Bajaj Housing Finance Home Loan Balance Transfer Charges
Here are the various charges associated with Bajaj Housing Finance Home Loan Balance Transfer:
Benchmark Rate (BR) |
Prevailing BR |
Loan type |
Type of Rate |
BR + Spread |
Effective Rate of Interest (per annum |
Repo Rate (RR) |
4.00% |
Top up |
Floating |
RR+ 3.75 % to RR+ 8.00% |
7.75% to 10.00% |
Salaried Floating Reference Rate (SAL-FRR) |
12.90% |
Top up |
Floating |
FRR-5.15% to FRR -0.90% |
7.75% to 10.00% |
Self Employed Floating Reference Rate (SE-FRR) |
13.30% |
Top up |
Floating |
FRR-4.30% to FRR +0.20% |
7.75% to 10.00% |
The interest rates are subject to policy changes of Bajaj Housing Finance Limited
Foreclosure Charges & Pre-Payment Charges
Foreclosure Charges Grid from Home Loan Balance Transfer
Borrower Type/Interest Type |
Time Period (Months) |
Foreclosure Charges |
Individual: Floating rate* |
Greater than 1 Month |
Nil |
Non-individual: Floating rate |
Greater than 1 Month |
4% plus GST |
All borrowers: Fixed rate* |
Greater than 1 Month |
4% plus GST |
For Term Loan, charges are calculated on the outstanding principal.*
Prepayment Charges Grid for Home Loan Balance Transfer
Borrower Type/Interest Type |
Time Period (Months) |
Prepayment Charges |
Individual: Floating rate* |
Greater than 1 Month |
Nil |
Non-individual: Floating rate |
Greater than 1 Month |
2% plus GST |
All borrowers: Fixed rate* |
Greater than 1 Month |
2% plus GST |
For Term Loan, charges are calculated on the outstanding principal.*
Frequently Asked Questions
-
✔️Is balance transfer a good idea for home loan?
Balance transfer can be beneficial in terms of a lower rate of interest and top-up loan options.
-
✔️Can home loan be transferred to another person?
Yes. Provided the person is eligible for Home Loan and you are able to foreclose the loan.
-
✔️Can I transfer my home loan to another bank after availing the PMAY benefit?
Yes. The home loan should, however, be availed after 17 June 2015.
-
✔️What is the maximum limit for the transfer of amount?
The maximum limit for transfer is Rs. 2.5 Crore.
-
✔️When should I avail the home loan balance transfer?
You should avail transfer facility; in case you are currently paying a higher rate of interest.
-
✔️When should I not consider transferring my home loan?
You must not consider transferring your home loan if:
- You must pay prepayment charges to your current bank
- You are planning to sell the property in the near future
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