Bajaj Markets

Everything About Home Loan Balance Transfer

A balance transfer is an effective mechanism to lower your home loan interest rate by transferring the entire unpaid principal amount to another bank / NBFC. It can be useful in case of top up requirement as well. The financial institution that had originally extended the loan to you gets the unpaid principal back and you start paying EMIs at a reduced interest rate to the new financial institution.

If you need to transfer your home loan balance then, do not fret. The process is quite easy, convenient and hassle-free. However, there are certain things you should keep in mind before you opt for a balance transfer.

Why Should You transfer Your home loan?

Obtaining a home loan from a reliable lender is very important. You can look for various options for balance transfer available in the market or simply contact Finserv MARKETS to find out more about home loan balance transfer options. Once you have all the information you need, you can choose to transfer your home loan in order to get lower equated monthly installments (EMIs) at a reduced rate of interest.

Home Loan Transfer Procedure

Follow the below simple steps, in case you wish to transfer your home loan balance:

Remember, whenever you choose to transfer the loan to a new lender, you would have to go through the same process that you went through when you applied for a home loan. The new lender will only approve of your balance transfer once they have verified all the property-related documents and check your credit rating as well to ensure everything is satisfactory. You may negotiate the rate of interest with the new lender to further lower the rate.

Features of Bajaj Finserv Home Loan Transfer at Finserv MARKETS

Here are a few beneficial features of Bajaj Finserv home loan balance transfer: –

Before you go in for a balance transfer of your home loan, it is very important to check for any penalties applied against prepayment to your existing lender. Some lenders may charge prepayment penalties between 2% and 5% of the outstanding balance. Another thing to keep in mind is that the new lender may also charge processing fees, which may be between 0.5% and 1% of the borrowed amount as well. So, it is always advisable to negotiate with the new lender to try and waive off any processing fees in order to make the balance transfer more reasonable and cost-effective for you.

There are many other reasons for shifting your Home Loan to Finserv MARKETS. Some of them include service issues with your existing lender or unwillingness to re-negotiate terms, etcetera. However, before you make a decision to transfer your balance, make sure you take a look at all these aspects in order to make an informed decision.

You can now easily avail a Bajaj Finserv Home Loan Balance Transfer facility on Finserv MARKETS and take advantage of a plethora of benefits like fast application processing, quick dispersal and many more! So why wait? Apply for a Home Loan Balance Transfer with us, today!

You can also read on is your home loan transfer eligible for pmay subsidy only at Finserv MARKETS.

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”