Home Loan Balance Transfer

Here are the charges associated with a home loan transfer on Bajaj Markets:

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

Meet the minimum home loan balance transfer eligibility criteria set by lenders across various financial institutions. These include:

• You must be an Indian citizen
• You must be in the age bracket of 23-65 years 
• You must have completed at least 12 EMIs with your existing lender
• You must not keep any outstanding amount due with your existing lender
• You have to be a salaried or self-employed professional with a regular source of income
• You must be living in your property or ready to occupy it

Pointers to Keep in Mind Regarding Work Experience

Some lenders require you to have at least 1 year of work experience, while some insist on an experience of at least 3 years. However, if you are self-employed, your business vintage has to be at least 2 years.

Pointers to Keep in Mind Regarding Income

Meeting these home loan balance transfer eligibility criteria can facilitate the process quickly. While the parameters mentioned above are crucial, there are a few conditions on your income source set by most lenders.

• A minimum monthly income of ₹20,000 is required for a salaried professional
• A minimum gross annual income of ₹3 Lakhs is required for a self-employed individual

Your city of residence also plays a role in deciding the minimum income factor by any lender. Here are the income criteria set by lenders depending on the city you reside.

• A minimum salary of ₹30,000 for cities like Delhi, Mumbai, etc.
• A minimum salary of ₹25,000 for cities such as Bangalore, Chennai, Pune, etc.

Pointers to Keep in Mind Regarding Property Value

The valuation of your property is also considered, and the minimum requirement varies according to the city it is located in. Properties in tier 1 and tier 2 cities with a high valuation are more likely to get the maximum sanction with ease. Remember that these terms vary based on the lender. So, check with your lender to know the exact property valuation needed to qualify.

Alongside fulfilling these criteria, here are some documents required for a home loan balance transfer:

As a salaried individual, submit your latest salary slips for the previous 3 months or Form 16. If you are self-employed, you must furnish your audited profit and loss statements.

Apart from these, a few other documents required for initiating the home loan balance transfer process include:

• Last 6 months’ bank account statements
• PAN Card/Aadhaar Card
• Address proof
• Identity proof
• Lazest passport-size photographs
• No Objection Certificate from your current lender
• All details related to your existing home loan
• Property documents

Here is the process to follow when applying for a home loan balance transfer on Bajaj Markets.

• Click on the ‘Check Offer’ button on this page
• Enter your basic personal details on the online application form
• Enter the loan amount and preferred repayment tenure
• Submit the form for verification

Getting a home loan balance transfer on Bajaj Markets helps you benefit from the following:

Competitive Loan Terms

Ample funding coupled with affordable interest rates and a lengthy repayment tenure, makes the transfer process hassle-free

Swift Loan Approval and Disbursal

Meet the simple eligibility terms and get the required funding soon after approval and verification

Minimal Documentation

Provide basic documentation based on the lender’s requirements for speedy processing

Zero Hidden Charges

All balance transfer charges you have to pay are mentioned clearly on Bajaj Markets