

GUEST HOSPITALITY

At a wedding, keeping guests happy is quite important. From a good menu to expensive gifts to cosy stays, all need to be planned out carefully and paid for. Make sure you impress your guests. A to-up loan to your loan against property balance transfer can help you manage the cost.

Features and benefits of our loan against property balance transfer

00:54 ‌

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

Show More Show Less
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

Video Image 01:27
 
 

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*.

Show More Show Less