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Home Loan Starting 6.65%*

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Home Loan Balance Transfer

Switch your Home Loan to Bajaj Housing Finance

The Bajaj Housing Finance Balance Transfer feature offers you the option to transfer the balance on your existing home loan to Bajaj Housing Finance for a sizeable top-up, a competitive rate of interest, and better lending terms. Opt for a high-value top-up to fund any other financial needs you may have – right from financing your child’s education to renovating your new home. Our simple eligibility criteria and minimal documentation requirements make it easy, convenient, and quick for you to switch to us.

Home Loan Balance Transfer: Features and Benefits

  • Easy Balance Transfer Facility

    Transfer the balance on your existing home loan to us to enjoy a lower rate of interest and better borrowing terms. What’s more, with minimal documentation and quick processing, you are assured of a hassle-free experience when you opt for a Home Loan Balance Transfer with Bajaj Housing Finance.

  • Sizeable Top-up Amount

    When you transfer the balance on your existing home loan to Bajaj Housing Finance, you have the option to avail of a sizeable top-up loan, which you are free to use for any other financial needs you may have.

  • Interest Subsidy Under PMAY

    Enjoy a subsidized rate of interest on your home loan under the Pradhan Mantri Awas Yojana scheme when you apply with Bajaj Housing Finance, since we are a Prime Lending Institution registered with the Central Nodal Agency.

  • Part-Prepayment and Foreclosure Facility

    Individuals with a floating rate of interest face no prepayment or foreclosure charges should they choose to pay off their liability before the end of their tenor.

  • Flexible Repayment Tenor

    Bajaj Housing Finance offers applicants the choice of an extended repayment tenor of up to 30 years to ensure comfortable repayment. So if you are worried about the affordability of your home loan, look no further.

  • Minimal Documentation

    A home loan application is often lengthy and tedious. To make sure that applicants get the quickest and easiest route to their dream home, we keep our documentation requirements to a minimum.

  • Online Account Management

    Customers can access their Home Loan account details online with Bajaj Housing Finance. Our customer portal allows you to not only access details but complete important tasks, such as download your interest certificate and prepay, anytime and anywhere.
     

  • Online Home Loan Calculators

    Online calculators are critical to informed decision-making in the case of long-term credit, such as a home loan. Bajaj Housing Finance has simple and reliable calculators to help you know more on eligibility, your EMI, and the maximum top-up amount you can avail of.

  • Integrated Branch Network

    We have a network of branches around the country so as to ensure easy availability of assistance. If you are unsure of any step in your home loan application journey, we are happy to help you at any of our branches

     

Home Loan Balance Transfer: Eligibility and Documents

You can apply for a Bajaj Housing Finance Home Loan Balance Transfer only for those properties that are ready to occupy or are already occupied. To avail of this offering, you should have paid more than 12 loan EMIs without any dues/bounces.

Home Loan Balance Transfer Eligibility Criteria

For Salaried Individuals


These are the eligibility criteria for the Bajaj Housing Finance Home Loan Balance Transfer facility for salaried individuals:

  • You should be a resident of India
  • You must be between 23 and 62 years** of age
  • You must be able to show a minimum of 3 years of work experience

**Maximum age considered at the time of loan maturity.

For Self-Employed Individuals


These are the eligibility criteria for the Bajaj Housing Finance Home Loan Balance Transfer facility for self-employed individuals:

  • You must be a residing citizen of India
  • You must be between 25 and 70** years of age
  • You must be able to prove a vintage of minimum 5 years in your existing business

**Maximum age considered at the time of loan maturity.

If you meet our eligibility criteria for a Home Loan Balance Transfer, submit the following documents* to apply:

  • KYC documents (identity and address proofs)
  • Photograph
  • Form 16 or latest salary slips (for salaried individuals) / TR document and P&L statement of the last two years (for self-employed individuals)
  • Previous six months’ bank account statements
  • Business proof documents, with minimum 5 years of continuity in the current business (for self-employed individuals only)

*Please note that the list of documents mentioned is indicative. During loan processing, additional documents may be needed. These requirements will be communicated to you accordingly.
 

How to Apply for a Home Loan Balance Transfer

To apply for a Bajaj Housing Finance Home Loan Balance Transfer, simply follow the below steps after clicking on our online application form.

Step 1

Visit our online home loan application form

Step 2

Submit your personal & income details such as full name, employment type, PAN card no, loan type, pin code, and mobile number

Step 3

Submit the details of the property for which you need the balance transfer.

Our representative will get back to you shortly and guide you through the next steps.

Home Loan Balance Transfer: Fees and Charges

The Home Loan Balance Transfer facility offered by Bajaj Housing Finance comes with an array of advantages that make the experience of transferring your home loan balance smooth and affordable. The charges and fees related to home loan transfer are fixed, which enables transparent processing and lets you manage your finances better.

Repo Rate

In the current monetary system, the Reserve Bank of India uses the repo rate as a money market tool to achieve several fiscal goals for the economy. Any increase or decrease in the repo rate affects the ROI of all financial lending institutions. The current repo rate is 4.00%.

Salaried Floating Reference Rate: 12.95%*

Home Loan Interest Rate (Floating)
Loan Type Effective ROI (p.a)
Home Loan 6.65%* to 14.00%*
Top-Up 6.65%* to 15.00%*

 

Self-Employed Floating Reference Rate: 13.40%*

Home Loan Interest Rate (Floating)
Loan Type Effective ROI (p.a)
Home Loan 7.70%* to 14.00%*
Top-Up 7.70%* to 15.00%*

 

Repo Rate: 4.00%

Home Loan Interest Rate (Floating)
Loan Type Effective ROI (p.a)
Home Loan 6.65%* to 12.00%*
Top-Up 6.65%* to 12.00%*

For a complete list of fees and charges, please click here

 

Other Fees and Charges

TYPE OF FEE CHARGES APPLICABLE
Processing Fee Up to 6% of the loan amount
Loan Statement Charges NIL
Interest and Principal Statement Charges NIL
EMI Bounce Charges Up to Rs. 3,000
Penal Interest Up to 2%
Secure Fee Up to Rs. 4,999 (one-time)

 

Part-Prepayment and Foreclosure Charges

BORROWER TYPE: INDIVIDUAL TERM LOAN FLEXI LOAN
Time Period (months) >1 >1
Foreclosure Charges Nil Nil
Part Payment Charges Nil Nil

*For purposes other than business

BORROWER TYPE: NON-INDIVIDUAL TERM LOAN FLEXI LOAN
Time Period (months) >1 >1
Foreclosure Charges 4% * on the Principal Outstanding 4%* on the Sanctioned Amount during the Flexi Interest Only
Loan Repayment Tenor;
and
4%* on the available Flexi Loan Limit during the Flexi Term Loan Tenor
Part-Payment Charges 2% * on the Part-Payment Amount NA

What is the Difference Between Home Loan and Home Loan Balance Transfer?

A home loan is a loan availed in order to purchase a property, construct a house, purchase land or renovate an existing house. It requires you to meet the lender’s home loan eligibility criteria and provide certain documentation. A home loan balance transfer is a refinance loan where you transfer your existing home loan’s outstanding amount to a new lender. This is done with an aim to get lower interest rates and save money by paying a lower amount towards the total interest. It can also get you a top-up loan and allows you to restructure your loan.

If you are wondering what is the difference between home loan and home loan balance transfer, keep in mind that they are almost the same with just a few differences. Home loan and home loan balance transfer serve the same purpose of financing the purchase of the property. However, lenders usually require you to have paid at least 12 EMIs of the existing loan before you can carry out a switch. They also require you to not have any outstanding or unpaid EMIs on it. Lastly, the property you can financing should be ready to occupy or already occupied.

A home loan also requires property evaluation and, in this aspect, a home loan balance transfer may be easier. However, a home loan balance transfer also requires you to submit all the documents pertaining to ID, address, age, and income to the new lender as well as all the property papers.

When you consider a balance transfer, the focus is to get lower home loan interest rates, an extended repayment period, and better terms. However, the main aim of the initial home loan is to finance the purchase of property, construction, or renovation at pocket-friendly terms.

What are the Benefits of Transferring Home Loan?

There are various benefits of transferring home loan as explained below.

  • Lower Interest Rates: One of the main home loan balance transfer benefits is getting a lower interest rate as compared to those offered by your existing lender. This helps you save more during repayment, making your EMIs easier to manage. This can also help you pay of the loan sooner and become debt-free faster.
  • Availability of a Top-up Loan: You can also get a top-up loan when availing a home loan balance transfer. This loan is one that is taken over and above your existing home loan amount and comes without any end-use restrictions. You can utilize it to meet a range of financial commitments as it has a lengthy repayment tenure and comes with a competitive rate of interest. Together, balance transfer and top up home loan help you manage your finances with ease
  • Restructuring of Loan Terms: A home loan balance transfer helps you in restructuring the terms of your home loan, whether it is increasing your tenor, decreasing it, paying more as EMI, or paying less. All this helps you managing your home loan better, more cost-effectively and conveniently.
  • Better Customer Service and Facilities: You can also consider transferring your home loan to enjoy better customer service, be it doorstep services, online account management, digital processes, pre-approved offers for other financial services and more. Apart from the above, some lenders offer other benefits of home loan balance transfer such as smart saver home credit and maxgain or overdraft account facility.

Home Loan Balance Transfer FAQs

What is a Home Loan Balance transfer?

A home loan balance transfer is when you transfer an existing home loan from one lender to another. Understanding what is home loan balance transfer will help you make better decisions with regard to your home loan and save money during repayment too. A home loan transfer helps you obtain lower interest rates, more pocket-friendly terms, and even a top-up loan for other expenses.

When is a Home Loan Balance Transfer a good Idea?

In the initial duration of repayment, your EMIs have a higher interest component as compared to the principal. So, it is best to transfer an existing home loan to a new lender when you are in the first half of your repayment tenure. This ensures that you can save more thanks to a lower interest rate. Also, transfer an existing home loan only after comparing your savings by taking in account the charges entailed in the process. If you’re wondering, ‘Is balance transfer a good idea for home loan borrowers?’, the answer is yes if you are getting a lower interest rate and a top-up loan.

What are the Benefits of Transferring a Home Loan?

Transferring home loan has many benefits. It allows you to get a lower interest rate on your loan and gives you an opportunity to negotiate with the new lender for better terms. The benefits of transferring home loan also include getting an extension on the repayment period and availing a top-up loan. Check the benefits of home loan balance transfer offered by Bajaj Housing Finance Limited and make a smart move.

What is a Top up loan?

A home loan top up or simply a top-up loan is the additional loan you get when you transfer your home loan to a new lender. Get a sizable amount as a top up loan by transferring your current home loan to Bajaj Housing Finance Limited. It is free of any end-use restrictions, so you can use it freely, and comes with a competitive interest rate and an extended repayment tenor. Now that you know what is top up loan, you can plan your home loan balance transfer smartly, keeping other financial needs in mind.

Is refinancing a Home Loan a Good Idea?

Yes, home loan refinancing or refinancing a loan is a good idea when you can avail a new home loan at better interest rates than your existing loan. This helps you save on the interest outgo. Refinancing a home loan with Bajaj Housing Finance Limited offers you a load of benefits like a top-up facility, competitive interest rates, and an option to extend the repayment period.

Who Can Avail a Home Loan Balance Transfer?

A home loan balance transfer can be availed by a salaried or self-employed borrower meeting the new lender’s home loan eligibility criteria. For a balance transfer loan, it is required that you not have any outstanding dues on your existing loan and should have paid at least 12 EMIs. Also, the property for which you want to transfer the loan must be ready to occupy or already occupied. Connect with Bajaj Housing Finance Limited to get a competitive home loan balance transfer interest rate.

What Processing Fee is Charged on Home Loan Transfer?

The home loan balance transfer interest rate for salaried starts at just 6.75%, whereas an interest rate of 8.50% onwards is charged for self-employed individuals. A nominal processing fee of up to 6% of the loan amount is charged on a home loan transfer by Bajaj Housing Finance Limited.

Why and When Must You Avail the Home Loan Balance Transfer?

You should avail home loan balance transfer to enjoy the benefits of a lower interest rate, which makes your EMIs more affordable, a longer or shorter loan tenor, as per your needs, and a top-up loan for other needs. You can also consider transferring your home loan balance if you are offered attractive discounts and pre-approved offers.

Avail home loan balance transfer only when your savings exceed the other charges such as processing and documentation fees. Also, consider transferring the loan during the initial repayment tenor as this is the period when you pay most of the EMI amount towards interest.

What is the Maximum Amount That can be Transferred?

There is no limit when transferring the home loan balance. You can transfer the entire outstanding home loan amount to the new lender. Transfer your existing home loan to Bajaj Housing Finance Limited and get a high-value top-up loan with no end-use restrictions.

Do I Require A Guarantor For A Home Loan Balance Transfer?

No. You can easily transfer your home loan balance by meeting the eligibility criteria and enjoy the benefits. You do not require any housing loan guarantor to switch your existing home loan to a new lender.

How Long Does It Take To Switch A Lender?

It takes around 5 to 10 days in general, to switch a lender for a home loan balance transfer. This timeline also depends on how quickly you get the home loan NOC and other documents from your existing lender.

Can A Home Loan Be Transferred To Another Person?

Yes. You can make a home loan transfer to another person to whom you are selling your property. However, you can only transfer to the same individual and not to anyone else. If you are wondering how to transfer home loan to another person, this requires a letter from you requesting a foreclosure of your home loan due to property sale. The buyer then has to apply for a home loan from the lender.

Can I avail a top loan in addition to a balance transfer loan from Bajaj Housing Finance?

Yes, you can avail high-value top up loan along with a balance transfer loan to meet a range of financial requirements, be it for your child’s education, home repairs, medical needs and more. Get a balance transfer and top up home loan from Bajaj Housing Finance at competitive interest rates, flexible repayment tenor, and customized insurance schemes.