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

Repayment and tenure options available with Loan Against Property 00:41 ‌

Repayment and tenure options available with Loan Against Property

  • Low interest rates

    Low interest rates

    Salaried professionals can get a competitive interest rate starting from 9% to 12% (Floating rate of Interest) p.a. on a balance transfer.

  • Top-up loan

    Balance transfer of up to Rs. 10.50 crore*

    Be eligible for a balance transfer 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*.

  • Quick approval

    Quick approval

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

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

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.

Type of fee

Applicable charges

Rate of interest (floating rate of interest)

9% to 12% 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 facility charge

Term Loan – Not applicable

Flexi variant (as applicable below) - (Inclusive of applicable taxes)

Flexi term loan (Flexi dropline)
Up to Rs. 999 for loan amount less than Rs. 50,00,000.
Up to Rs. 1,999 for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
Up to Rs. 1,999 for loan amount between Rs. 75,00,000 and Rs. 99,99,999
Up to Rs. 2,999 for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999
Up to Rs. 3,999 for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999
Up to Rs. 4,999 for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999
Up to Rs. 5,999 for loan amount Rs. 7,50,00,000 and above

Flexi Hybrid loan –

Up to Rs. 5,999 for loan amount less than Rs. 50,00,000.
Up to Rs. 11,999 for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
Up to Rs. 14,999 for loan amount between Rs. 75,00,000 and Rs. 99,99,999
Up to Rs. 19,999 for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999
Up to Rs. 21,999 for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999
Up to Rs. 25,999 for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999
Up to Rs. 29,999 for loan amount Rs. 7,50,00,000 and above

The above Flexi facility charges will be deducted upfront from the loan amount.

Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

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

Rs. 1,500/- per bounce/.

“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Penal charge

Penal Charge is applicable in the following scenarios:

a. Penal Charge:
Any payment default shall attract penal charge of Rs. 190/- per day for period of such delay from the respective due date and continue to apply until the date of receipt of amounts under the said default.

b. Covenant Perfection Charge:
i) Rs. 800/- per day for non-submission of critical documents after 90 days of disbursement. Levy from the date when due on non-compliance of any one or all heads in the category.
ii) Rs. 500/- per day for non-submission of non-critical documents after 120 days of disbursement. Levy from the date when due.

Stamp duty (as per respective state)

Payable as per state laws

Broken period interest/ pre-EMI interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:

Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Deducted from disbursement

For Flexi Loans: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment

For Quick disbursal process and disbursement mode is cheque: BPI amount will be capitalised, i.e. added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:

First instalment will consist of interest for actual number of days.

Mortgage origination fees

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

Note - In case of re-valuation of the property then MOF will be levied again and shall be deducted from loan disbursement amount.
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.

C) This is applicable to all Floating Interest Rate equated instalment based personal loans of different periodicities; Personal loans is defined in the RBI circular on “XBRL Returns- Harmonization of Banking Statistics” vide No. DBR.No.BP.BC.99/08.13.100/2017-18 dated January 04, 2018.
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:
a) Three conversions are permissible throughout the entire tenure.
b) This is applicable to all Floating Interest Rate equated instalment based personal loans of different periodicities; Personal loans is defined in the RBI circular on “XBRL Returns- Harmonization of Banking Statistics” vide No. DBR.No.BP.BC.99/08.13.100/2017-18 dated January 04, 2018.
Switch fee for ROI change Up to 2.36% (inclusive of applicable taxes) of principal outstanding
Commitment fee Maximum up to total PF amount.
Legal Charges Recovery of charges
Repossession & Incidental charges Recovery of charges
Principal Holiday Facility Fees Principal Holiday (as applicable below) -

Up to Rs. 5,999 (Inclusive of applicable taxes) for loan amount less than Rs. 50,00,000.
Up to Rs. 11,999 (Inclusive of applicable taxes) for loan amount between Rs. 50,00,000 and 74,99,999.
Up to Rs. 14,999 (Inclusive of applicable taxes) for loan amount between Rs. 75,00,000 and Rs. 99,99,999.
Up to Rs. 19,999 (Inclusive of applicable taxes) for loan amount between Rs. 1,00,00,000 and Rs. 2,49,99,999.
Up to Rs. 21,999 (Inclusive of applicable taxes) for loan amount between Rs. 2,50,00,000 and Rs. 4,99,99,999.
Up to Rs. 25,999 (Inclusive of applicable taxes) for loan amount between Rs. 5,00,00,000 and Rs. 7,49,99,999.
Up to Rs. 29,999 (Inclusive of applicable taxes) for loan amount Rs. 7,50,00,000 and above.

The above principal holiday facility fees will be deducted upfront from loan amount.
The Loan amount includes approved loan amount, Insurance Premium, VAS Charges and Documentation charges.

**The option of switching from floating to fixed rate of interest and vice versa would be applicable only to Borrowers whose loan qualify as personal loan as per RBI circular on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans- RBI/2023-24/55-DOR.MCS.REC.32/01.01.003/2023-24.
Personal loans refers to loans given to individuals and consist of (a) consumer credit, (b) education loan, (c) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), and (d) loans given for investment in financial assets (shares, debentures, etc.).
Further, Consumer credit refers to the loans given to individuals, which consists of (a) loans for consumer durables, (b) credit card receivables, (c) auto loans (other than loans for commercial use), (d) personal loans secured by gold, gold jewellery, immovable property, fixed deposits (including FCNR(B)), shares and bonds, etc., (other than for business / commercial purposes), (e) personal loans to professionals (excluding loans for business purposes), and (f) loans given for other consumptions purposes (e.g., social ceremonies, etc.). However, it excludes (a) education loans, (b) loans given for creation/ enhancement of immovable assets (e.g., housing, etc.), (c) loans given for investment in financial assets (shares, debentures, etc.), and (d) consumption loans given to farmers under KCC. For risk weighting purposes under the Capital Adequacy Framework, the extant regulatory guidelines will be applicable. (as defined in XBRL Returns – Harmonization of Banking Statistics-RBI/2017-18/117-DBR.No.BP.BC.99/08.13.100/2017-18)

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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