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LIC Housing Finance Home Loan Balance Transfer

Transfer the balance of your existing home loan to LIC Housing Finance on Bajaj Markets to unlock the property’s value while enjoying numerous benefits. Get lower interest rates starting from just 8.65% per annum (p.a.), which reduces your EMI amount and the cost of your loan.

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You can also extend the tenure to as high as 30 years, enabling you to repay the loan at your convenience and have the collateral released.

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Your Home Loan Balance Transfer EMI
₹ 1,169,354
Total Interest Amount
₹ 270,967,334
Principal Amount
₹ 150,000,000
Total Payable Amount
₹ 420,967,334
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
Min value reached
Max value reached
Check Offer

You can also make instant comparisons between loan offers from multiple providers on Bajaj Markets.

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Furthermore, you can gain deeper insights into your loan instalments with the free amortisation schedule, which is provided with each calculation. 

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The interest rates for the balance transfer facility are as follows:

Loan Type

Interest Rate

Home Loan Balance Transfer

8.65% p.a. onwards 

Disclaimer: The mentioned details are subject to change at the lender’s discretion.

It is essential to know the associated charges that add to the loan cost. Try to balance out these added costs by negotiating for as low an interest rate as possible. This can help you save considerably and manage your loan effortlessly. 

Some of the charges you need to be aware of are:

Processing Fee

  • 0.25% of loan amount subject to a maximum of ₹10,000/- +GST (Up to ₹2 Crores)

  • 0.25% of loan amount subject to a maximum of ₹25,000/- + GST (Above ₹2 Crores and up to ₹5 Crores)

  • ₹50,000/- + GST (Above ₹5 Crores and up to ₹15 Crores)

Prepayment Charges

NIL on floating interest rates

Disclaimer: The mentioned details are subject to change at the lender’s discretion.

A home loan balance transfer enables you to shift an existing loan to another lender in order to secure a favourable interest rate. This helps reduce your monthly EMIs and the overall repayment burden. The following are some notable benefits of an LIC Housing Finance home loan balance transfer:

  • Attractive Interest Rates

Benefit from low interest rates starting at just 8.65% p.a.

  • Extended Tenures

Repay the loan at your convenience with extended tenures of up to 30 years

  • Top-up Loan

Borrow an extra sum on your existing loan and meet all your additional expenses easily

  • Convenient Online Transfer

Transfer your home loan to LIC Housing Finance through a simple online process

Meet the following criteria to be eligible for this balance transfer facility:

  • You should possess a No-Objection Certificate (NOC) from your lender

  • You should have repaid at least 12 EMIs on your housing loan

  • You must be at least 21-year-old 

  • If salaried, your age at the time of loan maturity should not be more than your retirement age

  • If self-employed, your age at the time of loan maturity should not be more than 70 years

  • You should have an existing home loan from any bank or NBFC except LIC HFL Limited

Ensure that you maintain a good credit score, as it can help boost your loan eligibility. Alongside this, you will also be required to furnish the following documents:

Identity Proof: Any one of the following

  • PAN card

  • Aadhaar card

  • Driving licence

  • Passport (in case of NRIs)

Address Proof: Any one of the following

  • Aadhaar card

  • Voter ID

  • Utility bill

  • Driving licence

  • Passport (in case of NRIs)

Income Proof 

  • Bank statements for the last 6 to 12 months 

  • Salary slips and Form 16 for salaried individuals

  • ITR filings and business financials of the last 3 years for self-employed individuals

Property-related Documents

  • Proof of ownership of property

  • Allotment letter from the builder or society for flats

  • Up-to-date receipt of tax paid

Other Documents

  • Loan statement of the existing loan

  • List of the property documents submitted to the existing lender

  • Bank statement for the last 12 months of the account from which EMIs have been paid

Follow these simple steps to apply for this balance transfer facility on Bajaj Markets:

  1. Click on the ‘Apply Now’ option on this page

  2. Provide your personal and income-related information

  3. Select ‘LIC Housing Finance’ from the list of lenders

  4. Choose your preferred tenure and the loan amount required

  5. Submit the application form

After this, an executive will reach out to you for further proceedings.

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.

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10 Lakhs Home Loan EMI

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70 Lakhs Home Loan EMI

80 Lakhs Home Loan EMI

85 Lakhs Home Loan EMI

90 Lakhs Home Loan EMI

95 Lakhs Home Loan EMI

1 Crore Home Loan EMI

  

Frequently Asked Questions

Who is eligible to apply for a home loan balance transfer with LIC Housing Finance?

To be eligible for a home loan balance transfer with LIC Housing Finance, you need to meet all of the following criteria:

  • Hold a No-Objection Certificate (NOC) from your lender

  • Complete at least 12 EMIs on your home loan

  • Be at least 21 years old

  • Have an existing home loan from any bank or NBFC (except LIC HFL Limited)

You can apply for a home loan balance transfer easily through Bajaj Markets. Through this platform, you can compare lenders and apply online, from the comfort of your home.

One of the major advantages of LIC HFL balance transfer is that there are no penalties on prepayments.

Yes, transferring the balance makes sense when it may lead to lower interest rates and reduced EMIs compared to your existing loan. Carefully evaluate the revised terms and then proceed.

With this facility, you can take advantage of attractive interest rates starting from 8.65% p.a. Additionally, the processing fee charged on the loan is also minimal. This provides a cost-effective way for you to manage your home loan and potentially save money in the long run.

Yes, you can close, prepay, or foreclose your LIC Housing Finance home loan before the end of the loan tenure. However, it needs to be done directly and not through any third party, as such transactions are not accepted.

Similar to other lenders, home loans from LIC Housing Finance are a long-term financial commitment. You have to continue repayments for several years, which may affect financial flexibility.

Processing fees for a balance transfer differ across lenders. For instance, LIC Housing Finance applies a processing fee starting from 0.25% of the loan amount.

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