About Bajaj Finserv Home Loan
Owning a home is the biggest investment one would be making in a lifetime. Before taking a decision about this investment thorough market research is essential. There are many financial institutions providing Home Loans at various rates and with various facilities. Bajaj Finserv is one such institution which offers Home Loans at interest rates as low as 8.80% p.a. with flexible repayment options.
You may be looking for a loan for construction of a house or purchase of a house/flat. Bajaj Finserv will be the best choice. The reasons being:
- Competitive rate of interest
- Part-payment and pre-payment permissible at nil charges
- No hidden charges
- Instant approval will be given on applying for the loan online
- Home Loan Balance Transfer facility
- Property dossier facility which gives you an insight about the property you are going to purchase with regard to the legal reports, valuation of the property, and encumbrances if any on the property. Property dossier guides you through the process of owning the property. It will guide through the process before the purchase of the property and the process involved after the purchase of the property.
What is a Home Loan Balance Transfer?
Transfer of outstanding balance under the existing Home Loan to another bank/financial institution for a lower rate of interest is Home Loan Balance Transfer. This will facilitate reducing the outgo towards equated monthly instalment (EMI) since the rate of interest will be lower compared to the interest being paid for the existing Home Loan.
Features of Bajaj Finserv Home Loan Balance Transfer
The following are the features of Bajaj Finserv Home Loan Balance Transfer
- Home Loan up to 3.5 Crores available
- The Home Loan balance will be taken over at an interest rate as low as 8.80% p.a.
- The minimum outstanding Home Loan balance should be 5 Lakhs to qualify for the take- over of Home Loan Balance Transfer.
- Top-up loans up to 50 Lakhs on Home Loan Balance Transfer will be available
- Flexible repayment tenure of up to 240 months
Benefits of Bajaj Finserv Home Loan Balance Transfer
The following are the benefits of Bajaj Finserv Home Loan Balance Transfer:
- There are no hidden charges
- Part-payments can be made when surplus funds are available without any charges
- A digital portal for customers is provided to manage the Home Loan account online
- Foreclosure of the Home Loan account is permitted without any charges
- Customised insurance schemes are available to protect the family members in case of any eventuality. Insurance cover will be provided for the Home Loan liability which will take care of any eventuality.
- Three months holiday period is provided for the balance transfer. This holiday period can be utilised to plan your repayment and for organising funds.
- You can choose the repayment period as per your convenience
Who Should Avail a Home Loan Balance Transfer?
Anyone who has the following issues with their existing bank/financial institution should consider a transfer of the outstanding balance under the Home Loan:
- The rate of interest for the existing Home Loan is much higher than the rates offered by other banks/financial institutions.
- The loan tenure offered by other banks/financial institutions is higher than the tenure of the existing Home Loan.
- The service offered by the present lender is not very satisfactory
The above reasons can be enough to consider the transfer of Home Loan balance. However, before making such a decision you should also be looking into the following aspects:
- If the remaining repayment period is longer, then opting for a Home Loan Balance Transfer with lower interest is advisable since it will reduce the cost of the loan.
- It the outstanding balance is huge then it is advisable to go for a Home Loan Balance Transfer with lower interest as it will be profitable.
- While transferring a Home Loan balance, there will be other costs like the foreclosure charges by the existing lender and the processing charges for the loan with the prospective lender. Consider these costs along with the interest benefit and take a decision only after doing a cost-benefit analysis. If the benefit after considering the additional costs is higher then, going for a Home Loan Balance Transfer is advisable.
- You should also consider the additional benefits like the top-up loans that will be offered along with the balance transfer. While doing market research for the best deal, you should also consider this aspect of top-up loans before choosing the prospective lender.
Eligibility for Bajaj Finserv Home Loan Balance Transfer
The following are the eligibility criteria for Bajaj Finserv Home Loan Balance Transfer:
- Bajaj Finserv Home Loan Balance Transfer facility is available for only ready to occupy or already occupied properties.
- To avail this facility, applicant should have completed the repayment of more than 12 EMIs without any dues or bounces.
- Your outstanding housing loan amount must be above 5 Lakhs
Documents Required for Bajaj Finserv Home Loan Balance Transfer
Details of documents required for Bajaj Finserv Home Loan Balance Transfer are as given below:
- Income Proof: Latest salary slips or Form 16 has to be provided for income proof
- Identity Proof: Job Card, Voter's ID issued by NREGA/ PAN Card/ Aadhaar Card
- Address Proof: Passport/ Driving License/ Voter's ID Card/ Aadhaar Card
- Bank Statement: A minimum of 6 months' statement of the bank account where salary is being credited should be provided.
- Photograph: A passport size photographs of the applicant should be provided
Process of Bajaj Finserv Home Loan Balance Transfer
Once you have decided to shift your Home Loan account from the existing lender to a new lender you should follow the process mentioned below for the balance transfer:
- A request should be submitted to the existing lender for transfer of the account along with the reasons for such a decision. The request can either be in the form of a letter or an application form stipulated for the purpose. If it is an application form, make sure that all the required details are filled accurately.
- On submitting the request for transfer the existing lender will give a No Objection Letter or a consent letter which has to be submitted to the new lender along with the other relevant documents.
- After completing the formalities with the existing lender, you will have to approach the new lender and apply for the Home Loan transfer. For this, you will have to submit relevant documents like the application form for the balance transfer, address proof, Photo ID proof, income proof, photographs, and 6 months' bank statement of the account where salary is being credited. The No Objection Letter along with the outstanding balance has to be submitted along with the other documents.
- After submitting the application along with the documents to the new lender you should wait for confirmation regarding the closure of the account from the existing lender.
- Once the confirmation is received, the next step would be to enter into a contract with the new lender and pay all the stipulated fees. After completing the procedure EMI towards the loan should be paid to the new lender henceforth.
If you have decided that your new lender will be Bajaj Finserv, then you can apply for the Home Loan Balance Transfer online by visiting their official website and following the simple steps that are detailed below:
- Your personal details like your name, date of birth, contact number, and address
- Fill in your income details in order to give you the best deal to suit your income level
- Details regarding the status of your employment have to be given
- Give the details of your existing property for which you are seeking Home Loan Balance Transfer
- Use the Home Loan Eligibility Calculator available at Bajaj Finserv's website to check your eligibility.
- Information regarding the address and location of your property along with the size of the property should be given.
- A fee has to be paid to reserve the offer that has been arrived at. Once the fee is paid the representative of Bajaj Finserv will help you through the Home Loan Balance Transfer process. The fee can be paid online through their payment portal.
- The next step will be uploading all the required documents like the address proof, signature, photo ID proof, income proof, etc.
- Once the Home Loan Balance Transfer is opted, Bajaj Finserv will provide all the details regarding the Home Loan like interest certificate, loan pass sheet, and any other important information regarding the Home Loan.
Charges Applicable on Bajaj Finserv Home Loan Balance Transfer
Given below are details of the charges levied on Bajaj Finserv Home Loan Balance Transfer:
|Type of Charge||Details|
Starts at 8.80% p.a.
Up to 1% of the loan amount to be transferred
Charges for loan statement
50 per instance
Overdue penal interest
2% p.m. on the overdue amount for the overdue period + taxes as applicable
Charges for EMI bounce
Up to 3,000
Contact Numbers for Bajaj Finserv Home Loan Balance Transfer
For queries regarding Bajaj Finserv Home Loan Balance Transfer the customer care centres can be contacted vide the phone numbers provided below:
- New customers can contact the 24 x 7 toll free number 1800-103-3535 for any details regarding Home Loan Balance Transfer or SMS 'SHOL' to 9773633633.
- Existing Customers can call 020-39575152 from the registered mobile number for any queries regarding Home Loan Balance Transfer. If you are not calling from the registered mobile number then keep the 7-digit customer ID or EMI card number handy for verification.
- Existing Customers can also send an SMS to the number +91-9227564444
- In addition to the above existing customers can give a missed call to the number +91 919810852222 from their registered mobile number and get details instantly vide SMS.
Frequently Asked Questions
What is the EMI holiday facility that Bajaj Finserv offers for Home Loan Balance Transfer?
Bajaj Finserv offers a 3 months holiday period which means that the EMI need not be paid immediately the month after the Home Loan is taken over. The payment of EMI starts three months after the Home Loan Balance Transfer is done. This facilitates you to plan your finance in those three months and improve the cash flow to commence payment of the EMI from the 4th month onwards. During these three months, there will be no penalty for non-payment of EMI.
What is the Insurance Plan for Home Loan Balance Transfer offered by Bajaj Finserv?
HDFC Life Group Credit Protect Plus is a customised Insurance Cover provided by Bajaj Finserv for Home Loan Balance Transfer which offers protection to the family members of the borrower in case of any eventuality. The cover will be to the extent of the Home Loan balance taken over.
Will the Home Loan Balance Transfer be available for a Home Loan availed for purchase of a house 3 years ago?
The Bajaj Finserv Home Loan Balance Transfer is available for a Home Loan for which 12 EMIs have been paid regularly. During this period of 12 months there should not have been any overdues or cheque bounce in respect of the EMI. If these conditions are complied with, Home Loan Balance Transfer will be available for a Home Loan availed 3 years ago.
How can one access the Home Loan account if Home Loan Balance Transfer from Bajaj Finserv is availed?
Bajaj Finserv offers an online customer portal which you can access for any updates on your Home Loan account.
Are there any foreclosure charges for the Home Loan after availing Home Loan Balance Transfer from Bajaj Finserv?
No, there are no foreclosure charges for the Home Loan after availing Home Loan Balance Transfer from Bajaj Finserv.
Are there any processing charges for Bajaj Finserv Home Loan Balance Transfer?
Yes, Bajaj Finserv charges processing charges up to 1% of the loan amount plus applicable taxes for a Home Loan Balance Transfer.
What is the advantage of Home Loan Balance Transfer?
The main advantage of Home Loan Balance Transfer is the lower rate of interest offered by the new lender. This will reduce the EMI outgo and also the cost of the loan. If extended tenure is offered by the new lender, it will be an added advantage since it will further reduce the EMI outgo and will help reduce the financial stress.