The loan against property balance transfer is a unique facility. It lets you transfer or switch your existing loan against property loan from one lender to another.
The facility of loan against property balance transfer is taken if a borrower finds better services along with lower interest rates at another bank or lender. To apply for it, all that you need to do is fill an online form with your current lender.
Most of the existing borrowers opt for the loan against property balance transfer as it lowers the EMIs by helping them pay lower repayment amount. As a result, they end up saving a lot of interest which they can use on other payments. Overall, the loan against property balance transfer lets you pay reduced EMIs due to lower interest.
Hence, if you are already serving the loan against property and want to switch it to a new lender to enjoy a lower interest and reduced EMI, then it’s a smart move. Let’s know some advantages of opting for the loan against property balance transfer.
Loan Against Property Balance Transfer Benefits
If the processing charge levied by your existing lender is lesser by what you will gain after going for the loan against property balance transfer, it has many benefits.
- Offers You A Lower Loan Against Property Interest Rate
As the security is offered in the form of the property, the lender risk is lower. Hence, the loan against property interest rate is affordable on transfer.
- Pre-payment Facilities
Many people doubt if the loan against property balance transfer will block their chance of making any loan pre-payment or not. The answer is no! You can continue to make pre-payment even if you switch your loan against property account.
- Hassle-free Application With Less Documentation
Moving your existing loan against property account from one lender to another is easy and less time-consuming. It means that you can complete the formalities with the help of minimum documentation.
- Top-up Loan Facility
When you opt for the loan against property balance transfer facility to a reputed lender, it also lets you avail a top-up loan with a higher value and a lower interest. As a result, you can use the top-up loan amount to fulfil your other needs. You can also make the EMI payment for the top-up loan over a longer tenor.
- Enjoy Up To 5-10% Or More Savings On Your Emi Payment
Depending on the bank or lender that you finally choose to do the loan against property balance transfer, you can save up to 5-10% on monthly EMIs.
- Protects Your Credit Score
There is no need for any CIBIL requirements for opting for a loan against property balance transfer. As a result, even though you switch your loan, it does not affect the Credit Score and keeps it intact.
You are now well-versed with the benefits of the loan against property balance transfer and can apply for it online with a leading lender.
Bajaj Finserv offers pre-approved deals on loan against property balance transfer, mortgage loan, personal loans, home loans, and other financial offerings. By going for such deals, you can ease off your loan formalities and make it faster. You can check out your pre-approved loan offers today after sharing your basic details such as your name and contact number.