How a Home Loan Balance Transfer Works resource-Banner_WC

Resources_HowaHomeLoanBalanceTransferWorks_Article_Detail_WC

Home Loan Balance Transfer: Benefits, Eligibility, and More

3 Min 17 Jun 2022
Highlights
  • Facts About a Home Loan Balance Transfer
  • Benefits of a Home Loan Balance Transfer
  • Eligibility Criteria for a Home Loan Balance Transfer
  • How to Apply for a Home Loan Balance Transfer

What is a Home Loan Balance Transfer?

A Home Loan Balance Transfer is the easiest way to possibly avail of a lower interest rate, thereby saving more over the course of your tenor and managing your EMIs more comfortably. Opting for a Home Loan Balance Transfer is a smart way to get a reduced interest rate.

Home Loan Balance Transfer is a facility that lets you enjoy an attractive interest rate and other benefits by requesting a transfer of your balance Home Loan amount to a new lender at a reduced cost. Your new lender pays the loan on your behalf, and you repay the loan amount with the added benefit of availing of a Top-up Loan, basis eligibility.

Before you decide to transfer your Home Loan balance, you should have all the necessary information at your disposal to make an informed decision and do what’s best for your financial health.

Facts About a Home Loan Balance Transfer

Below are the features of a Home Loan Balance Transfer:

  • It lets you migrate your Home Loan balance to a new lender who offers better loan terms and benefits
  • You also stand to benefit from a sizeable Top-up Loan, which helps you meet expenses that may or may not be related to a property

Benefits of a Home Loan Balance Transfer

With attractive interest rates, a Home Loan Balance Transfer offers:

  • Lower Home Loan EMIs
  • A sizeable Top-up Loan
  • A flexible repayment tenor
  • No part-prepayment and foreclosure charges**

**Valid for individual borrowers with floating interest rate Home Loans

Eligibility Criteria for a Home Loan Balance Transfer

Before applying, you should fulfill the eligibility criteria for a Home Loan Balance Transfer. 

  • You must be a salaried, professional, or self-employed individual with a record showcasing timely payment of the EMIs on your Home Loan to date
  • It is ideal to ensure that you have a strong credit score before applying for a Home Loan Balance Transfer

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

How to Calculate Savings on a Home Loan Balance Transfer

Borrowers can use the Bajaj Housing Finance Home Loan Balance Transfer Calculator to efficiently calculate the savings they stand to make if they switch their lenders. Here’s how to use it:

  1. Select your existing Home Loan lender
  2. Select your property location
  3. Select the start date of your Home Loan
  4. Use the slider to select your Home Loan disbursal amount
  5. Use the next slider to select your repayment tenor
  6. Select your current interest rate next
  7. Use the last slider to select the new Home Loan interest rate that is offered to you

The loan window calculates the savings you can make if you transfer your balance on the same terms and your Top-up Loan eligibility.

How to Apply for a Home Loan Balance Transfer

Here is a step-by-step breakdown of the Bajaj Housing Finance Home Loan Balance Transfer application process to guide you:

  1. Visit the Home Loan application form
  2. Select your employment type and your Home Loan type
  3. Provide other KYC details, such as name, PIN code, and PAN
  4. Provide income details
  5. Select your current Home Loan lender
  6. Submit your Home Loan Balance Transfer application successfully

A Bajaj Housing Finance representative will be in touch with you shortly.

*Terms and conditions apply

Additional Link: Can I Apply for a Second Home Loan?

How a Home Loan Balance Transfer Works_relatedarticles_WC

Call_And_Missed_Call