Highlights
- Benefits of Home Loan Balance Transfer
- Why Choose us For a Home Loan Balance Transfer?
When it comes to home loans, individuals avail of this financial tool after proper financial planning. However, sometimes, even after proper planning, borrowers can find themselves feeling tired of their current EMI obligation. Similarly, it is not uncommon for borrowers to want to switch lenders to access better customer service and other advantages.
A Home Loan Balance Transfer is a facility offered by most lenders these days. Using this facility, a borrower can transfer their outstanding loan amount to another lender. Availing of this facility means closing your loan account with your current lender and starting a new Home Loan account with your new lender.
Borrowers avail for Home Loan Balance Transfer either when another lender is offering them a lower housing loan interest rate or when they are being offered other beneficial facilities, such as lower or nil prepayment charges, extended loan tenor, etc.
Whether you are feeling burdened by your current Home Loan EMIs or have gotten tired of your current lender's sub-standard services, a Home Loan Balance Transfer can be an answer to all your questions.
In this article, we discuss the benefits of Home Loan Balance Transfer in general and the benefits of opting for a Home Loan Balance Transfer with Bajaj Housing Finance.
Benefits of Home Loan Balance Transfer
- Most borrowers opt for a Balance Transfer when another lender is offering them a better interest rate. A reduced interest rate not only reduces one's EMI and makes repayment simpler and easier, but it also helps borrowers save on the total interest outgo in the long run. However, availing of maximum benefit from this facility is possible only when borrowers apply for a transfer during the early years of Home Loan repayment and there is at least a 50 BPS difference in the interest rate offered by the new lender.
- Many lenders offer Top-up loans that comes with zero end-use restrictions and one can use it to meet any personal or professional financial need.
- Borrowers can negotiate for better loan terms and conditions, such as lower pre-payment charges, extended loan tenor, switch from fixed to floating interest rate and vice versa.
- Yet another advantage of transferring the balance is that when you opt for this facility, you get the option to extend your loan tenor as well as change your interest rate regime. For instance, if you are on a fixed interest rate and you think Home Loan interest rates will reduce in the coming days, you can switch from a fixed to a floating interest rate while doing a Home Loan Balance Transfer. Similarly, if you are finding it hard to afford your current EMIs, you can extend your loan tenor and bring your EMIs to the affordable side.
Additional Read: Differences Between Fixed and Floating Interest Rates
Why Should You Choose Bajaj Housing Finance For a Home Loan Balance Transfer?
When it comes to home loans, Bajaj Housing Finance is one of the most trusted names in the market. Here are some reasons why you should choose Bajaj Housing Finance as your Home Loan Balance Transfer partner.
Low-Interest Rates and Substantial Loan Amount
Borrowers must try their best to avail of the lowest interest rates possible as this makes Home Loan repayment easier. Bajaj Housing Finance offers home loans at highly competitive interest rates. Further, with Bajaj Housing Finance, borrowers can get access to a substantial amount of money.
Top-Up Loan
When you choose to transfer your Home Loan Balance Transfer, you get the chance to avail of a Top-up Loan of Rs.1 Crore or more at interest rates as low as 8.45%* p.a.
Flexible Repayment Tenor
With Bajaj Housing Finance, you get the option to repay your loan over a period extending up to 40 years. This long and flexible repayment period makes Home Loan repayment easy and stress-free.
Minimal Documentation Requirement and Online Account Management
With Bajaj Housing Finance, applying for a Home Loan Balance Transfer is easy as the company's documentation requirements are minimal. Further, Bajaj Housing Finance offers an online account management facility. Using this facility, you can check account statements, pay EMIs, raise queries and get answers online. The online account management facility makes it further easier for borrowers to repay their loans.
Additional Read: Check Bajaj Housing Finance Loan Status
Final Words
Other than the benefits mentioned and discussed above, there are several other benefits of a Home Loan Balance Transfer, such as low prepayment and foreclosure charges, no hidden fees, etc. So, if you are looking for a Home Loan Balance Transfer partner, choose Bajaj Housing Finance.
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