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5 Min 15 Jun 2022
about home loan refinance
Highlights
  • Home Loan Refinancing
  • Benefits of Home Loan Refinancing

What is Home Loan Refinancing?

Home Loan refinancing is an opportunity to transfer your current Home Loan to a new lender of your choice. This move helps you secure a more competitive Home Loan interest rate, reduce your EMIs, and even avail of a Top-up Loan above your Home Loan amount. 

This move is particularly beneficial for those who are looking for better Home Loan terms on their ongoing loan.

To know more about the benefits of refinancing Home Loans and how to proceed with them, read on. 

What are the Benefits of Home Loan Refinancing?

  • Attractive Home Loan Interest Rates: Provided your Home Loan eligibility matches that of your new lender, you can negotiate a better interest rate that is lower than your current one. You can even switch your interest type while transferring your Home Loan balance. Many borrowers use this opportunity to link their Home Loan interest rate to the RBI repo rate.
  • Flexible Repayment Tenor: When you opt to transfer your Home Loan balance, several of your current Home Loan terms can be reworked, including your repayment tenor. You may want to shorten it or take longer to repay your revised Home Loan amount, and your new lender may grant you a new term, basis your loan balance and eligibility.
  • Sizeable Top-up Facility: When you avail of a Home Loan Balance Transfer, you can even avail of an additional Top-up Loan to address your other expenses that aren’t covered by your ongoing Home Loan. The sanctioned amount can be used for home renovation or any other housing purpose.

Additional Link: Types of Home Loans Available in India

How Can I Refinance My Home Loan?

When you choose Bajaj Housing Finance as your new Home Loan lender, the application journey with us is seamless. You can apply for a Home Loan Balance Transfer online using the following steps:

  1. Visit our Home Loan application form
  2. Select your occupation profile, the type of Home Loan (Home Loan Balance Transfer), and PIN code
  3. Fill in the requested details, including your personal details and information about your income and ongoing Home Loan
  4. Submit the form successfully

Once your application is received, you will be contacted by a Bajaj Housing Finance representative within 24 hours* to walk you through the next steps of your application journey.

Additional Link: Understanding Stamp Duty and Property Registration Charges

*Terms and conditions apply

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DISCLAIMER:

While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.

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