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  • Bajaj Finserv Home Loan Transfer

    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.

    Bajaj Finserv Home Loan Balance Transfer key charges

    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

    Additional Fees and Charges

    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
    Foreclosure charges NIL
    Part-prepayment charges NIL
    Post-dated cheque swap charges NIL

    Eligibility for Bajaj Finserv Home Loan Balance Transfer

    • The applicant must have cleared at least 12 EMIs with his/her existing home loan
    • There should not be any outstanding dues with the existing home loan
    • The property must either be occupied or ready-to-occupy

    Documents Required

    Here’s a list of documents required to apply for Bajaj Finserv Home Loan Balance Transfer facility:

    • Identity proof (salaried/self-employed applicants): Aadhaar, PAN card, Voter ID, Driving License, NREGA card, etc.
    • Address proof (salaried/self-employed applicants): Aadhaar, Passport, Voter ID, Driving License, etc.
    • Income proof (for salaried): Latest salary slips or Form 16 and bank account statements of the previous 6 months
    • Income proof (for self-employed): Income Tax Returns of the last year, Balance Sheet and Profit & Loss Statement of the previous year and Registration Certificate of the Business

    Key Features of Bajaj Home Loan Balance Transfer Plans

    • No foreclosure charges: Borrowers can foreclose the loan at any point of the loan tenure and save on interest charges without having to pay any additional foreclosure fee.
    • No part-prepayment charges: Borrowers can make use of windfalls to part-prepay the loan at no extra cost and save on interest payable, reduce their EMIs or shorten their loan tenure.
    • Top-up loan available: Borrowers can avail an additional loan of up to Rs. 50 lakh when they transfer their home loan to Bajaj Finserv.
    • Tailor-made insurance schemes: Bajaj Finserv offers a range of customized insurance schemes to safeguard the financial interests of the primary borrower’s family members due to unforeseen circumstances.
    • No threshold for transferred loan amount: Bajaj Finserv Home Loan Balance Transfer Plan doesn’t come with any capping on the maximum transferrable loan amount.
    • No guarantor required: There’s no mandatory requirement for a guarantor to avail Bajaj Finserv Home Loan Balance Transfer scheme.
    • Easy management of loan account: Bajaj Finserv’s digital customer portal allows borrowers to easily access their loan account from any place without having to pay anything extra.

    FAQ’s

    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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