Process for Home Loan Balance Transfer Application

6 min 09 Jul 2024

Home Loan Balance Transfer Application Process

Highlights:

Reasons to Apply for a Home Loan Balance Transfer
Steps to Apply for a Housing Loan Balance Transfer

A Home Loan Balance Transfer is a facility to transfer one’s existing Home Loan balance from their current lender to a new one to secure better lending rates and terms. If you decide to transfer your Home Loan balance to a new lender, you will have to notify your current lender about it. As a part of the balance transfer process, the new lender will repay the balance loan amount to your previous lender and you will continue to repay the loan to your new lender in the form of regular EMIs. You can also benefit from a sizeable Top-up Loan, which can be used 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

Availing of a Home Loan is a significant decision and all subsequent loan-related decisions, including a Home Loan Balance Transfer, should be made after careful thought and consideration. 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: By meeting the eligibility criteria of the new lender, you can have a better chance of negotiating a lower interest rate as compared to the one you are currently paying. 
Comfortable Repayment Tenure: Basis your eligibility, the new lender may offer you a long repayment tenure, 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. This can be beneficial to address various home-related expenses, such as renovations, repairs, or furnishing your home.

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

Home Loan Balance Transfer Application: Steps to Apply 

Once you finalise your new lender and evaluate your loan eligibility, the process to apply for a Home Loan Balance Transfer is simple. Consider applying with Bajaj Housing Finance for a hassle-free application and transfer process. Here's the process to apply for a Home Loan Balance transfer with us: 

Visit our Home Loan Balance Transfer application form.
Fill in your basic information and select your employment type.
Select your preferred loan type, that is, either ‘Home Loan Balance Transfer + Top-up’ or 'Home Loan Balance Transfer'.
Enter your net monthly income, PIN code, and the required loan amount. 
Generate OTP and enter it in the respective field. 
In the next stage, provide information about your existing loan, such as your current lender, the Home Loan principal amount, and the start date of the loan.
Submit your application form.

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

*Terms and conditions apply. 

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