Home Loan Balance Transfer: Overview
Bajaj Housing Finance offers a Home Loan Balance Transfer facility, allowing you to transfer your existing Home Loan balance to us. This service provides the advantage of a competitive interest rate, additional benefits, and better customer service, making it a strategic option for those looking to optimise their loan terms.
Borrowers should know that opting for a Home Loan Balance Transfer proves beneficial during the initial years of a loan tenure when a considerable portion of the interest is yet to be repaid. The balance transfer process involves a processing fee. Therefore, before opting for refinancing, it is important to consider the processing fees and other costs associated with the transfer to ensure that the overall savings outweigh these expenses.
Step-by-Step Guide on the Home Loan Balance Transfer Process
Start by Researching What Different Lenders Have to Offer
You can start by researching what different lenders have to offer and which lender is offering you maximum benefits on a Home Loan Balance Transfer.
Negotiate with Your Current Lender for Better Interest Rates
You can also try to negotiate with your current lender for a more competitive Home Loan interest rate. If they offer you a more favourable rate, you can save the Home Loan Balance Transfer fee and benefit from a more convenient EMI without changing your lender.
Obtain NOC from your Current Lender
If you have decided to transfer your Home Loan to a new lender, let the current lender know that you wish to transfer your loan. After receiving your request, they will release an NOC or no-objection certificate.
Submit this NOC to Your New Lender
Once you have the NOC, begin the Home Loan application transfer process with your new lender by submitting all the required documents along with the NOC Letter.
Close the Existing Loan Account
Once your new lender has approved your Home Loan Balance Transfer application, they will transfer the pending loan amount to your last lender. After this, your previous lender will close your loan account.
Also Read: Key Benefits of Balance Transfer to Bajaj Housing Finance
*Terms and conditions apply.
