Home loan balance transfer for Self-Employed is a product from the house of Finserv Markets and is one of the easiest and the most convenient ways to transfer your home loan. The entire Bajaj Finserv lending process is carried out online and requires minimal documentation; so you can enjoy a paperless loan application process and hassle-free experience. At Finserv Markets, we offer you Bajaj Finserv loans that are designed to meet all your needs and requirements.
Why choose us
Features and Benefits
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Balance Transfer Facility
Looking to transfer your home loan balance to us? With minimal documentation and great interest rates, go ahead and transfer today!
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Flexi Repayment Options
Go with us and choose a home loan repayment tenure up to 300 months! Why wait? Complete your home loan balance transfer now.
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No Part-payment or Foreclosure Charges
Enjoy zero part-payment or foreclose charges when you choose to go with us for your home loan balance transfer!
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Top-Up Loan Option
Now enjoy a top-up on an existing home loan without the need of providing any additional documentation.
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Insurance Coverage for Family
Is your family is protected from the burden of paying your home loan debt? With us, get customized insurance plans that promise protection, even in your absence.
How it works
Get an instant loan with balance transfer option by following these simple steps. Apply now!
All we need from you…
- You must be a citizen residing in India.
- You must be self-employed with at least 4 years of experience in running a business or 3 years of experience as a Doctor/CA.
- Self-employed individuals between the age of 25 to 70 years can apply for a home loan – balance transfer.
- Loan amount you can apply for: Minimum – 12 Lakhs & maximum up to 5 Crores.
- KYC Documents
- Address Proof
- Identity Proof
- Photograph
- ITR for last 2 financial years
- 6 months bank account statement
- Proof of being in business for a minimum of 4 & 3 years for businessman & Doctor/CA respectively
Finserv Markets comes with some amazing features and benefits when it comes to home loan balance transfers. With minimal documentation and great interest rates, you can now go ahead and get your home loan balance transfers done easily within the comfort of your home. The flexible repayment options including no part-payment or foreclosure charges makes Finserv Markets the number one company when it comes to home loans and home loan balance transfers.
Manage all your queries here
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What is a home loan balance transfer?
A home loan balance transfer is a process by which you can switch your existing home loan including the entire unpaid principal amount to another lender or financial institution for a lower rate of interest. Your previous lender will receive the full unpaid amount, while you continue to repay the loan amount to the new lender at the new rate of interest.
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Can you transfer a home loan to another financial institution?
Yes, you can transfer your existing home loan to another financial institution. Most people opt for a home loan balance transfer when they realize that they are paying a higher rate of interest as compared to the market rates.
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What is the Bajaj Finserv lending process you follow after I apply for a home loan balance transfer?
Well, the process is quite simple. After we receive your completed application form, we would examine all the documentation that you’ve submitted. If everything is in order, we would sanction a certain amount – this would depend on several factors like creditworthiness, amount applied for, value of collateral, etc. In case your application gets rejected, a you will be informed about the same along with the steps to be taken then.
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Is Provisional Interest Certificate provided to the customer?
Yes! You can do this by simply logging in to our online Customer Portal. The Provisional Interest Certificate will give you the breakup of the principal and interest of your scheduled EMIs for the complete financial year. This can be used for claiming tax deduction under Section 80C and Section 24 of the Income Tax Act, 1961.
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Does the Income Tax certificate change when home loan balance transfer rates change?
Yes! Your Provisional Income Tax Certificate can change based on certain circumstances like changes in interest rate etc. It does not consider any future changes that may take place on the EMI, Principal or Interest. It is calculated on the “current basis”.
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How will the Equated Monthly Installments (EMI) be calculated on my Bajaj Finserv pre-approved loan?
Your EMI is based on the principal amount borrowed and the interest rate charged on it.
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I have applied for a home loan balance transfer on a floating rate of interest. How will an increase in this rate of interest impact me?
If there is an unexpected increase in interest rates, we would do everything in our capacity to make things easier for you. The first step in this process would be to increase your loan tenure within permissible limits. If this doesn’t work, we would then have to increase the EMI. Other options in such a scenario include making a partial prepayment or choosing to make a part-prepay online via our Customer Portal.
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How often do interest rates for balance transfer loans change?
Home loan interest rates are reviewed every two months after which, a decision is taken to either change the interest rates or not.
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What is Pre-EMI interest?
Pre-EMI interest is the interest that you pay on an amount that you’ve borrowed from Finserv Markets. This would commence from the date of your disbursement each month right until your EMI payments begin.
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Is it mandatory to have a co-applicant when applying for a joint home loan? If yes, who can be a co-applicant for my home loan balance transfer?
If someone is the co-owner of the property in question, then it would be necessary for that person to be the co-applicant for the home loan. However, if you are the sole owner of the property then any member of your family can be the co-applicant.
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What is part disbursement of a balance transfer home loan?
Home loans that are sanctioned for properties under construction are disbursed in instalments by Finserv Markets. These disbursements are called part disbursements or subsequent disbursements. To make a part disbursement, you would have to make an online request to Finserv Markets.
Our Pursuit, Your Happiness
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