A Home Loan involves several variables but the most important one of them is the interest rate. The home loan interest rate you get offered decides how affordable your EMIs will be and how easy it will be for you to repay the loan. If you are finding it difficult to pay your current Home Loan EMI, don't worry, there is a solution: 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 would involve the following steps.
- If you wish to transfer your loan to another lender, notify your current lender of your intent through a letter or a Home Loan Balance Transfer application.
- Once your current lender accepts your request to transfer your loan, they will release a NOC or no objection certificate.
- Apply for a Home Loan Balance Transfer to your new lender. Do not forget to attach this NOC along with all the other required documents along with your Home Loan Balance Transfer application.
- Once your new lender approves your application, they will pay off your old lender. After this, your old lender will close your loan account, and you can start paying EMIs to your new lender. It is always recommended that you use a Home Loan calculator to estimate the payable EMIs and interest on a housing loan.
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.
- Go to our website and open our Home Loan application form.
- Select your employment type and Home Loan type.
- During the next step, enter your personal and income details.
- Submit the form and someone from our team will connect with you to explain to you the next steps.
*Terms and conditions apply.
