Loan Against Property Balance Transfer Top-up for Self-employed for Higher Education

Higher studies can help you reboot your career. A degree like an MBA or MS in entrepreneurship or a degree in International Business can be a real career booster. While many desire to hold a degree in these courses, some might hold back due to finances. A top-up loan can help in these instances and lift your career. Consider our loan against property balance transfer that comes with a top-up of up to Rs. 10.50 Crore*.

Visa and Flights

VISA AND FLIGHTS

Your student loan will cover your tuition, but not your visa, insurance, flight tickets and similar costs. These costs are big and could cause a dip in your savings. It’s easier to get a top-up loan to finance your overhead costs.

Living Expenses

LIVING EXPENSES

When you live on your own, the rent you pay per month isn't the only expense you have. Expenses like groceries, meals, transportation, clothes, phone bills and high-speed internet bills add up over time. These costs can add up quickly and make a big dent in your savings.

Elective Courses

ELECTIVE COURSES

Your total fee goes up if you opt for more courses, and or extra electives. With an education loan, the basic tuition fee is taken care of, but you are responsible for these other costs. In this case, getting more money on top of the loan you already have definitely helps.

Course Material

COURSE MATERIAL

During the course of your studies, you might need to use a computer, software, and textbooks. Expenses like these can come up at any time and are usually not planned for. Consider using a balance transfer to add to your loan against property so you can always be financially independent.

Emergency Fund

EMERGENCY FUND

Emergencies can happen at any time. If you don't have money on hand during these emergencies, it could get hard. Manage these emergencies with a top-up loan on loan against property balance transfer.

Features and benefits of our loan against property balance transfer

All you need to know about 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.

  • Balance transfer of up to %$$LAPBT-TOPUP-AMOUNT-LAPBT$$%

    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.

  • Low interest rates

    Low interest rates

    Self-employed individuals can access competitive interest rates ranging from 8% to 14% (Floating rate of Interest) p.a.

  • Multiple end-use options

    Multiple end-use options

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

  • Tenure of up to

    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 fee*

    No foreclosure fee*

    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

Show More Show Less
EMI Calculator

Loan against property balance transfer EMI calculator

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

Eligibility criteria and documents required

Any self-employed 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 self-employed applicant, you should have a business continuity of over 5 years in the current business.

Documents required

  • Proof of identity/ residence - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
  • Proof of income (P&L statement)
  • Proof of business existence, 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 01:00
   

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 full name, mobile number, and pin code, and choose ‘Self-employed’ as the employment type.
  3. Now select the type of loan you wish to apply for.
  4. Generate and submit your OTP to verify your phone number.
  5. Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property.
  6. In the next steps, enter your PAN number and any other details as requested depending on your selected occupation type.
  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

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 competitive interest rates, longer repayment tenure, and a top-up loan.

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. Your age, employment status, and city of residence are some of the key criteria for applying for the loan.

Is a self-employed individual eligible for a loan against property?

A self-employed Indian citizen residing in India, between the age group of 25 years* to 85 years* is eligible for the loan. Additionally, you should have a business continuity of over 5 years in the current business.

*Terms and conditions apply

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*.

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 self-employed applicant should have their KYC documents, proof of income (P&L statement), property documents like title deeds, proof of business, and account statements for the past 6 months, etc. handy.

Show More Show Less