✓ Home Loan Balance Transfer Facility ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50% Check Offer

A home loan balance transfer is a great option if you are burdened by your current EMI payments. With the help of this facility, you can transfer your loan from your existing lender to a new one to benefit from better loan terms. Opt for this facility on Bajaj Markets at affordable interest rates starting from 8.50% p.a. Similar to a loan refinance, this option can help you make massive savings on interest costs. You can apply for a home loan balance transfer online and choose a convenient repayment timeline of up to 30 years. You can also opt for top-up loans and meet your additional requirements when transferring the balance of your home loan. 

Compare Home Loan Balance Transfer Options

Our Partners
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Minimum Interest Rate
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Maximum Loan Amount
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Maximum Loan Tenure
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Quick Disbursal
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Bajaj Housing Finance

8.60% p.a.

₹2.5 Cr

30 Years

4.4
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ICICI Bank

8.75% p.a.

₹5 Cr

30 Years

3.9
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Kotak Mahindra Bank

9.00% p.a.

₹0.50 Cr

20 Years

4.1
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L&T Finance

8.65% p.a.

₹7.5 Crores

25 Years

4.0
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LIC Housing Finance

8.65% p.a.

₹15 Cr

30 Years

3.8
Quick Disbursal
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PNB Housing Finance

8.50% p.a.

₹15 Cr

30 Years

3.9
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Sammaan Capital

8.75% p.a.

₹5 Cr

30 Years

4.2
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Shriram Housing Finance

11.50% p.a.

₹1 Cr

25 Years

4.3
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Shubham Housing Finance

10.90% p.a.

₹0.50 Cr

25 Years

3.9
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Union Bank of India

8.50% p.a.

₹15 Cr

30 Years

4.0
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Vridhi Home Finance

12% p.a.

₹25 Lakhs

12 Years

4.1
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*Disclaimer: The interest rates listed above are subject to constant change as they are affected by several factors. Please check the prevailing interest rate with your lender before applying.

Home Loan Balance Transfer Fees and Charges

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

Types of Charges

Details

Processing Fee

Up to 2.5% + GST

Foreclosure Charges

Nil to 4% + GST

Prepayment Charges

Nil to 5% + GST

Administrative Charges

Up to ₹5,000 + GST

Charges on Copy of Any Document

₹500 + GST

Repayment Mode or Account Swap Charges

₹500 + GST

Penal Interest Charges

Up to 2% on unpaid EMI + GST per month

Instrument Dishonour Charges

₹500 + GST

Other Charges

Up to 1%

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

Features and Benefits

Here are some features you can enjoy when you opt for a home loan transfer on Bajaj Markets:

Nominal Interest Rates

Similar to a refinance option, you can ease your repayment burden with a lower interest rate starting from 8.50% p.a.

Top-up Facility

Get access to an additional loan amount with no restrictions on end usage and meet your needs

Lengthy Tenure

Opt for a tenure of up to 30 years and minimise the stress on your monthly budget with reduced EMIs

Hassle-free Home Loan Balance Transfer Process

Enjoy speedy approval so you can start saving more as you repay your home loan

Minimal Paperwork

Opt for a loan amount of up to ₹15 Crores and complete the formalities easily and quickly

Eligibility Criteria and Documents Required

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

1. 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.

2. 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.

3. 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

  • Latest passport-size photographs

  • No Objection Certificate from your current lender

  • All details related to your existing home loan

  • Property documents

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How to Apply for a Home Loan Balance Transfer on Bajaj Markets

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

  • Click on the ‘Apply Now’ 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

How to Apply for a Home Loan Balance Transfer

Why Choose Bajaj Markets for a Home Loan Balance Transfer

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

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Frequently Asked Questions

What is a home loan balance transfer?

A home loan balance transfer enables you to transfer your current loan obligation from one lender to another. Ideally, you opt for this facility when you can get a home loan at affordable interest rates from another lender.

Why should I consider a home loan balance transfer?

A home loan transfer can be a smart financial decision, offering umpteen benefits if planned properly. It allows you to bring down your EMIs with a lower interest rate and a longer tenure. You need to assess various factors when deciding to transfer your home loan from one lender to another.

What are the benefits of a home loan balance transfer facility?

Some of the benefits you get to enjoy include lower interest rates, an option to get a top-up loan facility and an extension of the loan tenure. You may also change your existing interest rate type from fixed to floating or vice versa.

How to transfer a home loan from one bank to another?

You can transfer your home loan from one bank to another by visiting the lender’s website and checking the interest rates, loan terms, and other essential details. Then, provide details of your existing property and loan.

 

You may get a loan offer from the new lender if you meet the required eligibility criteria. Pay the fees and charges associated with the balance transfer facility. Lastly, upload the supporting documents for verification to the new lender.

What is the maximum home loan amount that can be transferred?

There is no cap as such. You can transfer the entire outstanding home loan amount to a different lender, depending on the loan terms you are eligible for.

Can I get a top-up loan at the time of the balance transfer?

Yes, you can get a top-up from the same financial institution when you opt for the home loan balance transfer. Remember, interest rates on the top-up facility may be slightly higher than the home loan interest rate.

Can the repayment period be extended at the time of the transfer?

Yes, you can extend your repayment period when opting for a home loan balance transfer.

Do I require a guarantor for a home loan balance transfer?

A majority of Indian lending institutions do not ask for a guarantor while taking over an existing home loan. However, it is entirely upon the new lender to decide whether or not a guarantor is required when you apply for home loan balance transfer facility.

What is the maximum tenure you can get for a home loan balance transfer?

When applying for a home loan balance transfer, you can enjoy an extended period of up to 30 years on Bajaj Markets. This also depends on the new lender you choose and your age.

Do I get tax benefits on a balance transfer?

You can enjoy the same tax benefits on your home loan repayment even after you complete a balance transfer. This includes a tax exemption on the home loan interest as well as the principal. 

 

However, when you take a top-up loan during a home loan balance transfer, you can only enjoy tax savings based on the end use of the funds.

Are there any fees associated with a home loan balance transfer?

Yes, there are some fees and additional charges you may have to pay when you opt for a home loan balance transfer. Some of these charges include processing fees, home loan transfer charges, etc.

How long does the home loan balance transfer process typically take?

The duration of the balance transfer process depends on the lender you choose. Once you submit the required documentation, the process is generally completed within 5 to 10 days.

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