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HomeLoanBalanceTransfer_Overview_WC

Overview

A Home Loan Balance Transfer allows you to move your existing loan balance to a new lender. If you have an existing Home Loan, you can use the balance transfer facility to enjoy lower interest rates and better repayment terms.

Apply for ​​​​a ​Home Loan Balance Transfer​​ with Bajaj Housing Finance to get interest rates as low as 8.70%* p.a. for salaried applicants. In addition, you will get the benefits of a sizeable Top-up Loan and excellent customer service. The Top-up Loan can be used to finance any housing-related requirements.

We offer simple eligibility criteria and minimal documentation to make it easy for you to transfer your Home Loan balance.

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Features and Benefits of a Home Loan Balance Transfer

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 housing needs you may have.

Part-Prepayment and Foreclosure Facility

Individuals with a housing loan 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 40 years to ensure comfortable repayment.

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

Our ​​customer portal​​ allows you to access the details of your Home Loan with Bajaj Housing Finance and view your repayment schedule.​​

Online Home Loan Calculators

Before opting for a loan, you need to calculate your Home Loan EMI, eligibility, and other details. For this, we offer tools like the ​​Home Loan EMI Calculator​​.​​

Integrated Branch Network

We have a network of branches all over the country. So, if you are looking for hands-on assistance, visit one of our branches. ​​​

Home Loan BT Calculator

Calculate Your Home Loan Balance Transfer Benefits

Total Sanctioned Loan Amount Rs.

0Rs.10 Cr

Existing Loan Tenor Months

0300 Months

Existing Rate of Interest %

015%

BHFL Rate of Interest %

015%

Rs. 0

Total amount saved with a Home Loan Balance Transfer to Bajaj Housing Finance.

Rs.0

Final Home Loan Amount

Rs.0

Top-Up Amount



Apply Now

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Home Loan Balance Transfer: Eligibility and Documents_WC

Eligibility Criteria for a Home Loan Balance Transfer

You can apply for a Home Loan Balance Transfer to make the most of our competitive interest rates and other features. Borrowers who have paid only one Home Loan EMI with their existing lender can also choose to transfer their Home Loan.

For Salaried Individuals

These are the eligibility criteria for the housing loan balance transfer for salaried individuals:

  • You should be an Indian citizen (NRIs included)
  • You should be between 23 and 62 years** of age
  • You should have a minimum of 3 years of work experience with a public/private sector company, or an MNC

For Self-Employed Individuals

These are the eligibility criteria for the housing loan balance transfer for self-employed individuals:

  • You should be an Indian citizen (Resident only)
  • You should be between 25 and 70** years of age
  • You should be able to showcase steady income from an enterprise with a minimum vintage of 5 years

**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.

Home Loan Balance Transfer: Documents Required_WC

Documents Required for a Home Loan Balance Transfer

The following documents*** are required to be submitted in case you meet our requirements for a housing loan balance transfer:

  • KYC documents (identity and address proofs)
  • Mandatory documents (PAN Card, Form 60)
  • Photographs
  • Income proof documents, 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 a 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.

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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.

  1. Visit our online Home Loan application form
  2. Submit your personal and income details, such as full name, employment type, PAN, loan type, PIN code, and mobile number
  3. Submit the details of the property for which you need the balance transfer

Home Loan Balance Transfer: Fees and Charges_WC 3

Home Loan Balance Transfer Interest Rate, Fees, and Charges

The 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.

Interest Rates for Salaried and Professional Applicants

Salaried Floating Reference Rate: 15.40%*

Home Loan Interest Rate (Floating)

Loan Type Effective ROI (p.a.)
Home Loan 8.50%* to 15.00%*
Home Loan (Balance Transfer) 8.70%* to 15.00%*
Top Up 9.80%* to 18.00%*

Interest Rates for Self-Employed Applicants

Self-Employed Floating Reference Rate: 16.00%*

Home Loan Interest Rate (Floating)

Loan Type Effective ROI (p.a.)
Home Loan 9.10%* to 15.00%*
Home Loan (Balance Transfer) 9.50%* to 15.00%*
Top Up 10.00%* to 18.00%*

Salaried individuals and self-employed professionals can also avail of Repo Rate linked Home Loans.

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 6.50%*.

For a complete list of our interest rates, please click here.

  • Bajaj Housing Finance charges an additional rate, called ‘spread,’ over the benchmark rate to arrive at the final lending rate. The spread varies on the basis of various parameters, including the bureau score, profile, segments, and approval from competent authorities, among others.
  • Bajaj Housing Finance may grant loans below or above the documented rate of interest (up to 100 basis points) in deserving cases on an exceptional basis under the powers of the competent authority, vested with them.
  • The above benchmark rates are subject to change. Bajaj Housing Finance will update the current benchmark rates on this website in the event of a change.

Other Fees and Charges

Type of Fee Charges Applicable
Processing Fee Up to 7% of the loan amount + GST as applicable
Loan Statement Charges Nil
Interest and Principal Statement Charges Nil
EMI Bounce Charges Up to Rs.10,000* (refer to the table provided below for the full break-up)
Penal Interest 24% per annum in addition to the applicable interest rate on the overdue amount
Secure Fee Up to Rs.9,999 (one-time)

*Applicable following the first EMI clearance.

EMI Bounce Charges

Loan Amount (in Rs.) Charges (in Rs.)
Up to Rs. 15 Lakh 500
15,00,001 – 30,00,000 1,000
30,00,001 – 50,00,000 1,500
50,00,001 – 1,00,00,000 2,000
1,00,00,001 – 5,00,00,000 3,000
5,00,00,001 – 10,00,00,000 5,000
More than 10 Crore 10,000

Prepayment and Foreclosure Charges

Individuals with Home Loans linked to floating interest rates pay no additional charges on the prepayment or foreclosure of the housing loan amount. However, this may change for non-individual borrowers and borrowers who have loans for business purposes.

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

Particulars Term Loan Flexi Term Loan Flexi Hybrid Loan
Time Period (in months) >1 >1 >1
Part-prepayment Charges Nil Nil Nil
Full Prepayment Charges Nil Nil Nil

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

Particulars Term Loan Flexi Term Loan Flexi Hybrid Loan
Time Period (in months) >1 >1 >1
Part-prepayment Charges 2%* on part payment Nil Nil
Full Prepayment Charges 4%* on Principal Outstanding 4%* on the available Flexi Loan Limit 4%* on Sanctioned Amount during Flexi Interest Only Loan Repayment tenure; and 4%* on the available Flexi Loan Limit during 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.

Purpose of Loan

The following loans shall be classified as loans for business purpose:

  • Lease Rental Discounting Loans
  • Loans Against any Property availed for Business Purpose, i.e., working capital, debt consolidation, repayment of business loan, expansion of business, acquisition of business assets or any similar end usage of funds.
  • Loan for purchase of Non-Residential Properties.
  • Loan against security of Non-Residential Property.
  • Top up Loans for business purpose, i.e., working capital, debt consolidation, repayment of business loan, expansion of business, acquisition of business assets or any similar end usage of funds.

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

Differences Between a Home Loan and Home Loan Balance Transfer

A Home Loan is a loan availed of 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 the difference between Home Loan and Home Loan Balance Transfer is, keep in mind that they are almost the same with just a few differences. A housing loan and Home Loan transfer serve the same purpose of financing the purchase of the property. One can transfer their housing loan at any time, even as early as when they have paid only one EMI on their existing loan.

A housing loan also requires property evaluation, and, in this aspect, a loan balance transfer may be easier. However, a housing 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 or renovation of property at pocket-friendly terms.

What are the Benefits of Transferring Home Loan?_WC

​Benefits of a Home Loan Balance Transfer

There are various benefits of transferring a Home Loan.

  • Lower Interest Rates:  One of the main benefits of Home Loan Balance Transfer is the chance to avail of a lower interest rate as compared to that offered by your existing lender. This helps you save more during repayment, making your EMIs easier to manage. This can also help you pay off the loan sooner and become debt-free faster.
  • Availability of a Top-up Loan:  You can also get a Top-up Loan when availing of a Home Loan Balance Transfer. This loan is one that is taken over and above your existing Home Loan amount and comes with flexible end-use. You can utilize it to meet a range of housing expenses as it has a lengthy repayment tenor and comes with a competitive rate of interest. Together, a Home Loan Balance Transfer and Top-up Home Loan can help you manage your finances with ease.
  • Renegotiation of Loan Terms: A Home Loan Balance Transfer helps you in renegotiating 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 manage 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 online account management, digital processes, pre-approved offers for other financial services, and more.

When to Consider Home Loan Balance Transfer?

When to Consider Home Loan Balance Transfer?

Home Loans are usually a substantial amount and the interest rates, although the lowest among loans, can still be overwhelming at higher sums. Consider this, for a Home Loan of Rs.1 Crore, you can end up spending approximately Rs.2.5 Crore or more by the end of your tenor. Hence, even a minor shift in the rate of interest can compound to make a great difference which is why many people consider balance transfer. Here are some scenarios in which a borrower can consider Home Loan transfer.

  • Higher Interest Rates with the Existing Lender: As already mentioned earlier, the number one reason to change the lender is the high interest rate charged by the current lender or alternatively the lower interest rates charged by the prospective lender.
  • Change in Repayment Tenor: If a borrower is not able to change their repayment tenor with the current lender, they can consider other options. They can modify the repayment tenor with the balance transfer facility, based on eligibility.
  • Need for Additional Funds: Home Loan Balance Transfer provides with an opportunity to avail additional funds (Top-up) with end-use flexibility. At an interest rate lower than personal loans, balance transfer opens better options for borrowers.

There could be a host of other reasons why one could consider a balance transfer. One should however keep in mind that the balance transfer option can be useful only if the overall savings in interest cost is significant enough after factoring in the cost involved in doing so.

*Terms and conditions apply.

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Frequently Asked Questions:

A Home Loan Balance Transfer is when you transfer an existing Home Loan from one lender to another. The feature helps you obtain lower interest rates, more pocket-friendly terms, and even a Top-up Loan for other expenses.

A Home Loan Top-up, or simply a Top-up Loan, is the additional loan you can avail of 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. The amount comes with flexible end-use, a competitive interest rate, and a long repayment tenor.

Yes, Home Loan refinancing is a good idea when you can avail of a new Home Loan at better interest rates than your existing loan. This helps you save on interest outgo. Refinancing a Home Loan with Bajaj Housing Finance offers you several benefits, such as a Top-up Loan, competitive interest rates, and the option to extend the repayment period.

A Home Loan Balance Transfer can be availed of by any salaried or self-employed borrower who meets the new lender’s Home Loan eligibility criteria. For a balance transfer loan, you should not have outstanding dues on your existing loan with your existing lender. Connect with Bajaj Housing Finance to get a competitive Home Loan Balance Transfer interest rate.

Bajaj Housing Finance charges a nominal processing fee of up to 7% of the loan amount.

Avail of a Home Loan Balance Transfer to enjoy the benefits of a lower interest rate and more affordable EMIs, a longer 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 pre-approved offers.

Avail of a 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.

There is no limit when transferring the Home Loan balance. The loan amount you are offered depends on your profile and the property in question. Transfer your existing Home Loan to Bajaj Housing Finance and get a sizeable Top-up Loan with end-use flexibility.

No, you can easily transfer your Home Loan balance by meeting the eligibility criteria. You do not require any housing loan guarantor to switch your existing Home Loan to a new lender.

It takes around 5 to 10 days, in general, to switch to a lender through a Home Loan Balance Transfer. This timeline also depends on how quickly you get the foreclosure letter and list of documents from your existing lender.

Yes, you can avail of a sizeable Top-up Loan worth Rs.1 Cr* or higher, basis eligibility, along with a balance transfer loan to meet a range of financial requirements related to house. Get a balance transfer and Top-up Home Loan from Bajaj Housing Finance at competitive interest rates, with a flexible repayment tenor and customized insurance schemes.

Home Loan Balance Transfer can have both positive and negative effects on your credit score, depending on how you manage the process. Here are some possible effects:

Positive Effects:Firstly, Home Loan Balance Transfer can lower your outstanding debt amount and improve your credit utilization ratio, which is a key factor in determining your credit score. Secondly, If you transfer your Home Loan to a lender offering lower interest rates, you may be able to save money on interest charges, which can help you pay off your loan faster and improve your credit score. Thirdly, If you are struggling to repay your Home Loan, transferring the balance to a lender offering better repayment terms can help you reduce your debt burden and improve your credit score.

Negative Effects: Applying for a Home Loan Balance Transfer will result in a hard inquiry on your credit report, which can temporarily lower your credit score. Secondly, if you transfer your Home Loan to a lender offering a higher loan amount, your outstanding debt may increase, which can increase your credit utilization ratio and lower your credit score.

While it is possible to use the Home Loan Balance Transfer facility multiple times, it only makes sense if you take time and select the best possible lender once and for all.

Home Loan Balance Transfers do not directly increase credit limits. Home Loan Balance Transfers involve transferring your existing Home Loan to a new lender who offers better interest rates or other favourable terms. This can help you save money on your Home Loan repayments. However, it's important to understand that your credit limit is determined by your credit score, income, and other factors that lenders consider when assessing your creditworthiness. A Home Loan Balance Transfer does not directly impact your credit score or income, so it won't directly increase your credit limit.

Yes, Home Loan Balance Transfer applicants can get tax benefits as per the old tax regime.

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