LIC Housing Finance Home Loan Balance Transfer

Know more about the LIC Housing Finance Home Loan Balance Transfer facility

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Salaried Employee

Business Owner

✓ Home Loan Balance Transfer Facility ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50% Check Offer

Transfer the balance of your existing home loan to LIC Housing Finance on Bajaj Markets to unlock the property’s value while enjoying numerous benefits. Get lower interest rates starting from just 8.65% p.a., which reduces your EMI amount and the cost of your loan. You can also extend the tenure to as high as 30 years, enabling you to repay the loan at your convenience and have the collateral released.

LIC Housing Finance Home Loan Balance Transfer Interest Rates

The LIC Housing Finance Home Loan Balance Transfer interest rates and charges are as follows:

Interest Rate	8.65% onwards
Processing Fee	0.25% of loan amount subject to maximum of ₹10,000/- +GST (Up to ₹2 Crores) 0.25% of loan amount subject to maximum of ₹25,000/- + GST (Above ₹2 Crores and up to ₹5 Crores) ₹50,000/- +GST (Above ₹5 Crores and up to ₹15 Crores)
Prepayment Charges	NIL on floating interest rates

*Disclaimer: The rates are subject to change at the lender’s discretion.

It is essential to know the associated charges that add to the loan cost. Try to balance out these added costs by negotiating for as low an interest rate as possible. This can help you save considerably and manage your loan effortlessly. Let’s see a simple example to learn how a change in the interest rate helps make the loan cost-effective.

Assume that for a tenure of 20 years, you took a home loan worth ₹50 Lakhs. A 15% p.a., the interest rate is applicable on this loan. Thus, the instalment you pay each month amounts to ₹65,839.48. Now, let’s check how a drop in the interest rate helps reduce your EMI burden.

Particulars	Current Home Loan Details	Home Loan Details After Transfer
Loan Amount	₹50 Lakhs	₹50 Lakhs
Interest Rate	15% p.a.	8.65% p.a.
EMI Amount	₹65,839.48	₹43,867.01

Let’s say you transferred your home loan to LIC Housing Finance. Your new lender charges an interest rate of 8.75% p.a. As seen in the table above, this change leads to a major drop in the instalment amount. The EMI amount is ₹43,867.01, which is approximately ₹21,000 lower than the previous instalment for the same loan. Over the tenure, the changed rate helps you save considerably on the total interest costs.

LIC Housing Finance Home Loan Balance Transfer EMI Calculator

Loan Amount

Tenure

Rate of Interest

Your Monthly Loan EMI

Principal Amount

Total Interest

Total Amount Payable

Amortization Schedule

Download

Year	EMI	Principal	Interest	Balance

Features and Benefits

Attractive Interest Rates

Benefit from low interest rates starting at just 8.65% p.a.

Extended Tenures

Repay the loan at your convenience with extended tenures of up to 30 years

Top-up Loan

Borrow an extra sum on your existing loan and meet all your additional expenses easily

Convenient Online Transfer

Transfer your home loan to LIC Housing Finance through a simple online process

Eligibility Criteria and Documents Required

Meet the following criteria to be eligible for this balance transfer facility:

You should possess a No-Objection Certificate (NOC) from your lender
You should have repaid at least 12 EMIs on your housing loan
You must be at least 21 years old

If salaried, your age at the time of loan maturity should not be more than your retirement age
If self-employed, your age at the time of loan maturity should not be more than 70 years

You should have an existing home loan from any bank or NBFC except LIC HFL Limited

Ensure that you maintain a good credit score as it can help boost your loan eligibility. Alongside this, you will also be required to furnish the following documents:

Identity Proof: Any one of the following
- PAN card
- Aadhaar card
- Driving licence
- Passport (in case of NRIs)
Address Proof: Any one of the following
- Aadhaar card
- Voter ID
- Utility bill
- Driving licence
- Passport (in case of NRIs)
Income Proof:
- Bank statements of the last 6 to 12 months
- Salary slips and Form 16 for salaried individuals
- ITR filings and business financials of the last 3 years for self-employed individuals
Property-related Documents:
- Proof of ownership of property
- Allotment letter from the builder or society for flats
- Up-to-date receipt of tax paid
Other Documents:
- Loan statement of the existing loan
- List of the property documents submitted to the existing lender
- Bank statement for the last 12 months of the account from which EMIs have been paid

How to Apply?

Follow these simple steps to apply for this balance transfer facility on Bajaj Markets

Click on the ‘Apply Now’ option on this page
Provide your personal and income-related information
Select ‘LIC Housing Finance’ from the list of lenders
Choose your preferred tenure and the loan amount required
Submit the application form

After this, an executive will reach out to you for further proceedings.

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Home Loan Balance Transfer Quick Links

Home Loan Quick Links

Calculators

What are the benefits of transferring my home loan to LIC Housing Finance?

With this facility, you can take advantage of attractive interest rates starting from 8.65% p.a. Additionally, the processing fee charged on the loan is also minimal. This provides a cost-effective way for you to manage your home loan and potentially save money in the long run.