Bajaj Home Loan Balance Transfer

Bajaj Home Loan Balance Transfer

Key Features and Highlights of Bajaj Home Loan Balance Transfer

• Refinance your home loan with attractive Interest rates starting at 8.80%
• Repayment tenure of 30 years
• Disbursal in 48 hours
• Hassle-free processing
• Funding of Rs. 5 crores
• Top up loan of Rs. 1 crore free of end-use restrictions and at an affordable interest rate
• Zero foreclosure and prepayment charges for individuals with a floating interest rate
• Customized repayment options
• Avail of external benchmark linked loans such as the repo rate to make the most of external rate cuts
• Online Account Management: You can keep track of the home loan through Bajaj Finserv’s customer portal.

Eligibility Criteria For Bajaj Home Loan Balance Transfer

For Salaried individuals

Note: Salaried individuals can avail ample financing as per their financial profile.

For Self-Employed Individuals

Note: Self-employed individuals like businessmen, doctors, CAs, and engineers can avail of customized home loans

The list of eligibility criteria mentioned above is indicative and may be subject to change.

Important Documents For Bajaj Home Loan Balance Transfer

• Identity Proof: Aadhaar card, driver’s license, etc.
• PAN card
• Proof of residence: If it is an owned property
• Rented agreement: If it is a rented house
• Salary Slip: Preferably over the last 3 months
• Bank Statement: Preferably over the last 6 months
• IT returns over the last 2 years
• Electricity bill or credit card bill
• Form 16: TDS certificate issued by the employer when TDS is deducted
• CTC (cost to company) proof
• Proof of income
• All documents related to the property
• Business financial records (If you have a business)

Procedure for Home Loan Balance Transfer

• Submit a request letter to the original lender who will then evaluate the same
• Post the assessment, the existing lender will give you a consent letter and a No Objection Certificate
• You have to submit other documents such as foreclosure certificate and monthly repayment records as well.
• Submit all these documents to the new lender with whom you want to do the balance transfer
• Also, submit the Date of birth and address proof to the new lender
• In addition to this, you will have to submit all the documents to the new lender. This will help the new lender ascertain your financial standing and accordingly decide on the transfer.
• If your home loan balance transfer is approved, then the original lender will hand over all the loan-related documents to the new lender.
• The process will then be complete.

What Are The Scenarios You Should Consider Before Doing A Home Loan Balance Transfer?

• Interest Rate: If a potential new lender is offering you a lower interest rate, then you can transfer your home loan to him. In this way, you can lower your monthly EMI burden.
• Cost and terms involved: You should not only look at the cut in interest rate but should also consider other factors. When you transfer your home loan, you will have transfer costs and the loan terms will be modified. You should always go in for the lowest transfer costs and flexible terms. At Bajaj Finserv, an online home loan balance transfer can be disbursed in less than 4 days.
• Higher Outstanding Loan Amount: The home loan EMI consists of the principal amount and the interest amount. Initially, the principal amount is more and as the loan progresses, a chunk of the principal amount gets paid. Thus the outstanding loan amount reduces. Transfer your home loan only when the outstanding loan amount is higher so that you can make good use of the transfer.
• Property authorization: Before you transfer your home loan, check if the new lender has authorized your property. Every lender will have his own approval lists and methods. But, generally, the lender will approve your property if it is built by a credible builder.

Fees and Charges For Bajaj Home Loan Balance Transfer

Foreclosure Charges

Charges are computed on the sanctioned limit for flexi interest only loans

Charges are computed on the current dropline limit for flexi term loans

Fees and Charges For Part Prepayment

Note: Part prepayment should be more than 1 EMI

How To Apply For Bajaj Home Loan Balance Transfer With CreditMantri

• Click ‘CHECK ELIGIBILITY’
• Enter the basic details such as Email ID, residence city, Date of birth, residence pincode, and gender.
• Click ‘NEXT’
• Check the box - I agree to the CreditMantri terms and conditions
• Click ‘NEXT’
• Enter the OTP that you receive on your mobile for verification
• Proceed with the rest of the steps and complete the application

Conclusion

Transferring the home loan to Bajaj Finserv comes with a lot of benefits. Money is saved on your home loan by transferring. Apply for a Bajaj Finserv Home Loan Balance Transfer on CreditMantri and enjoy the benefits.

FAQs of Bajaj Home Loan Balance Transfer:

1. Is it a good idea to do a balance transfer on a home loan?

It is recommended to transfer a home loan when the outstanding loan amount is higher. A home loan EMI consists of the principal amount and the interest amount. As the loan matures, the principal amount gradually gets paid, thus decreasing the outstanding loan amount.

2. Are there any charges for home loan transfer?

There are charges for home loan transfers. The charges are upto 1.50% of the loan amount or Rs. 4,500, whichever is higher plus applicable taxes.