Bajaj Housing Finance Home Loan Balance Transfer

If you want to save some money on your existing home loan, consider a transfer with Bajaj Housing Finance. You can now apply for this facility on Bajaj Markets and get low interest rates starting from 8.30% p.a. Enjoy extended tenures of up to 30 years and get additional funding with a top-up loan if required. Also, you can get a top-up loan to meet your extra requirements. Furthermore, easily manage your loan online on Bajaj Markets.

Here are the interest rates and charges applicable to these balance transfers that you should know about:

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

The prepayment and processing fees add to the borrowing costs. Thus, it is important to be aware of these charges. You can balance out these charges and save more money strategically by getting a lower interest rate from your new lender. To understand this, let’s look at the following example.

Let’s say you took a home loan of ₹50 Lakhs at an interest rate of 15% p.a. for 20 years. In this case, the EMI you are liable to pay amounts to ₹65,839.48. When you transfer this loan to a new lender and get a lower interest rate your EMIs and total borrowing costs are directly impacted. Here’s how:

Assume you transferred your loan to Bajaj Housing Finance and were offered an interest rate of 8.95% p.a. Now, your monthly instalment amount decreases drastically to ₹44,825.64. As the interest charge is lower, the total loan cost also drops considerably. This can be a great financial move to save money over the loan tenure. 

Make sure to meet the criteria listed below to be eligible for the balance transfer facility:

• If salaried, your age must be between 23 and 62 years

• If self-employed, your age must be between 25 and 70 years

• The balance loan amount you wish to transfer should range between ₹5 Lakhs and ₹2.5 Crores

• You must be an Indian citizen

Your credit score is also checked by the lender to assess your eligibility for the home loan balance transfer. Alongside this, ensure to keep the following documents handy:

• Address Proof: Any one of the following

• Aadhaar card

• Passport

• Driving licence

• Identity Proof: PAN card or Voter ID 

• Bank statements of the last 6 months

• Income Proof:

  • For salaried applicants: Form 16 or the latest salary slip 

  • For self-employed applicants: Profit and Loss statement of the last 2 years

• Business vintage proof like Shop Act, Certificate of Incorporation, etc. (only for self-employed)