What is a Home Loan Balance Transfer?
A Home Loan Balance Transfer involves transferring the outstanding Home Loan balance to a new lender for reduced interest rates and better terms. The factors you should consider before applying for a balance transfer are as follows:
- The outstanding loan amount
- The remaining repayment tenure
It is advisable to apply for a Home Loan Balance Transfer during the initial years of the loan tenure. If you have already repaid a significant amount of your loan, it is best to continue with the current lender, as a transfer of your loan may not be beneficial.
A Home Loan Balance Transfer helps you save on the total cost of borrowing. To learn more about its benefits and application process, read on.
What are the Benefits of a Home Loan Balance Transfer?
- A Home Loan Balance Transfer allows you to benefit from attractive rates of interest on your Home Loan and helps you save on the interest outgo.
- While availing of a Home Loan Balance Transfer, you also get a chance to benefit from a sizeable Top-up Loan.
- You can also transfer your Home Loan balance for better services.
Also Read: Key Benefits of Transferring Balance to Bajaj Housing Finance
What is the Process of a Home Loan Balance Transfer?
Here is how you can transfer your Home Loan balance to a new lender:
- Begin by comparing the interest rates, features of both Home Loan offers, and other terms associated.
- You may negotiate with your current lender for improved loan terms.
- Upon deciding on a Home Loan Balance Transfer, reach out to your current Home Loan provider to request an NOC or No Objection Certificate. When issued, move on to the next step of the Home Loan Balance Transfer process.
- Ensure that you submit the documents received from your current Home Loan provider to the new lender.
Once you submit all the requested documents, your new Home Loan lender will now repay the outstanding loan amount to your previous lender. This closes the old Home Loan account.
Final Thoughts
Bajaj Housing Finance offers attractive terms on a Home Loan Balance Transfer. We offer a seamless balance transfer process. Upon verification of your credit rating and assessment of your Home Loan documents and property deed, we process your transfer quickly.
Also Read: Know the Guidelines for Home Loan Balance Transfer
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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