Calculate Your Home Loan Balance Transfer Benefits
What is the Home Loan Balance Transfer Calculator?
The Home Loan Balance Transfer Calculator makes calculating your potential savings through a balance transfer, easier and accurate. Having your calculations done before hand can help you make a more informed decision in regard to whether a Home Loan Balance Transfer makes financial sense in your case.
Using the Home Loan Transfer Calculator saves your and effort. Making manual calculations is not only tiresome but is also more susceptible to errors. Prepare your balance transfer plan with ease and, hassle-free calculations for quick Home Loan approval.
How to Use Home Loan Balance Transfer Calculator?
Follow these simple steps to use the Home Loan Balance Transfer Calculator:
- First, select your existing lender from the dropdown menu.
- Select your property locations from the given list.
- Enter the date when your existing loan was sanctioned.
- Next, enter the loan amount, interest rate and tenor of your existing loan.
- Finally, enter the current interest rate of Bajaj Housing Finance balance transfer.
Home Loan Balance Transfer: Interest Rate
Home Loan Balance Transfer is a feature through which you can transfer the balance on your existing Home Loan to Bajaj Housing Finance for a more competitive interest rate and better borrowing terms.
Transfer your Home Loan to us to enjoy interest rates as low as 8.60%* p.a. for salaried and professional applicants, with EMIs starting from Rs.741/Lakh*. You also benefit from hassle-free processing, with minimal documentation, doorstep document pick-up service, and speedy processing.
Features of Home Loan Balance Transfer
Sizeable Top-up Loan of Rs.1 Cr*
Eligible applicants with the right credit, income, and financial profile can avail of a sizeable Top-up Loan that comes free of any end-use restrictions.
Repayment Tenor of up to 30 years
Opt for an extended repayment tenor of up to 30 years and repay the loan comfortably, at your pace.
No Prepayment or Foreclosure Charges
Individuals with a floating interest rate Home Loan do not pay any additional charges when they prepay or foreclose their loan during their tenor.
External Benchmark Linked Loans
Borrowers also have the option to link their Home Loan interest rate to an external benchmark, such as the repo rate.
Benefits of Using Home Loan Balance Transfer Calculator Online
Utilizing an online Home Loan Balance Transfer Calculator presents numerous advantages. Firstly, it offers enhanced accessibility compared to visiting a physical branch as it is conveniently available online. This quick and automated tool saves valuable time that would otherwise be spent on manual calculations.
Moreover, the calculator is entirely free to use, making it a cost-effective resource. By utilizing it, you can precisely determine the potential savings achievable through transferring your Home Loan. This valuable information empowers you to conduct a thorough cost-benefit analysis, assisting you in making an informed decision on whether a balance transfer is a viable option for your financial situation.
Additionally, the calculator provides valuable data that can aid in planning your current and future finances, granting you better insights into your loan repayment options and potential savings over time. Overall, leveraging the online Home Loan Balance Transfer Calculator can be a wise step in managing your finances efficiently.
Home Loan Balance Transfer Eligibility Criteria
- Salaried applicants should be an Indian citizen (including NRIs)
- Self-employed applicants should be resident Indians only
- Should be able to show steady income, either through a salary or through a business**
- Salaried applicants should be aged 23 to 62 years***
- Self-employed applicants should be aged 25 to 70 years***
**With a minimum vintage of 5 years
***The upper age limit is considered as the applicant’s age at loan maturity
How to Apply for Home Loan Balance Transfer
- Visit out online application form
- Select the type of occupation and type of loan and enter your PIN code
- Enter your full name, PAN, monthly take-home salary/annual turnover, current bank, and date of birth
- Click on Submit
- Select your desired rate of interest on the ‘New Rate of Interest’ scale, per your wish.
Our representative will call you in 24 hours and explain the documentation you will need to submit to support your application.
*Terms and conditions apply
Frequently Asked Questions
Anyone who wants to transfer their home loan balance from their current lender can use the home loan balance transfer calculator. It allows you to check the savings made by switching to a new lender. Some of the reasons why you may want to transfer your loan include lower interest rates, additional charges and better services.
If you have a floating interest rate home loan, you don’t have to worry about prepayment penalty when switching to a new lender. However, other types of home loans may levy charges on prepayment and foreclosure. If your existing lender levy prepayment penalty, you can ask the new lender to increase the loan amount to cover additional charges.
Yes, as long as you are eligible for PMAY, you can continue to enjoy its benefits. A home loan balance transfer only transfers your existing loan balance to a new lender while providing you with lower interest rates and other benefits.
The amount of money you can save depends on factors like the new interest rates, additional fees on the new loan and foreclosure/prepayment charges on the old loan. Use the home loan balance transfer calculator to check the exact amount of savings you can make.
