Shriram Housing Finance Loan Against Property Balance Transfer

You can transfer the balance of your existing loan against property to Shriram Housing Finance and enjoy extended repayment tenures of up to 25 years. This facility allows you to leverage the value of your property as collateral. You can apply for this facility on Bajaj Markets and save on repayment costs with low interest rates starting from 12.50% p.a. The balance transfer requires minimal documentation and can be completed with just a few clicks through the seamless online process.

The table below shows the interest rates and other associated fees related to a Shriram Housing Finance Loan Against Property Balance Transfer:

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

While the processing and foreclosure fees add to your borrowing costs, balance transfer helps you enjoy lower interest rates. A low interest rate enables you to benefit from reduced EMIs and repayment costs. Let’s understand this with an example:

Assume that the loan amount is set at ₹25 Lakhs. Meanwhile, the interest rate offered by the current loan provider is 15% p.a. and the tenure is 10 years. Here, the EMI amount is ₹40,333.74.

When you transfer the balance of your loan, you may be offered a lower interest rate based on credit score and  property value assessed. In this case, let’s assume the new interest rate is 12.50% p.a. The impact of the reduction in the rate will be visible in the EMI payable and in the total loan cost. Here, the EMI amount is reduced to ₹36,594.04. Over the remaining tenure, this difference enables you to save a huge amount and helps you save on the overall cost of the loan. 

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

• If salaried, you must have a work experience of at least 2 years

• If self-employed, you must have worked in your respective field for at least 3 years 

• Your monthly income should be more than ₹30,000

• You should fall under the age bracket of 25 to 70 years

Alongside this, ensure to keep the following documents handy during the application process:

• Duly completed loan application form

• KYC Documents: Any one of the following 

  1.Driving licence

   

  2.Passport

   

  3.Voter ID