How to Transfer Home Loan From one Bank to Another?

Firstly, you must go to the concerned bank’s website. Then, you must check all the terms and conditions along with the interest rate and processing fee in connection to their offer. If you are satisfied with the details, you can go ahead and apply for a Home Loan Balance Transfer. Post that, you will need to fill in details such as the likes of your name, property type, tenure of the existing loan and the bank’s name, among others in the required fields. The fifth step would need you to review your loan offer upon completion. You must then pay all the necessary fees and upload your documents in order to complete your application. Then, all that will be required out of you is your patience as you must wait for the approval.

Is Refinancing A Home A Good Idea?

Refinancing a Home Loan is only a good idea when an individual has made an account of all of the costs involved and even then, they turn out to be lower than the costs and charges his or her current bank is levying on them. Hence, it is important to make note of all sorts of fees that are going to be attached to the actual transfer process and other ones that are miscellaneous in nature.

Does Refinancing Hurt Your Credit Score?

Taking on new debt typically causes your credit score to dip. Since refinancing basically means transferring the same debt from one lender to another its impact on your credit score is minimal. At times, the same has zero adverse effects on your credit score. If anything, it may actually have a positive impact on your credit score as an attempt to minimize the costs involved with repaying a home loan may speak to the financial management skills of the borrower.

Why and When Must You Avail the Home Loan Balance Transfer?

You must consider transferring your outstanding debt to some other lender if you are getting a better rate of interest on the rest of the loan amount, a waiver on the penalties charged by banks if you choose to make a prepayment of the loan or the kinds involved with late payments of EMIs. The benefits that you will receive depend upon the lender.

What Is The Maximum Amount That Can Be Transferred?

There is actually no capping as such. One can transfer the entirety of their outstanding Home Loan amount to a different lender, provided the endeavor seems to be a worthwhile one to them. You can learn more about the same on Finserv MARKETS.

Can I Avail A Top-Up Loan At The Time Of Balance Transfer?

Yes, indeed. One can most certainly get a top up from the very same financial institution at the time of having their balance transferred to some other lender. Interest rates on top up on home loans, however, have historically been slightly higher than the home loan interest rate. The same is usually within the range of 6.66% to 10.2% p.a.

Can the Repayment Period be Extended at the time of the Transfer?

Yes, one can have their repayment period be extended at the time of getting their outstanding home loan balance transferred to some other lender. However, one must note that at the time of loan maturity, the age of the borrower cannot exceed 62 years of age if they are salaried individuals. The age of the self-employed borrowers, on the other hand, cannot exceed 70 years.

Do I Require A Guarantor For A Home Loan Balance Transfer?

A majority of the Indian lending institutions do not ask for a guarantor while taking over an existing home loan, partially due to the fact that the formalities concerning the same may have already been taken care of by the previous lender. However, it is entirely upon the bank to decide whether or not the borrower must come with a guarantor at the time of them trying to avail the Home Loan Balance Transfer facility.

Is PMAY applicable for balance transfer?

Yes, an applicant can apply for PMAY even after opting for Home Loan Balance Transfer Facility. Only the condition to apply for PMAY is an applicant must have taken the Home Loan post June 2015.

Bajaj Housing Finance Home Loan

Smooth Online Process | Minimal Documentation | Flexible Repayment

Home Loan

Overview
EMI Calculator
Eligibility Calculator
Interest Rates

Planning to make the transition from being a tenant to a proud homeowner? A Bajaj Housing Finance Home Loan that can be availed through Bajaj MARKETS can help you do just that.

Through Bajaj Housing Finance, you can avail funding of up to ₹2.5 Crores and the interest rates just start at 6.60% per annum onwards. What’s more, you can repay it over as long as 30 years and even get a balance top-up if you feel you could use more money than what you have borrowed.

Bajaj Housing Finance Home Loan Details

Interest Rate	6.60% - 7% p.a.
Loan Amount	Up to ₹2.5 crores
Processing Fees	0.50% of the loan amount up to 6% (Depending on the amount disbursed)
Penal Interest Rate	Up to 2%
Max Repayment Tenure	Up to 30 years
Types Available	Fixed and Floating Interest Rate

Bajaj Home Loan Interest Rate 2022

Particulars	Interest Rate
Salaried Floating Reference Rate	6.60% p.a.
Self-Employed Floating Reference Rate	6.60% - 7% p.a.

Bajaj Housing Loan Features & Benefits

Flexible Repayment: Customers are free to choose their home loan repayment tenure up to 360 months. Also, there are no charges for prepayment or foreclosure with a home loan from Bajaj Housing Finance Limited.
Pradhan Mantri Awas Yojna: Through this government scheme, the first-time home buyers get an additional benefit of availing interest subsidy of up to 6.50% (maximum interest subsidy amount of Rs. 2,67,280) on home loan.
Balance Transfer and Top-Up Options: Enjoy Bajaj Housing Finance Home Loan balance transfer or a top-up option on an existing Home Loan at nominal interest rates.

Bajaj Housing Finance Home Loan Eligibility

Following are the eligibility criteria to avail a Bajaj Housing Finance Home Loan:

The applicant must be a citizen residing in India.
The applicant must be between the age of 22 and 62.
The CIBIL Score of 650 and above is highly recommended.

Calculate your Bajaj Housing Home Loan Eligibility Criteria and also check out factors determining on improving eligibility criteria.

Documents Required for Bajaj Housing Finance Home Loan

If you are a salaried employee:

A proof of your address like Aadhaar Card/ Passport/ Driving Licence
Identity proof like PAN Card
Form 16 or alternatively your last salary slip
Bank statement of the last 3 months

If you are self-employed:

A proof of your address like Aadhaar Card/ Passport/ Driving Licence
Identity proof like PAN Card
The bank account statement of past 6 months
ITR for the last 2 Financial Years
Business vintage proof like Certificate of Incorporation, Shop Act etc

Bajaj Housing Finance Home Loan EMI

You can calculate your Bajaj Finance Home Loan EMI (Equated Monthly Instalment) through the formula given below:

Bajaj Housing Finance Home Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI is Equated Monthly Instalment,
P is the principal amount,
R is the monthly rate of interest, and
N will be the Bajaj Housing Finance Home Loan repayment tenure (in months).

Alternatively, you can also use your Home Loan Calculator tool on Bajaj MARKETS.

How to Apply for Bajaj Housing Finance Online

Here are step by step process for applying Bajaj Housing Finance:

Step 1: Enter Personal Details - Fill in your personal and income details and get instant home loan eligibility.
Step 2: Choose your Lending Partner - Select Bajaj Housing Finance Limited from the list of partners and get going.
Step 3: Estimate Borrowing Power - Find out the home loan amount you could possibly avail.
Step 4: Mention Requirement & Property Details - Fill your required home loan amount & details of property.
Step 5: Unlock Final Details - Find out your loan details along with all the charges and net disbursal amount. Post this, a loan expert will connect with you to process your application further.

Bajaj Housing Finance Home Loan Schemes

Regular home loan: This is your standard financing option in which you avail a loan to either purchase a newly-constructed property or a resale property.
Home loan balance transfer: Under this, you get your outstanding home loan balance transferred to us so that you can enjoy the benefits that you can only get with Bajaj Housing Finance.
Home loan for professionals: Bajaj Housing Finance also offers tailor-made housing finance solutions to the working professionals of the country.
Home renovation loan: Home renovation loans are a form of top-up that you can avail from Bajaj Housing Finance wherein you can use the top-up amount for improving your newly-bought home.

Why Choose Bajaj MARKETS for Bajaj Housing Home Loan

Fast Online Process: Now get an online home loan with easy approval and disbursal process.
Minimal Documentation: Get the best home loan offers hassle-free, without any tedious paperwork.
Transparency Guaranteed: No hidden charges, no dubious policies, just 100% transparency – that’s what you get with Bajaj Housing Finance Home Loan.
Custom-made Loans: Finance your dream home with easy home loans designed to meet your specific requirements.
Trusted Companion: Customers across the country have sought financial enablement from us. Give us a chance and we won’t let you down.

Bajaj Housing Finance Home Loan Customer Care

If you are a new customer, you must contact Bajaj Housing Finance on 1800-103-3535. If you are an existing BHFL customer, you should call 8698010101.

Home Loan Partners

Home Loan Quick Links

Government Schemes

Bajaj Housing Home Loan FAQs

✔️What are the factors that will define the tenure for my home loan?
Some of the factors that will determine your maximum Bajaj Housing Finance home loan repayment tenure are:
- Your risk profile
- Your age at the time of loan maturity
- Age of the property you are buying, and
- Your loan repayment terms
✔️What are my loan repayment options?
Some of the Bajaj Housing Finance home loan repayment options available to you are:
- Tranche Based EMI
- Step Up Repayment Facility
- Accelerated Repayment Scheme
- Flexible Loan Instalments Plan
- Telescopic Repayment Option
✔️Can I transfer my existing home loan to Bajaj Housing Finance Limited?

Yes, you can easily transfer your home loan to Bajaj Housing Finance limited. But, before you do so, you must check the Bajaj Housing Finance Home Loan interest rates and make account of all other associated charges before making the switch.