Home Loan Balance Transfer

Interest rates starting 7.60%* p.a. | Loan up to Rs. 15 cr* | Tenure up to 30 years*
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हमारे होम लोन के बारे में सभी आवश्यक जानकारी
 
 
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Trusted by 3.5 lakh+ customers

Home Loan Balance Transfer
Interest rates starting 7.60%* p.a. | Loan up to Rs. 15 cr* | Tenure up to 30 years*

Key features

Watch Video ‌
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Approval in 48 hours*

Your loan application will be approved in 48 hours* of submission, and in some cases, even before that.

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Top-up loan up to ₹ 1 crore or higher

Switch your ongoing home loan to us and avail an additional top-up loan of up to ₹1 crore or higher

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No restriction on use of top-up loan

Use the loan amount up to ₹1 crore* to manage medical emergencies, home repairs, and more.

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Foreclosure facility

For individual borrowers opting for a variable interest rate, there are not additional charges when foreclosing the entire loan amount or making part-prepayment.

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Benefit from low EMIs

Benefit from low interest rates and pay home loan EMIs starting just ₹706/lakh*.

Key features

Watch Video ‌
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Approval in 48 hours*

Your loan application will be approved in 48 hours* of submission, and in some cases, even before that.

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Top-up loan up to ₹ 1 crore or higher

Switch your ongoing home loan to us and avail an additional top-up loan of up to ₹1 crore or higher

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No restriction on use of top-up loan

Use the loan amount up to ₹1 crore* to manage medical emergencies, home repairs, and more.

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Foreclosure facility

For individual borrowers opting for a variable interest rate, there are not additional charges when foreclosing the entire loan amount or making part-prepayment.

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Benefit from low EMIs

Benefit from low interest rates and pay home loan EMIs starting just ₹706/lakh*.

Home Loan EMI Calculator

Home Loan EMI Calculator

Plan your instalments better

Features and benefits of our home loan balance transfer & top-up loan

  • Top-up loan of Rs. 1 crore* or higher

    Transfer your existing home loan to us and avail of a top-up loan of up to Rs. 1 crore* or higher.

  • Low interest rates

    With our low interest rates starting at 7.60%* p.a., refinance your home loan and pay EMIs as low as Rs. 706/lakh*.

  • No restrictions on top-up use

    You can use the top-up loan for housing-related needs, such as home renovations or repairs, to enhance and maintain your living space.

  • Convenient tenure

    Repay the top-up loan over a long tenure of 30 years* and manage your finances comfortably.

  • Foreclosure facility

    Individual borrowers with a floating rate of interest can make a part prepayment or foreclose the entire loan without paying an additional fee.

  • Minimal documentation

    Balance transfer process on home loans can be lengthy. We keep our document requirements to a minimum, ensuring a hassle-free process.

  • Externally benchmarked loans

    Choose an interest rate linked to an external benchmark, such as the Repo Rate, and benefit during favourable market conditions.

  • Online account management

    You can easily check your loan status, EMI schedule, and download your statement of account, and other documents on our customer portal - My Account.
*Terms and conditions apply
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Eligibility criteria and documents required

Anyone can apply for our home loan balance transfer & top-up loan facility 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:
    A salaried/ professional applicant must be between 23 years to 67 years, and a self-employed professional must be between 23 years to 70 years.
    *The upper age limit is considered as the age at the time of loan maturity.
  • CIBIL Score:
    A CIBIL Score of 725 or higher is ideal to get your home loan balance transfer approved.
  • Occupation:
    Salaried employee, a professional individual, and a self-employed individual.

Documents required

  • KYC documents (identity and address proof)
  • Proof of income (salary slips or P&L statement)
  • 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.

How to apply for a home loan balance transfer & top-up loan

Eligibility criteria for Home Loan Balance Transfer
 

Eligibility criteria for Home Loan Balance Transfer

Step-by-step guide to applying for a home loan balance transfer & top-up loan

  1. Click on the 'CHECK ELIGIBILITY' button on this page.

  2. Enter your 10-digit mobile number and click "Get OTP". Enter the OTP received and verify your number.

  3. Fill in the Personal Details form, including Full Name, PAN, Date of Birth, and Pin code, and proceed.

  4. Provide your Employment/Business/Professional Details as required to continue.

  5. Enter property-related details and share your banking details using an Account Aggregator to help us fetch your eligibility.

  6. Edit the loan amount, variant, and tenure based on your eligibility.

That is it! Your application is submitted. Our representative will connect with you and guide you through the next steps.

Applicable fees and charges on our home loan balance transfer & top-up loan

Type of fee

Applicable charges

Rate of interest

Salaried

Self-employed

Doctors

7.60%* to 10.35%* p.a.

8.00%* to 10.80%* p.a.

7.70%* to 10.40%* p.a.

Rate of interest (Top-up Loan)

7.75%* to 10.40%* p.a.

9.05%* to 10.85%* p.a

8.65%* to 10.45%* p.a.

Processing fees

Up to 4% of the loan amount + GST as applicable

Bounce charges

For loan amounts up to Rs. 15 lakhs: Rs. 500

For loan amounts from Rs. 15,00,001 to Rs. 30,00,000: Rs. 1,000

For loan amounts from Rs. 30,00,001 to Rs. 50,00,000: Rs. 1,500

For loan amounts from Rs. 50,00,001 to Rs. 1,00,00,000: Rs. 2,000

For loan amounts from Rs. 1,00,00,001 to Rs. 5,00,00,000: Rs. 3,000

For loan amounts from Rs. 5,00,00,001 to Rs. 10,00,00,000: Rs. 5,000

For loan amounts more than Rs. 10 crores: Rs. 10,000.

Penal charge

Click here to know about the penal charges.

Interest and principal statement charges

NIL

Part-prepayment charges

(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes:

  • For Term Loan – Nil

  • For Flexi Term Loan – Nil

(2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans:

  • For Term Loan – 2% on the part-prepayment amount.

  • Flexi Term Loan - Nil

*GST as applicable will be payable by the borrower in addition to the prepayment charges, if any.

**Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution.

Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.

Foreclosure Charges

(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes:

  • For Term Loan – Nil

  • For Flexi Term Loan – Nil

(2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans:

  • For Term Loan – 4%* on principal outstanding

  • For Flexi Term Loan – 4%* on the sanctioned amount during the Flexi interest only loan repayment tenure; and 4%* on the available Flexi loan limit during the Flexi Term Loan tenure

*GST as applicable will be payable by the borrower in addition to the prepayment charges, if any.

**Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution.

Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.

Frequently asked questions

Overview

Features

Eligibility

Application Process

What is a home loan balance transfer & top-up loan?

When you transfer your existing home loan from one lender to another, you are doing a home loan balance transfer. With Bajaj Finserv, this feature allows you to get low interest rates starting at 7.60%* p.a.. more convenient terms, and a sizeable top-up loan of Rs. 1 crore* or higher for your urgent financial needs.

What does a top-up loan mean?

A home loan top-up is additional financing available when you transfer your home loan to another financial institution. Refinance your current home loan with Bajaj Finserv and avail of a top-up loan of Rs. 1 crore* or higher.

The top-up amount has no limitations on its usage which means, you can use the amount for anything, from the home renovation or interiors to even paying for emergency medical bills or a wedding.

When is the right time to transfer your home loan?

The right time is when another lender offers a significantly lower interest rate, especially during the early tenure of your loan. It’s also beneficial if you want better repayment terms or need a top-up loan. Ensure the savings outweigh the transfer costs.

What is a home loan balance transfer?

A home loan balance transfer is the process of shifting your outstanding loan amount to another lender offering better interest rates or terms. It helps reduce EMI or overall interest payable, provided the new terms suit your financial needs.

What is the maximum home loan amount that can be refinanced?

There is no limit on the amount when transferring the home loan balance. The loan amount granted to you is based on your income profile, CIBIL Score, and the value of your home.

Can I transfer a home loan to another bank?

Yes, you can transfer your home loan to another bank offering better terms, subject to the new lender’s eligibility criteria and approval. This process is commonly referred to as a home loan balance transfer.

When can I apply for a home loan balance transfer & top-up loan?

You can apply for a home loan balance transfer & top-up loan any time after paying off 6 monthly instalments to your current lender. When applying, you must not have outstanding dues on your present loan.

How long does it take to change the home loan lender?

Typically, changing a lender via a home loan balance transfer takes 5 to 10 days. This duration is also affected by how fast you receive the foreclosure letter and other documents from your current lender.

How many times can I do home loan balance transfer?

There’s no legal limit to how many times you can transfer your home loan. However, frequent transfers may incur additional fees, paperwork, and time. Always evaluate the long-term savings and benefits before opting for multiple transfers.

How does home loan balance transfer work?

A home loan balance transfer involves applying with a new lender, who repays your existing loan. You then repay the new lender as per their terms. Ensure to factor in transfer costs and assess the savings before proceeding.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.