Bajaj Finserv Home Loan Balance Transfer facility offers interest rates starting at 8.55% p.a., apart from top-up loans of up to Rs.50 lakh.
This facility can help reduce your interest payouts and lower your EMI burden if you’re paying interest at a higher rate with your existing home loan. You can opt for Bajaj Finserv Home Loan Balance Transfer facility if your floating-rate home loan EMI is more than Rs. 874 per lakh of your home loan amount.
|Particulars||For Salaried||For self-employed|
|Home Loan Interest Rates||Starting at 8.55% p.a.||Starting at 8.55% p.a.|
|Loan Tenure||Up to 20 years (your age at the end of the loan tenure shouldn’t exceed 62 years)||Up to 20 years (your age at the end of the loan tenure shouldn’t exceed 70 years)|
|Loan Amount||No limit||No limit|
|Processing Fees||Up to 1% of the loan amount||Up to 1% of the loan amount|
|Type of fee||Applicable charges|
|EMIs per lakh||Rs. 874|
|Loan statement charges||Rs. 50|
|Penal interest||2% per month plus taxes|
|EMI bounce charges||Up to Rs. 3,000|
|Post-dated cheque swap charges||NIL|
Here’s a list of documents required to apply for Bajaj Finserv Home Loan Balance Transfer facility:
1. How can I apply for a Bajaj Finserv Home Loan Balance Transfer Plan online?
Log on to the website and enter your personal details, income and employment details and details pertaining to your property and use Bajaj Finserv’s home loan eligibility calculator to see the loan offers applicable to you. If you like an offer, pay a secure fee online to reserve it. Your relationship manager will then get in touch with you to explain the loan transfer process and document requirements. You can then upload copies of all the documents (including IDs, address proof, photographs, signature proofs, employment/income details, property details, etc.).
2. How long does it typically take to transfer a loan to Bajaj Finserv?
It takes around 5-10 days to transfer a home loan.
3. Can I transfer a home loan to another person?
Yes, you can transfer a home loan to Bajaj Finserv in another person’s name if you’re selling your property to that individual.
4. Can I go for a top-up loan once I’ve transferred my loan to Bajaj Finserv?
Yes, you can avail a maximum additional loan amount of Rs. 50 lakh when you transfer a home loan to Bajaj Finserv.
5. I’ve been paying my home loan for 6 months now. Can I transfer my loan to Bajaj Finserv at this point?
No. You must pay at least 12 EMIs with your existing home loan before transferring it to Bajaj Finserv.
6. How much extra do I need to pay if I decide to pre-close my home loan after transferring it to Bajaj Finserv?
You don’t need to pay any pre-closure charges after transferring your floating-rate home loan to Bajaj Finserv.
7. Will transferring my home loan to Bajaj Finserv impact my credit score?
Transferring your home loan to Bajaj Finserv does not impact your credit score. However, missing on EMI payments and loan settlements have a major bearing on the borrower’s credit score.
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