Bajaj Housing Finance Loan Against Property Balance Transfer

Transfer the balance of your existing loan against property and the associated collateral to Bajaj Housing Finance. Do it easily on Bajaj Markets through a seamless and hassle-free online process. This option enables you to benefit from the property value of the asset mortgaged at better terms. You can save on repayment costs with interest rates starting as low as 8.99% p.a. Also, you can repay the loan at your convenience over extended tenures ranging up to 17 years.

The interest rates and other associated fees charged on the facility are as follows:

*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

It is important to consider these extra charges and changes in interest rates. These have a major impact on the total repayment costs. The processing fee, prepayment fee, and other charges add to the cost of your borrowing. But, if your new lender offers a lower interest rate than your current lender, the loan cost is reduced. Let’s understand this better with the following example.

Here, the current loan against property's tenure is 10 years and the amount borrowed is ₹25 Lakhs. The interest rate charged on the loan is 15% p.a., which leads to a high EMI of ₹40,333.74. 

Now, let’s assume that you transfer the balance of your loan to a new lender who offers an interest rate of 10.60% p.a. Due to this, the EMI amount is reduced to ₹33,873.89. Over the course of the remaining tenure, this helps you save on interest costs. This makes the loan more cost-effective, manageable,  and easy to repay.

Be sure to meet the Bajaj Housing Finance Loan Against Property Balance Transfer eligibility criteria:

• If you are a salaried applicant, your age must be between 23 and 65 years

• If you are a self-employed applicant, you must be between 25 and 70 years

• If you are salaried, you must be employed at an MNC, a private company, or a public sector company

• If you are a self-employed individual, you must have a business with a steady income

• You must be an Indian citizen

• Your CIBIL score should be at least 725 or more

Be sure to maintain a good credit score as it is usually evaluated by the lender to assess your loan eligibility. Keep the documents listed below handy when applying for the balance transfer facility:

• Income proof: Latest salary slips and bank account statements of the last 6 months

• Identity proof: PAN card or Aadhaar card

• Address Proof

• Copy of the documents of the property mortgaged 

• ITR filings

Follow these steps to apply for the balance transfer facility on Bajaj Markets:

• Click on the ‘Apply Now’ option on this page

• Enter your personal details in the online application form

• Select ‘Bajaj Housing Finance’ from the list of lenders

• Choose the preferred loan terms and enter your property details

• Click on ‘Submit’

• After this, an executive will contact you to process your application further.