Home Loan Balance Transfer

Home loan balance transfer offers you the option of reducing your EMIs by shifting your outstanding loan from other banks and financial institutions to Bajaj Housing Finance Limited. You can benefit from better terms on your loan, our additional top-up loan facility and features such as a long repayment tenor and an attractive interest rate. 

By availing a home balance transfer from Bajaj Housing Finance Limited, you can get the following benefits:

  • Attractive Rates

    Switch your home loan from your existing lender to Bajaj Housing Finance Limited at attractive interest rates and better terms. Meet our simple eligibility criteria and submit your basic documents to ensure faster processing. 

  • High top-up loan amount

    Avail a top-up loan of your sanctioned home loan amount. Use the money to finance requirements such as the interiors of your home, a new car, or your child’s education.

  • From search to purchase

    Our property search services will assist you in finding the perfect home for you and your family.

  • Part-prepayment and foreclosure facility

    With a convenient part-prepayment and foreclosure facility for an individual buyer at zero cost, a switch to Bajaj Housing Finance Limited is a sensible choice.

  • Suitable tenors

    Simplify your repayment with flexible tenors ranging up to 30 years.

  • Minimal documentation

    Your home loan balance transfer facility comes with minimal documentation requirements and an easy to meet eligibility criteria to ensure a hassle-free application procedure.

  • Easy account management

    Access the customer portal online and manage your loan account from anywhere and at any time.

  • Easy-to-use home loan calculators

    Use our simple and reliable calculators and learn about your home loan eligibility, your approximate EMI amount, and the benefits of transferring the rest of your home loan to Bajaj Housing Finance Limited

    Make the most of benefits like top-up loans and hassle-free processing when you switch your home loan to Bajaj Housing Finance Limited, and purchase your dream home with ease. 

Home Loan Balance Transfer: Eligibility and Documents

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

Home Loan Balance Transfer Eligibility Criteria 

For salaried individuals
The following are the eligibility criteria for Bajaj Housing Finance Limited Home Loan Balance Transfer:

  • You should be a resident of India
  • You should belong in the age bracket of 23-62 years
  • You should be a salaried individual with work experience of at least three years

For self-employed individuals
Bajaj Housing Finance Limited Home Loan Balance Transfer eligibility criteria are easy to meet. They are as follows:

  • You should be a residing citizen of India
  • You should be between 25 and 70 years of age
  • You should be a self-employed individual with minimum five years of continuity in your existing business

Once you have cleared all the eligibility criteria for a home loan balance transfer, you must submit the following documents*:

  • 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 five years of continuity in the current business (for self-employed individuals/businessmen 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 Home Loan Balance Transfer

To apply for a Bajaj Housing Finance Limited Home Loan Balance Transfer, simply follow these steps after clicking on our online application form:

Step 1

Submit your personal details, including your name, date of birth, address, and contact details.

Step 2

Submit your income details so that we can offer you the deal that suits your financial conditions the best.

Step 3

Submit your employment details.

Step 4

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

Step 5

View your home loan offer. You can also use our simple yet sophisticated balance transfer eligibility calculator, to know how much home loan and top-up loan you can get with us before you even apply.

Step 6

Pay the secure fee online through our portal to reserve your offer. After this, our Relationship Manager will connect with you and help you take the home loan balance transfer process forward.

Transferring your home loan balance to Bajaj Housing Finance Limited is quick and hassle-free. Begin your application here.

Home Loan Transfer: Fees and Charges

A home loan balance transfer with Bajaj Housing Finance Limited comes with an array of advantages that make your experience of availing home loan balance transfer smooth and affordable. The charges and fees pertaining to home loan transfer are fixed, which enables transparent processing and lets you manage your finances better.

Type of Fees and Interest Rates Charges Applicable
Interest rate for salaried individuals BHFL-SAL FRR* – Margin = 8.10% to 10.30%
Interest rate for self-employed individuals BHFL-SE FRR* – Margin = 9.35% - 11.15%
*BHFL-SAL FRR (Bajaj Finance Limited Floating Reference Rate for salaried customers) 8.10%
*BHFL-SE FRR (Bajaj Finance Limited Floating Reference Rate for self-employed customers) 13.30%
Processing fees Upto 6% of the Loan Amount
Loan Statement Charges NIL
Interest and principal statement charges NIL
EMI bounce charges Rs.3,000 per bounce
Penal interest 2% per month
Secure fee Rs.9999

*Applicable following 1st EMI clearance.

FORECLOSURE CHARGES & PRE-PAYMENT CHARGES 

 

Floating Rate Loans: If all Borrowers and Co-Borrowers are Individuals 

Borrower Type: Interest Type Term Loan Flexi Term Loan Flexi Hybrid Loan
Time Period (Months) >1 >1 >1
Foreclosure Charges Nil Nil Nil
Part Payment Charges Nil Nil Nil

 

Floating Rate Loans: If any Borrower or Co-Borrower is a Non-Individual

Fixed Rate Loans: All Borrowers (including individuals)

Term Loan Flexi Term Loan Flexi Hybrid Loan
Time Period (Months) >1 >1 >1
Foreclosure 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
Part Payment Charges 2% * on the Part- Payment Amount NA NA

* GST as applicable will be payable by the Borrower in addition to the Prepayment Charges.