Interest rates have been dipping of late. But your fixed-interest home loan could prevent you from availing the benefits. A simple solution to this problem is to transfer your home loan to a different lender. And the best time to do so may be now!
Bajaj Finserv, one of the most diversified non-banking financial companies (NBFC) in the country, is offering you a 50% discount on the processing fee when you opt for a home loan balance transfer between 5th September and 11th September.
How you stand to benefit
To avail a 50% discount on the processing fees on transferring your existing home loan to Bajaj Finserv you must:
- Apply between the offer period of 5th to 11th September
- The loan amount must be greater than Rs.25 lakh
- Avail a top-up loan with the balance transfer
Why consider a home loan balance transfer?
You may be on the lookout for lower interest rates. Or, you may want better service. Or maybe you’re looking for a high value top-up loan
The best part is that you can also apply for a top up loan while transferring your home loan! After all, you may need additional funds during the tenor of your home loan. You may need the money to renovate your house or make other purchases. You may even have a medical emergency to take care of. Or perhaps you need the funds to buy a second home. Whatever be the case, your new home loan could help you meet these other needs. When you transfer your home loan, you can avail the extra top-up amount.
- Lower interest rates:
The home loan balance transfer with a top-up from Bajaj Finserv could ensure lower interest rates.
- Drop in EMI or tenor:
If the interest rates drop and the tenor remains the same, the monthly EMI would dip. To pay your loan early, you could retain the EMI amount and reduce the tenor.
- Possibility of improving your credit score:
A successful transfer of your home loan implies that your credit score is on track. With lower EMIs or a reduced tenor, you can avoid any delays in payments.
- Chance for improved services:
Transfer your home loan to Bajaj Finserv to get facilities like online account access. You also get a three-month EMI holiday, nil foreclosure charges, and more.
- Top-up loan benefit
Bajaj Finserv offers top-up loans of up to Rs.50 lakh. Avail these at interest rates that are lower than those for personal loans.
Avail a home loan balance transfer
Approach your new lender and confirm your decision to transfer the existing home loan. Apply for the home loan balance transfer with a top-up from your old lender. Visit the old lender and apply for loan closure. The old lender will give you a list of documents and the account balance. Inform the new lender about these. The lender will disburse the loan amount. With this amount, repay the outstanding amount to the old lender. The old lender will then release your property documents. Submit these to the new lender. To read more about the procedure for availing a home loan, click here.
The bottom line
Why stick with the old home loan and lose out because of fixed interest rates? Avail the home loan balance transfer from Bajaj Finserv with reduced processing fees to enjoy an array of benefits. Use the money from the top-up loan to fulfil your dreams.