Overview
Loan Against Property Balance Transfer is a feature through which you can transfer the balance amount on your existing Loan Against Property to MortBuzz Home loan Solution for more competitive loan terms.
If you want to revisit your current Loan Against Property interest rates and other terms, you can transfer your loan balance to us and repay it at a more competitive interest rate. You can even refinance your ongoing Loan Against Property if you need additional funds, as it gives you the option to apply for a Top-up Loan.
The Loan Against Property Balance Transfer process is easy to execute and hassle-free, and you can enjoy our favourable lending terms at the earliest, thanks to our speedy approval process.
Doorstep Services
MortBuzz Home Loan Solution offers a doorstep document pick-up service so you can rest assured knowing that your loan approval process won’t be held up by logistical delays.
Speedy Approval
Get the approval to your Loan Against Property Balance Transfer application within 24 hours* of your application and documentation verification.
Sizeable Top-up Loan
You can transfer your existing Loan Against Property to MortBuzz Home Loan with ease and avail of a sizable Top-up Loan on your ongoing loan
Online Calculators
You have a wide variety of online calculator tools at your disposal so you can enhance your loan balance transfer application. These tools are helpful when you want to calculate your new EMI payable or how much you stand save when you transfer your loan balance to us.
Attractive Interest Rates
MortBuzz Home Loan Solution offers competitive interest rates for both salaried and self-employed individuals on Loan Against Property Balance Transfer. Our Loan Against Property Balance Transfer interest rates start at 9.85%* p.a. for self-employed applicants.
Eligibility Criteria for a Loan Against Property Balance Transfer
To become eligible for a property balance transfer, one needs to fulfil the following parameters:
- The borrower should be salaried or self-employed professional.
- The borrower should be an Indian citizen (resident only).
- The borrower should have an existing Loan Against Property from a bank or a housing finance company.
- The minimum age should be 28 years (18 years for non-financial property owners).
- The borrower’s age should be between 28 to 60 years**.
- A CIBIL score of 750 or higher is an ideal score to get approval for a Loan Against Property.
- The borrower should have all the necessary documents related to the existing loan, such as the loan agreement, repayment schedule, and property papers.
- The borrower should meet the eligibility criteria set by the new lender, including the loan-to-value ratio, income, and age criteria.
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit is subject to change, depending on the property profile.
Documents Required for Property Loan Balance Transfer
Following are the documents*** required for a Loan Against Property Balance Transfer:
- Identity related documents such as KYC documents
- Mandatory documents such as PAN Card or Form 60
- Documents of proof for income
- Proof of business (for self-employed applications)
- Account statement of last three months
***Note that this list is only indicative, and you may be asked for more documents based on your loan application.
Interest Rate and Charges for Loan Against Property Balance Transfer
Loan Against Property Balance Transfer FAQs
es, it is possible to transfer your existing Loan Against Property balance to another lender at any time. It is also called as balance transfer or refinancing. You should compare different offers by various lenders and then decide to transfer your existing Loan Against Property balance to a lender that suits your requirements.
Transferring your Loan Against Property can affect your credit score, however, the intensity of the impact will depend on various factors. A hard enquiry on your balance transfer request might cause a slight dip in your credit score. Also, in case you have defaulted on your EMIs, your credit score can be impacted.
While it is possible to use the Home Loan Balance Transfer facility multiple times, paying the processing fee multiple times may not make it a feasible option.