A home loan generally forms a higher amount as compared to other types of debt, and this has a significant impact on the interest rate. There are avenues available through which applicants can reduce their interest rates. One of the ways is to transfer your existing home loan to an institution offering a reduced home loan interest rate. Shifting your home loan to another bank/NBFC will be extremely beneficial and this fact is a no brainer. Such debt transfers from one lender to another are completely legal and allowed by many prominent financial institutions in India. This process is referred to as home loan balance transfer. It is a unique solution for customers who are operating on a tight budget and need some form of financial relief.
The Bajaj Housing Finance Home Loan Eligibility Calculator consists of three input fields:
City: This is the location of the residence.
Loan Amount: It is the amount you want to avail
Starting year: It is the year from when you would like your loan repayment to begin.
Enter the following inputs and voila, you will get the eligibility amount of your Home loan balance transfer.
Here are the steps to apply for a Home Loan Balance Transfer at Finserv MARKETS:
It is up to Rs. 5 Crores, that at you can transfer.
No, most of the banks do not require a guarantor for home loan transfer.
Yes, on Finserv MARKETS, you can avail a top-up loan on balance transfer facility.
Lower interest rates, top-up facility are the major benefits of transferring a housing loan.