Bajaj Finserv offers an attractive home loan balance transfer facility that allows you to switch your existing home loan to Bajaj Finserv for a lower interest rate. This service includes benefits such as a top-up loan option, minimal documentation, and quick processing, helping you save on interest payments and reduce your EMI burden.
Ideal for those with existing home loans looking to reduce their financial burden through better terms:
For current homeowners who need additional funds for personal or financial projects:
Interest and Principal Statement Charges: Nil
(1) For individual and non-individual borrowers who have floating interest rate loans for non-business purposes:
(2) For individual and non-individual borrowers with floating interest rate loans for business purposes, and for all borrowers with fixed interest rate loans:
*Note: GST applicable on prepayment charges will be payable by the borrower.
**Nil prepayment charges for home loans closed by borrowers from their own sources.
(1) For both individual and non-individual borrowers holding floating interest rate loans for non-business purposes:
(2) For individual and non-individual borrowers with floating interest rate loans for business purposes, and for all borrowers with fixed interest rate loans:
*Own sources refer to funds not borrowed from a bank/NBFC/HFC or other financial institutions.
*GST applicable to prepayment charges must be paid by the borrower in addition to any prepayment charges.
**No charges apply to home loans repaid from personal funds, which include any sources other than loans from banks, NBFCs, HFCs, or financial institutions.
Note: For dual-rate home loans (initially fixed then floating), foreclosure and part-prepayment charges depend on the loan’s current status at the time of foreclosure or part-prepayment.
A home loan balance transfer involves transferring your existing home loan from one lender to Bajaj Finserv to take advantage of lower interest rates, which can help reduce your monthly EMIs and overall interest burden.
Eligibility criteria include a good repayment track record on your existing home loan, meeting Bajaj Finserv’s credit score requirements, and fulfilling income and employment stability conditions. Specific criteria may vary, so it’s best to check directly with Bajaj Finserv for detailed requirements.
Required documents typically include identity proof, address proof, income documents (like salary slips or income tax returns), property documents, and a statement of your existing home loan.
Yes, you may incur charges such as processing fees, legal fees, and stamp duty on the loan transfer document. These fees vary and should be confirmed directly with Bajaj Finserv during the application process.
The processing time can vary depending on the completeness of your application and documents. Typically, it takes a few weeks from the application submission to the transfer completion, but it’s advisable to check with Bajaj Finserv for a more precise timeline.
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