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An Essential Guide to Refinancing a Home Loan
What is Home Loan Refinancing?
Home Loan refinancing is an opportunity to transfer your current Home Loan to a new lender of your choice. This move helps you secure a more competitive Home Loan interest rate, reduce your EMIs, and even avail of a Top-up Loan above your Home Loan amount.
This move is particularly beneficial for those unhappy with their ongoing Home Loan terms and would like to revisit them to make them more feasible.
To know more about the benefits of refinancing Home Loans in India and how to proceed with them, read on.
What are the Benefits of Home Loan Refinancing?
- Attractive Home Loan Interest Rates: Provided your Home Loan eligibility matches that of your new lender, you can negotiate a better interest rate that is lower than your current one. You can even switch your interest type while transferring your Home Loan balance. Many borrowers use this opportunity to link their Home Loan interest rate to the RBI repo rate.
- Flexible Repayment Tenor: When you opt to transfer your Home Loan balance, several of your current Home Loan terms can be reworked, including your repayment tenor. You may want to shorten it or take longer to repay your revised Home Loan amount, and your new lender may grant you a new term, basis your loan balance and eligibility.
- Sizeable Top-up Facility: When you avail of a Home Loan Balance Transfer, you can even avail of an additional Top-up Loan to address your other expenses that aren’t covered by your ongoing Home Loan. The sanctioned amount can be used without restrictions, allowing you to use it where you need it.
Additional Link: Types of Home Loans Available in India
How Can I Refinance My Home Loan?
When you choose Bajaj Housing Finance as your new Home Loan lender, the application journey with us is seamless. You can apply for a Home Loan Balance Transfer online using the following steps:
- Visit our Home Loan application form
- Select your occupation profile, the type of Home Loan (Home Loan Balance Transfer), and PIN code
- Fill in the requested details, including your personal details and information about your income and ongoing Home Loan
- Submit the form successfully
Once your application is received, you will be contacted by a Bajaj Housing Finance representative within 24 hours to walk you through the next steps of your application journey.
Additional Link: Understanding Stamp Duty and Property Registration Charges
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