LIC Housing Finance Loan Against Property Balance Transfer

Save on repayment costs with an LIC Housing Finance Loan Against Property Balance Transfer available on Bajaj Markets. You can benefit from lower EMI amounts with interest rates starting from just 9.45% p.a. Enjoy a seamless online process to transfer the loan and your collateral. Also, get extended repayment tenures of up to 15 years which makes the loan easily manageable.

LIC Housing Finance Loan Against Property Balance Transfer interest rates are as follows:

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

Check the related charges before transferring your loan, as they add to the total loan cost. However, if you get a low interest rate with a balance transfer, you can save a high amount on your interest charges. This makes the loan more cost-effective and easy to repay. Here’s how:

As per the above example, the loan amount is ₹25 Lakhs, while the tenure is 10 years. The interest rate provided by the current lender is set at 15% p.a. If this rate is reduced to 9.45% p.a. with a balance transfer from LIC Housing Finance, the interest charges reduce drastically. It results in a lower EMI, which reduces from ₹40,333.74 to ₹32,280.99. This can help you save substantially on the total cost of the loan. 

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

• You must fall under the age bracket of 21 to 65 years 

• You must be a self-employed professional or a salaried employee 

• If salaried, you should be working in a private company or government organisation

• You should have a minimum monthly income of ₹25,000

• The age of the property mortgaged should not be more than 35 years

• You must be a citizen and a resident of India

 Keep the following documents handy when applying for a balance transfer:

• Identity proof: Any one of the following

  • Voter ID

  • Driving licence

  • Aadhaar card

  • Employee ID

• Address proof: Any one of the following

  • Aadhaar card

  • Ration card

  • Telephone bill

  • Electricity bill

  • Voter ID 

• A duly filled and signed application form with a photograph

• Bank statement of the last 6 months

• Salary slips of the last 3 months

• Form-16 and ITR filings details of the last 2 years

• Property-related documents