Loan Against Property Balance Transfer

Transfer your existing loan against property to your preferred lender online on Bajaj Markets. A loan against property balance transfer lets you switch to lenders offering lower interest rates, starting from just 9.10% p.a., with tenures up to 25 years. 

Furthermore, you can benefit from zero foreclosure charges to become debt-free sooner. Along with better customer service options, and a simple documentation process, you can also fulfill your additional requirements with the help of top-up loans.

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

Here are some essential charges you may have to pay when applying for a balance transfer:

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

Here are the criteria you are often required to fulfil to be eligible for a balance transfer:

• You should fall under the age bracket of 21 to 70 years
  

• You must be an employee in an MNC, a private company, or the public sector, or be self-employed
  

• You should be a resident of India residing or owning a property in a city recognised by the lender
  

• Your CIBIL score should be 725 or more
  

• You must have paid at least 12 EMIs of the loan you want to transfer
  

• The minimum work experience for salaried individual should be at least 1 year
  

• Self-employed applicants must have a business operational for at least 2 years to qualify

Here is a list of some common documents usually required for a loan against property balance transfer:

• Latest Salary Slips
  

• Bank account statements of the last 3 months
  

• PAN Card and Aadhaar Card
  

• Address Proof
  

• Copy of the documents of the property to be mortgaged
  

• IT Returns
  

• For Self-employed - Certificate and proof of business, along with ITR filings of the last 3 financial years
  

• Property documents like sale deeds

Most banks and financial institutions allow balance transfers for various types of properties, including:

• Residential properties (self-occupied or rented)
  

• Commercial properties used for business activities
  

• Industrial properties, in some cases, depending on lender policies

The mortgage loan take over must involve a property that is free from legal disputes and has clear ownership documents.

The balance transfer process typically involves the following steps:

1. Submit a transfer request with your current lender
   

2. Obtain a foreclosure letter and loan statement
   

3. Apply with the new lender and submit required documents
   

4. Undergo property valuation and credit assessment
   

5. On approval, the new lender disburses the balance to close the existing loan
   

6. The loan is now serviced by the new lender under revised terms

A LAP balance transfer is best timed early in the loan tenure for maximum savings. You may consider a loan against property balance transfer if:

• The current interest rate is significantly higher than market rates
  

• You want to reduce EMI or extend the repayment tenure
  

• You need a top-up loan for additional funding
  

• The new lender offers better service or lower associated charges

Keep the following in mind before initiating a balance transfer:

• Check for foreclosure charges with your current lender
  

• Compare total cost of transfer, including processing fees and documentation charges
  

• Ensure your repayment track record is clean
  

• Reassess your property’s eligibility and valuation with the new lender
  

• Read the terms and conditions of the new loan agreement carefully

• Quick Processing

The online application process allows your loan application to be verified faster

• Simple Documentation

Online documentation makes the balance transfer simpler and convenient

• Zero Hidden Charges

With the promise of complete transparency, you do not have to pay any hidden charges