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

Home loan balance transfer facility can help you reduce the interest outgo on your home loan. On Bajaj Markets, you get competitive home loan balance transfer interest rates from various lenders starting at 8.50% p.a. 

Fees and Charges

Here are the home loan balance transfer interest rates offered by some of the top lenders on Bajaj Markets:

Lending Partners

Interest Rates (% p.a.)

Additional Charges

Bajaj Housing Finance Limited

Starting at 8.95% p.a.

  • Processing fees: Up to 6% of the loan amount

  • Foreclosure charges: 4% + GST (Nil in case of individual with floating interest rate)

  • Prepayment charges: 2% + GST (Nil in case of individual with floating interest rate)

ICICI Bank

Starting at 8.75% p.a

  • Processing fees: ₹3,000 plus GST and an administrative charge of 0.25% of the loan amount, subject to a minimum of ₹5,000 (plus GST)

  • Foreclosure charges: 2% + applicable GST for fixed-rate loans

  • Prepayment charges: 2% + applicable GST for fixed-rate loans

Kotak Mahindra Bank

Starting at 9.00% p.a.

  • Processing fees: 0.5% of loan amount plus applicable taxes

  • Foreclosure charges: NIL

  • Prepayment charges: NIL

L&T Finance

8.65% p.a.

Up to 1% of the loan amount + GST

LIC Housing Finance

Starting at 8.65% p.a.

  • Processing fees: Up to 0.25%, ₹10,000, or ₹50,000 + GST, depending on loan amount

  • Foreclosure charges: NIL

  • Prepayment charges: NIL

PNB Housing Finance Limited

Starting at 8.50% p.a.

  • Processing fees: Up to 0.5% of the loan amount

  • Foreclosure charges: 2% of the outstanding loan amount

  • Prepayment charges: 2% of the outstanding loan amount

Shriram Housing Finance

Starting at 11.50% p.a.

  • Processing fees: Up to 2.5% of the loan amount + taxes

  • Foreclosure charges: NIL for individual borrowers

  • Prepayment charges: NIL for individual borrowers

Shubham Housing Finance

Starting at 10.90% p.a.

  • Processing fees: Up to ₹27,000 or 3% of loan amount + taxes, depending on the loan amount

  • Foreclosure charges: NIL

  • Prepayment charges: NIL

Union Bank of India

Starting at 8.50% p.a.

  • Processing fees: Up to 0.5% of the loan amount or ₹15,000, whichever is higher

  • Foreclosure charges: 2% + applicable GST for fixed-rate loans

  • Prepayment charges: 2% + applicable GST for fixed-rate loans

Vridhi Home Finance

Starting at 12% p.a.

  • Processing Fee: 2% + GST
  • Prepayment Charges: 5%

Disclaimer: The information presented in the table above is subject to change at the lender’s discretion. Check the latest charges with the lender before you apply.

Home Loan Balance Transfer Interest Rates FAQs and Support

What should I consider while opting for a home loan balance transfer?

When opting for this facility, consider the home loan balance transfer processing fee, interest rates, credit terms, and other charges.

What are the prevailing home loan balance transfer interest rates?

Currently, lenders are offering attractive home loan balance transfer interest rates. At Bajaj Markets, you can avail this facility at competitive rates starting from 8.50% per annum.

What processing fee does a lender levy for a home loan balance transfer?

The home loan balance transfer processing fee depends on the lender and your loan amount. Generally, it is a certain percentage of your loan amount or a fixed slab rate.

Why should I choose a home loan balance transfer facility?

When a new lender offers interest rates that are lower than that of your existing lender, opting for a balance transfer is a feasible solution. This reduces your interest burden, making this facility a cost-effective option.

What are the different factors that influence the home loan balance transfer interest rates?

Various factors affecting home loan balance transfer interest rates include your repayment history, income and employment, and your relationship with the lender.

Can I negotiate the interest rate when transferring my home loan?

Yes, you can negotiate with your lender to get lower home loan balance transfer interest rates if you have a high credit score and a strong financial standing.

Is there a minimum credit score required to qualify for lower interest rates during a balance transfer?

Typically, the minimum credit score requirement to get competitive home loan balance transfer interest rates is 700 or above. A high credit score reflects strong creditworthiness, and hence, lenders consider you a reliable borrower and offer lower interest rates.

Are interest rates for a balance transfer generally lower than those for a new home loan?

Yes, home loan balance transfer interest rates are typically lower than interest rates for a new home loan. This facility also allows you to choose a new repayment tenure, as per your preferences.

Are processing fees refundable if the balance transfer is not approved?

No, the processing fee for a home loan balance transfer is not refundable. However, lenders only charge the processing fee once the balance transfer is approved.

Do processing fees vary based on the loan amount being transferred?

Yes, the processing fee varies based on the loan amount since it is a percentage of the total home loan balance transfer amount.

Can I negotiate or waive processing fees when transferring my home loan?

Yes, you can negotiate with your lender for the waiver or reduction of the processing fee on your home loan balance transfer. This is easier when you have a high credit score and strong financial standing since it makes you a creditworthy borrower.

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