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About Loan Against Property Balance Transfer
Loan Against Property Balance Transfer is a feature through which you can transfer the balance amount on your existing Loan Against Property to Bajaj Housing Finance for more competitive loan terms.
If you want to revisit your current Loan Against Property interest rates and other terms, you can transfer your loan balance to us and repay it at a more competitive interest rate. You can even refinance your ongoing Loan Against Property if you need additional funds, as it gives you the option to apply for a Top-up Loan.
The Loan Against Property Balance Transfer process is easy to execute and hassle-free, and you can enjoy our favourable lending terms at the earliest, thanks to our speedy approval process.
Features and Benefits of Loan Against Property Balance Transfer
Getting approved for a Loan Against Property Balance Transfer is easy because of our straightforward eligibility criteria that don’t have too many conditions.
Bajaj Housing Finance offers a doorstep document pick-up service so you can rest assured knowing that your loan approval process won’t be held up by logistical delays.
Get the approval to your Loan Against Property Balance Transfer application within 24 hours* of your application and documentation verification.
Sizeable Top-up Loan
You can transfer your existing Loan Against Property to Bajaj Housing Finance with ease and Top-up on your ongoing loan with amounts as high Rs.1 Crore* or higher, depending on your eligibility.
You have a wide variety of online calculator tools at your disposal so you can enhance your Loan Balance Transfer application. These tools are helpful when you want to calculate your new EMI payable or how much you stand save when you transfer your loan balance to us.
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Eligibility Criteria for a Loan Against Property Balance Transfer
To become eligible for property balance transfer, one needs to fulfill the following parameters:
- The borrower should be salaried or self-employed professional
- The borrower should be an Indian citizen or a Non-Resident Indian (NRI)
- The borrower should have an existing Loan Against Property from a bank or a housing finance company
- The minimum age should be 25 years (18 years for non-financial property owners)
- The borrower’s age should be between 25 to 70 years (at the time of loan maturity)
- CIBIL of 700 or higher is an ideal score to get an approval for Loan Against Property
- The borrower should have all the necessary documents related to the existing loan , such as the loan agreement, repayment schedule, and property papers.
- The borrower should meet the eligibility criteria set by the new lender, including the loan-to-value ratio, income, and age criteria.
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Documents Required for Property Loan Balance Transfer
Following are the documents required for a Loan Against Property Balance Transfer:
- Identity related documents such as KYC documents
- Documents of proof for income
- Proof of business (for self-employed applications)
- Account statement of last three months
Interest Rate and Charges for Property Loan Balance Transfer
Bajaj Housing Finance offers salaried, professional, as well as self-employed applicants the facility to transfer their Loan Against Property and reduce their interest outflow. Interest rates start as low as 9.85%* p.a. for self-employed borrowers. The other fees and charges associated with the balance transfer are also nominal and pocket friendly. To see the full list, click here.
How to Apply for Loan Against Property Balance Transfer
The process to transfer your Loan Against Property Balance to us is smooth and time efficient. Here is how you can complete the application journey in just a few minutes.
- Visit the Loan Against Property application form on the website
- Select your ‘Employment Type’
- Select ‘Loan Against Property Balance Transfer’, from the ‘Loan Type’ menu
- Submit your identification, property, and lender details
- Lastly, submit income details
- Submit the form successfully
Once you submit the form, you can expect a call from our representative within 24 hours to walk you through the next steps.
*Terms and conditions apply
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Loan Against Property Balance Transfer FAQs
Borrowers are advised to opt for a Balance Transfer for Loan Against Property when their current Loan Against Property lending terms are no longer feasible for them. By transferring their balance to a new lender, you can be eligible for a more competitive Loan Against Property interest rates and also enjoy privileges to revisit their repayment tenor and other lending terms.
The Bajaj Housing Finance Loan Against Property Balance Transfer is reasonably priced, making it easier for borrowers to avail of the facility. To know more about our fees and charges, click here.
Yes, it is possible to transfer your existing Loan Against Property balance to another lender at any time. It is also called as balance transfer or refinancing. You should compare different offers by various lenders and then decide to transfer your existing Loan Against Property balance to a lender that suits your requirements.
Transferring your Loan Against Property can affect your credit score, however, the intensity of the impact will depend on various factors. Hard enquiry on your balance transfer request might cause a slight dip in your credit score. Also, in case you have defaulted on your EMIs, your credit score can be impacted. .
Yes, it is possible to prepay loan amount after transferring your Loan Against Property balance to another lender. However, it depends on various factors such as the terms and conditions for prepayment and loan agreement restrictions. Hence, it is important to review everything before you prepay after transferring.
Yes, it is possible to transfer your Loan Against Property to another lender even if your property is in a different city. However, the process of transfer vary lender to lender, it also depends on the loan agreement