Buying a new house is one of the biggest achievements for many people. Most of us take a home loan to finance the purchase and pay in EMIs. As time goes by, you might want to explore options to optimise your home loans.
One such option is a home loan balance transfer. A balance transfer lets you transfer your existing home loan from one financial entity to another. The goals of a balance transfer are lower interest rates, loan foreclosure, and a top-up loan.
Here are some reasons to explore a balance transfer with the Bajaj Finance Home Loan Balance Transfer facility.
- Attractive interest rates: We provide competitive interest rates on home loans, which can be lower than your existing loan. Lower interest rates can help reduce your monthly EMI payments. You can transfer your loan to Bajaj Finance at an interest rate of 8.50%* p.a.
- Top-up loan facility: With the top-up loan facility, you can get additional funds of up to Rs. 1 crore* or higher or more over and above your existing home loan. This can help if you need funds for other purposes like home renovation, medical emergency, education, debt consolidation, or other valid expenses.
- Flexible repayment options: You can opt for flexible repayment tenure with a balance transfer. This allows you to fix a tenure that suits your financial capabilities. You can opt for longer loan tenures to reduce the EMI burden or choose a shorter tenure to repay the loan faster.
- Foreclosure facility: Bajaj Finance offers foreclosure and pre-payment without a fee or penalty. You can use the balance transfer facility if your current lender does not offer the same perks.
Before proceeding with a balance transfer, carefully evaluate the terms, costs, and potential savings. It is also wise to seek professional advice from a financial adviser to ensure it aligns with your long-term financial goals.
