Similar to a home loan, you can avail balance transfer for a loan taken against property mortgage. Many people think that only home loans are eligible for balance transfers, but that’s not the case. All types of loans are eligible for balance transfers, including car loans and personal loans.
If your EMIs are making a dent on your finances, a Bajaj Finserv loan against property balance transfer can be a life saver for you. Once your outstanding loan against property (LAP) is taken care of, you can enjoy the benefits of a lower interest rate that translates into reduced EMIs, better customer services, easy online account access, and customized repayment options.
What is a LAP balance transfer?
If you go for a loan against property balance transfer, the outstanding loan amount for your LAP with your existing bank is transferred to a new lender. The primary reason you do this is to reduce your monthly outflow of EMIs.
If you have taken a loan against property from a bank after April 1, 2016, your EMIs will be directly tied to your bank’s marginal cost of funds based lending rate (MCLR). The problem with MCLR is that it can show an uptrend or downtrend depending on the RBI’s revision of the repo rate and other factors.
While there is a chance that your EMIs may come down if MCLR reduces, there is also the likelihood of an increase in interest rates before you reach the reset period. A reset period is a specific period of time determined by banks to reset or revise lending interest rates.
If you are planning to go for a loan against property balance transfer, don’t think that you are among the few ones doing this. Loan against property balance transfer, also known as refinancing, is becoming increasingly common today. In fact, figures show that over 20% of borrowers are switching lenders to reduce their financial liability.
A Bajaj Finserv loan against property balance transfer available online at Finserv Markets offers lower EMIs, customized repayment options and easy online account access. There is 100% transparency in all the terms and you have the freedom to choose your own repayment tenure.
What are the benefits of loan against property balance transfer?
Transferring the balance of your loan against property has numerous benefits. Some of the major advantages include:
- Lower EMIs: By transferring your loan to another lender, you get the advantage of increasing your loan tenure which helps you lower the EMIs.
- Savings: LAP balance transfer helps you enjoy a lower interest rate that translates to lot of savings in the long-term.
- Credit score: Your loan against property balance transfer lowers your debt burden and helps you make timely payments thus improving your credit score in the process.
- Negotiation power: Loan balance transfer with a new lender gives you the power to negotiate better terms and enjoy attractive interest rates.
- Satisfaction: If you are not satisfied with your existing lender’s terms, customer service and if their product or service lacks in some areas, you can change to a more customer-friendly and supportive loan provider.
At Finserv MARKETS you can avail a Bajaj Finserv loan against property balance transfer at attractive rates, very supportive customer service, and flexible term and tenures.
How to apply for a loan against property balance transfer?
Applying for a loan against property balance transfer at Finserv MARKETS is very simple as the entire process is online and it requires minimal documentation.
You must meet the following eligibility criteria before applying:
- You must be a salaried individual between the age of 33 to 60 years
- You must be working in an MNC, private company, PSU or a government office
- You must be a resident of India and owning a property in the cities mentioned in the city list
The following documents are required to apply for the balance transfer:
- Salary slips – last 3 months
- Bank account statements – last 3 months
- PAN card
- Aadhaar card
- Address proof
- Copy of the property documents (land deed) to be mortgaged
- IT returns (Form 16)
You can also read more on what are the factors affecting your loan against property and also what are the types of property through which you can obtain a loan only at Finserv MARKETS
“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”