Overview of a Home Loan Balance Transfer
The interest rate plays a key role in determining the feasibility of the loan, among other factors. The Home Loan interest rate that is offered to you decides how manageable your EMIs will be and how easy it will be for you to repay the loan. Borrowers who wish to transfer their Home Loan balance to us for reduced interest rate and better loan terms can opt for a Home Loan Balance Transfer. This article elaborates on the benefits of a Home Loan Balance Transfer and discusses in detail how to transfer Home Loans.
Step-by-Step Guide: How to Transfer Your Home Loan
The process of transferring your Home Loan balance is as follows:
- Notify your current lender of your intent to transfer your Home Loan balance.
- Your existing Home Loan provider will then release an NOC or No Objection Certificate.
- You can then apply for a Home Loan Balance Transfer with all necessary documents along with your NOC.
- Once your application is approved and sanctioned, we repay the balance amount on your Home Loan. Your old loan account is subsequently closed, and you continue your loan with Bajaj Housing Finance, as per the new loan agreement. Use a Home Loan EMI Calculator to estimate the payable EMIs and interest on a housing loan in case you are changing the terms of your loan as part of the balance transfer.
How to Apply for a Home Loan Balance Transfer with Bajaj Housing Finance?
Applying for a Home Loan Balance Transfer with Bajaj Housing Finance is quite simple. Follow the steps given below:
- Go to our Home Loan application form.
- Enter your name and mobile number and select your employment type.
- In the loan type, select 'Home Loan Balance Transfer' or 'Home Loan Balance Transfer + Top-up Loan'.
- Enter the PIN code and required loan amount.
- Click on 'Generate OTP' and enter it.
- During the next step, enter your personal and income details.
- Submit the form.
Our customer representatives will then connect with you to explain to you the next steps.
*Terms and conditions apply.
