Home Loan Balance Transfer Application: A Guide

Home Loan Balance Transfer is facility to transfer one’s existing Home Loan (the balance amount) from their current lender to a new one, to secure better lending rates and terms.

If the borrower’s application for a transfer is approved, the new lender then repays the outstanding loan balance to their previous lender, and the borrower continues to repay the loan sum in full in the form of regular EMIs. Often, borrowers can also benefit from the sizeable sum offered as a Top-up Loan as well – which they can use to address home-related expenses.  

If you are considering a Home Loan Balance Transfer, here is your guide to making a successful application.

Home Loan Balance Transfer Application: Reasons to Apply

Borrowing a Home Loan is a big decision, and all subsequent loan-related decisions should be made after a lot of thought and consideration, including that of a Home Loan Balance Transfer. If you are unsure about how a balance transfer may impact your Home Loan repayment, here are some aspects to look at:  

• Lower Interest Rates: If your eligibility matches that of your new lender’s, you stand the chance to negotiate a lower interest rate than the one you may be serving currently. 
• Comfortable Repayment Tenor: Just like your interest rate, your new lender may also be open to extending your repayment tenor, allowing you the comfort of repaying the loan amount at your pace. 
• Sizeable Top-up Loan: Another benefit of opting for a Home Loan Balance Transfer is the prospect of borrowing additional funds, in the form of a Top-up Loan, to address other home-related expenses you may lined up. 

Additional Read: All You Need to Know About Home Loan Balance Transfers

Home Loan Balance Transfer Application: Steps to Apply 

The process to apply for a Home Loan Balance Transfer is relatively simple, once you finalise your new lender and evaluate your loan eligibility. Consider applying with Bajaj Housing Finance for a hassle-free application and transfer process. 

1.     Visit our Home Loan Application form.
2.    Fill in your basic information and employment type. 
3.     Select your preferred loan type, which in this case should be ‘Home Loan Balance Transfer + Top-up’.  
4.    Provide other details such as your PAN Card and income information and submit the OTP. 
5.    In the next stage, provide information for your existing loan, such as, your current lender, the Home Loan principal amount, loan start date, etc. 
6.   Submit your application.

Once we receive your application in the system, our representative will reach out to you within 24 hours, to walk you through the following steps. 

*Terms and conditions apply.