Home Loan Balance Transfer & Top-up Loan for Higher Education

Pursuing higher education can be a costly investment involving a few unforeseen costs. Apart from tuition fees, there are travel costs, extra elective course fees, daily living expenses, rent, and so on. You can easily take care of such unplanned expenses with our top-up loan of up to Rs. 1 crore* or higher when you opt for our home loan balance transfer & top-up loan.
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VISA AND FLIGHTS

VISA AND FLIGHTS

The cost of visas, insurance, and flights collectively are a major chunk of expenditures if you opt for higher education in a foreign country. Such overheads are difficult to factor in at first and rarely covered under an education loan.

COURSE FEE

COURSE FEE

Opting for an additional course or an elective subject for more credits could mean a sudden expense. While education loans cover the cost of tuition fees, such extra costs are unaccounted for. The top-up loan on your home loan balance transfer will let you take care of your ambitions without being worried about the resources.

LIVING EXPENSES

LIVING EXPENSES

Rent is merely the tip of the iceberg. Groceries, commuting, gadgets, high-speed internet, and other purchases all contribute to your total expenditure. These could be expensive and difficult to manage without an added loan.

COURSE MATERIAL

COURSE MATERIAL

Throughout your program, you might need some essential textbooks, computer systems, software applications, and more. These costs are usually unexpected and can occur at any time. A top-up on your home loan balance transfer keeps you financially prepared.

EMERGENCY FUND

EMERGENCY FUND

It is crucial to keep some money aside for uncertainties and unforeseen events like accidents or illnesses. Although insurance coverage can be helpful in some scenarios, it does not always cover all costs.

Features and benefits of our home loan balance transfer & top-up loan

4 reasons why you should consider our Home Loan Balance Transfer 00:38 ‌

4 reasons why you should consider our Home Loan Balance Transfer

Understand the features that make our Home Loan Balance Transfer and Top-up a great option to ease your financial burden.

  • Top-up loan of

    Top-up loan up to Rs. 1 crore* or higher

    Transfer your existing home loan to us and avail of a top-up loan of Rs. 1 crore* or higher, based on your eligibility.

  • Low interest rates

    Low interest rates

    With our low interest rates starting at 8.10%*  p.a., refinance your home loan and pay EMIs as low as Rs. 741/lakh*.

  • No restrictions on top-up use

    No restrictions on top-up use

    Use the loan amount of Rs. 1 crore* or higher, based on your eligibility, to manage situations like medical emergencies, home repairs, education, and any other pressing needs.

  • Convenient tenure

    Convenient tenure

    Repay the top-up home loan over a long tenure of up to 30 years* and manage your finances comfortably.

  • Zero prepayment and foreclosure charges*

    Zero prepayment and foreclosure charges*

    For individual and non-individual borrowers with floating interest rate loans and loan taken for non-business purposes, there will be no prepayment and foreclosure charges.

  • Minimal documentation

    Minimal documentation

    Balance transfer process on home loans can be lengthy. We keep our document requirements to a minimum, ensuring a hassle-free process.

  • Externally benchmarked loans

    Externally benchmarked loans

    Choose an interest rate linked to an external benchmark, such as the Repo Rate, and benefit during favourable market conditions.

  • Online account management

    Online account management

    You can easily access your loan status and EMI schedule online, and download your statement of account, and other documents on our customer portal - My Account.

  • *Terms and conditions apply

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Home loan balance transfer EMI calculator

Home loan balance transfer & top-up loan EMI calculator

Enter a few details and check your home loan balance transfer & top-up loan EMIs.

Eligibility criteria and documents required

Anyone can apply for our home loan balance transfer & top-up loan facility as long as they meet the criteria mentioned below.

Eligibility criteria

  • Nationality: You must be an Indian citizen residing in India with property in a city we operate in.
  • Age: A salaried/ professional applicant must be between 23 years to 67 years, and a self-employed professional must be between 23 years to 70 years.
    *The upper age limit is considered as the age at the time of loan maturity.
  • CIBIL Score: A CIBIL Score of 725 or higher is ideal to get your home loan balance transfer approved.
  • Occupation: salaried employee, a professional individual, and a self-employed individual.

Documents required:

  • KYC documents (identity and address proof)
  • Proof of income (salary slips or P&L statement)
  • Proof of business (for self-employed applicants), and
  • Account statements for the last 6 months

Note: This is an indicative list that may change based on your actual loan application.

Check your home loan balance transfer & top-up loan eligibility

Check your home loan balance transfer & top-up loan eligibility

Find out how much loan amount you can get.

How to apply for a home loan balance transfer & top-up loan

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Step-by-step guide to applying for a home loan balance transfer & top-up loan

  1. Click on the 'APPLY' button on this page.
  2. Enter your full name, mobile number, your employment type, and the type of loan you wish to apply for.
  3. Generate and submit your OTP to verify your phone number.
  4. Next, choose your current home loan lender from the drop-down and enter your monthly salary and the loan amount required.
  5. In the next step, enter additional details like your DOB, PAN number, email Id, current EMI amount and other details.
  6. Finally, click on the ‘SUBMIT’ button.

That is it! Your application is submitted. Our representative will connect with you to guide you through the next steps.

Applicable fees and charges

We advise you to read about our fees and charges thoroughly before applying.

Type of fee Applicable charges
Rate of interest Salaried Self-employed Doctors
8.10%* to 17.00%* p.a. 8.45%* to 17.00%* p.a. 8.20%* to 17.00%* p.a.
Rate of interest (Top-up Loan) 8.90%* to 17.00%* p.a. 9.35%* to 17.00%* p.a. 8.90%* to 17.00%* p.a.
Processing fees Up to 4% of the loan amount + GST as applicable
Bounce charges For loan amounts up to Rs. 15 lakhs: Rs. 500

For loan amounts from Rs. 15,00,001 to Rs. 30,00,000: Rs. 500

For loan amounts from Rs. 30,00,001 to Rs. 50,00,000: Rs. 1,000

For loan amounts from Rs. 50,00,001 to Rs. 1,00,00,000: Rs. 1,000

For loan amounts from Rs. 1,00,00,001 to Rs. 5,00,00,000: Rs. 3,000

For loan amounts from Rs. 5,00,00,001 to Rs. 10,00,00,000: Rs. 3,000

For loan amounts more than Rs. 10 crores: Rs. 10,000.
Penal charge Click here to know about the penal charges.
Interest and principal statement charges NIL
Part-prepayment charges

(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes:

  • For Term Loan – Nil
  • For Flexi Term Loan – Nil

(2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans:

  • For Term Loan – 2% on the part-prepayment amount.
  • Flexi Term Loan - Nil

*GST as applicable will be payable by the borrower in addition to the prepayment charges, if any.

**Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution.

Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.
Foreclosure charges

(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes:

  • For Term Loan – Nil
  • For Flexi Term Loan – Nil

(2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans:

  • For Term Loan – 4%* on principal outstanding
  • For Flexi Term Loan – 4%* on the sanctioned amount during the Flexi interest only loan repayment tenure; and 4%* on the available Flexi loan limit during the Flexi Term Loan tenure

*GST as applicable will be payable by the borrower in addition to the prepayment charges, if any.

**Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution.

Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.

Frequently asked questions

What is a home loan balance transfer?

When you transfer your existing home loan from one lender to another, you are doing a home loan balance transfer. With Bajaj Finserv, this feature allows you to get low interest rates starting at 8.10%*  p.a.. more convenient terms, and a sizeable top-up loan up to Rs. 1 crore* or higher for your urgent financial needs.

What does a top-up loan mean?

A home loan top-up is additional financing available when you transfer your home loan to another financial institution. Refinance your current home loan with Bajaj Finserv and avail of a top-up loan up to Rs. 1 crore* or higher.

The top-up amount has no limitations on its usage which means, you can use the amount for anything, from the home renovation or interiors to even paying for emergency medical bills or a wedding.

When can I apply for a home loan balance transfer?

You can apply for a home loan balance transfer any time after paying off 6 monthly instalments to your current lender. When applying, you must not have outstanding dues on your present loan.

What is the maximum home loan amount that can be refinanced?

There is no limit on the amount when transferring the home loan balance. The loan amount granted to you is based on your income profile, CIBIL Score, and the value of your home.

How long does it take to change the home loan lender?

Typically, switching to a lender via a home loan balance transfer takes 5 to 10 days. This duration is also affected by how fast you receive the foreclosure letter and other documents from your current lender.

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