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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