Learn about the LIC Housing Finance Loan Against Property Balance Transfer facility and secure up to ₹15 Crores as well an extensive repayment period.
Save on repayment costs with the LIC Housing Finance Loan Against Property Balance Transfer facility available on Bajaj Markets. Benefit from lower EMI amounts with interest rates starting from just 9.45% p.a.
Enjoy a seamless online process to transfer the loan while keeping your existing property as collateral. You can repay comfortably with extended repayment tenures of up to 15 years, making the loan more manageable.
LIC HFL Loan Against Property Balance Transfer interest rates and other primary charges are as follows:
Interest Rate |
9.45% p.a. onwards |
Processing Fees |
1% of the loan amount |
Pre-payment Charges |
2.5% of the loan amount (for a fixed rate loan) |
CERSAI Charges |
|
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
Check the other related charges before transferring your loan, as they add to the total cost:
Cheque, ECS/NACH Bouncing Charges |
₹750 |
Photocopies of Title Documents |
₹1,000 + GST |
Document Retrieval Charges |
₹2,500 + GST |
Late EMI Payment Charges |
|
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
Transfer your loan to LIC Housing Finance Limited and enjoy low interest rates starting from 9.45% p.a.
Opt for this facility and choose from tenures ranging up to 15 years. The extended period will make your EMIs more manageable.
Benefit from complete transparency. You can review all applicable costs upfront, ensuring there are no unexpected expenses later.
Enjoy simple and quick documentation processes by applying for this facility on Bajaj Markets. This streamlined approach helps you save time and speeds up loan approval.
Choose to prepay or foreclose your loan by paying a nominal fee amounting to 2.5% of the outstanding loan amount. This flexibility allows you to reduce your interest burden and close the loan earlier.
LIC Housing Finance Limited offers different Loan Against Property (LAP) schemes to help you meet your unique financial needs, whether personal or business-related. With secured funding on competitive terms, you can manage both professional and personal requirements with ease.
This scheme allows you to use your rental income to secure better loan terms. You can benefit from attractive interest rates, easy EMIs, and funding for both listed and unlisted companies.
Commercial properties or office premises can be used as security, and the scheme applies to both owned properties and those being purchased with the loan.
This scheme is tailored to individuals who aim to mortgage a residential property, be it a house or a flat for:
This scheme is tailored for businesses seeking secured funding to meet their financial needs. It allows companies to transfer existing loans to benefit from competitive terms, with funding available for both listed and unlisted organisations.
Fulfil the following criteria to be eligible for this balance transfer facility:
You must fall under the age bracket of 21 to 65 years
You must be a self-employed professional or a salaried employee
If salaried, you should be working in a private company or a government organisation
You should have a minimum monthly income of ₹25,000
The age of the property mortgaged should not be more than 35 years
You must be a citizen and a resident of India
Keep the following documents handy when applying for a balance transfer:
Here is how you can apply for a LIC HFL Loan Against Property Balance Transfer on Bajaj Markets:
Click on the ‘Check Offer’ button shown on this page
You will be redirected to the online loan application form
From the drop-down list, choose ‘Loan Against Property Balance Transfer’
Specify your employment type by selecting either Salaried Professional or Business Owner
Provide your mobile number to continue with the eligibility check
Agree to the terms of use and permit information sharing where required
Click ‘Apply Now’ to finalise and submit your application
LIC HFL provides several convenient ways to check this information:
Online Portal
Mobile App
Customer Care
Branch Visit
Register on the customer portal to access your loan details online. Complete the registration only after the disbursal of the loan. After you register, follow these steps to download your statement:
Log in to the customer portal and place the cursor on the ‘Activities’ section
Click the ‘Repay Certificate’ option
Select the loan number and the financial year, then click ‘Submit’
Click the ‘Print’ option to obtain a physical copy
When you transfer your Loan Against Property balance to LIC Housing Finance, you can repay it conveniently through NACH or e-NACH. Both options enable automatic EMI deductions from your bank account, ensuring timely payments.
You need to submit a signed physical mandate to your bank. This authorises the bank to deduct EMIs on the due date, providing a secure and systematic repayment process.
This is a fully digital process that eliminates the need for paperwork. It allows you to set up EMI deductions online quickly, ensuring a smooth and efficient repayment experience.
This facility from LIC Housing Finance is available across all cities of India.
The duration of the balance transfer process may extend to a few weeks, depending on document submission and property-related legal checks. You must provide income and property documents after completing the minimum repayment period of your existing loan.
Yes, you can transfer your LAP balance from another lender to LIC Housing Finance Ltd. even if you have existing debt. The following points explain how this benefits you:
Shift your existing loan to LIC HFL to access lower interest rates
Extend your loan tenure to make repayments more manageable
Gain additional features to enhance your loan experience
Yes. If you apply for the transfer through Bajaj Markets, the minimum loan amount available is ₹10 Lakhs, while the maximum amount can go up to ₹15 Crores.
Yes, you have to pay 1% of the loan amount as a processing fee for the loan.
It is possible to apply for a top-up loan when transferring a loan against property to LIC HFL during a balance transfer process. However, confirm with the lender before proceeding.
To calculate the EMI, you can use the calculator available on Bajaj Markets. Enter your current loan amount, interest rate, and tenure to estimate the EMIs.
LIC HFL allows balance transfers from both banks and NBFCs, provided you meet the eligibility criteria and documentation requirements.
In the event of a missed payment, late payment charges apply. Defaults up to 12 months incur a penalty of 1.50% per month (18% p.a.), while delays beyond 12 months may attract up to 1.75% per month (21% p.a.).
The impact on your credit score depends on your repayment behaviour. Timely EMI payments can improve your credit profile, whereas missed or delayed payments can negatively affect it.
Yes, you can switch to a different repayment option after transferring your loan against property to LIC Housing Finance, subject to their approval. You can request this via the LIC HFL portal, by visiting a branch, or by calling 1800 209 1989.
If your application is rejected, avoid reapplying immediately, as multiple applications may lead to hard enquiries and further reduce your credit score. Instead, seek clarification from the lender on the reasons for rejection and work on addressing them before applying again.
Yes, you can apply online through Bajaj Markets. Simply click on ‘Check Offers’ at the top of this page to begin the application, and keep your personal and property-related documents ready for faster processing.
You can discontinue your existing policy and opt for a new one that meets the requirements of LIC Housing Finance Limited. Alternatively, you can continue with your current policy by informing your insurer about the transfer and adding LIC Housing Finance Limited as the new beneficiary.
Yes, you may apply for another loan while transferring your balance, provided you meet the eligibility requirements of the lender.
To qualify for the balance transfer, you must:
Be between 21 and 65 years of age
Be a self-employed professional or a salaried employee
Ensure the mortgaged property is not older than 35 years
Be a citizen and resident of India
For loans on floating interest rates, no prepayment charges are applicable. However, for fixed-rate loans, a pre-payment charge of 2% of the outstanding loan amount is levied.