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What is Home Loan Balance Transfer?
Benefits of Home Loan Balance Transfer
If you are servicing your home loan at an interest rate that is no longer favourable to you, or are struggling to keep up with your EMI commitments with your current lender, you can consider transferring your home loan balance to enjoy reduced interest rates and more affordable EMIs – avoiding the hassle of defaulting and negatively impacting your CIBIL score.
The home loan balance transfer process involves moving the principal loan amount to a different lender to a lower interest rate. How the home loan balance transfer works is that the outstanding loan amount goes to a lender who has approved your home loan application, who forecloses the loan on your behalf. Nearly all Indian banks and Non-Banking Financial Companies (NFBC) like Bajaj Housing Finance can grant you the facility for a home loan balance transfer, and this is dependent on your ability to keep up with your monthly payments without default.
A quick tip: your home loan balance transfer relies on the disparity between the interest rates offered by both banks. The factors you must consider before applying for a transfer are:
You may not need to begin the home loan balance transfer process if the remaining loan amount is negligible or the duration of the loan is nearly over. We advise this because most lenders will require a token to kick-start the home loan balance transfer process. If you’re wondering what balance of transfer in a home loan is, it’s more advantageous to use the home loan balance transfer option in the early stages of your home loan. Remember that a home loan helps you activate your dream of owning a property or home. Whether a finished home or a building in progress or even a parcel of land, a home loan balance transfer helps shed the burden. To learn what is balance transfer in a home loan, how home loan balance transfer works, and how to apply for a home loan balance transfer from Bajaj Housing Finance, read on.
The home loan balance transfer is a credit facility that allows the transfer of an active home loan amount to a different lender. This is possible when you do not like the disposition of your current lender or when it feels like you are paying a greater amount than EMI. The home loan balance transfer via Bajaj Housing Finance guarantees you a stress-free experience and what's needed is the information of your current home loans like the borrower’s name and exact loan amount to be moved between banks.
Read on to learn about the home loan balance transfer process:
Now that you know how home loan balance transfer works, is home loan balance transfer profitable? Read on to find out.
The benefits of a home loan balance transfer:
Bajaj Housing Finance is your best bet for a home loan balance transfer. While each lender has a code of conduct regarding the verification of your eligibility for a home loan balance transfer, Bajaj Housing Finance offers a seamless and supportive home loan balance transfer process. Upon verification of your credit rating and assessment of your home loan documents and property deed, we are most likely to be your new home loan provider.
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