Loan product
Balance Transfer and Top Up
Move your high-cost Home Loan or Loan Against Property to a better lender, with a top-up option to help you repay sooner.
Balance Transfer & Top Up estimate
IndicativeMonthly instalment
₹45,273
₹47,78,941 of interest over 18 years
Transfer your high-cost Home Loan or Loan Against Property to Best Bank for better savings
What Is a Home Loan or Loan Against Property Balance Transfer?
A balance transfer, also known as a Housing Loan or Loan Against Property takeover, involves moving the outstanding loan amount from the current lender to a new one offering better terms. In this article, understand exactly how a balance transfer works and determine if it's the right move for your unique financial situation.
Why Consider a Home Loan or LAP Balance Transfer?
The main reason to opt for a balance transfer is to secure a lower interest rate than what you are currently paying. Even a small rate reduction can lead to substantial savings over the loan tenure.
Other benefits of a home loan or LAP balance transfer are:
- Extended Loan Tenure: Borrowers can opt for a longer repayment period (up to 30 years in HL and LAP 20 yrs), which helps reduce the EMI burden.
- Access to Top-Up Loans: Additional funds can be availed to meet personal or financial needs without taking a separate loan.
- Flexibility in Interest Type: Option to switch between fixed and floating interest rates, depending on what suits one's finances.
- Enhanced Customer Experience: Many lenders provide superior service, faster processing, and seamless digital platforms.
Eligibility Criteria for Balance Transfer
Repayment track record, minimum outstanding amount, remaining tenure and property value requirements.
To be eligible for a Home Loan or LAP balance transfer, borrowers typically need to meet the following criteria:
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Borrowers must have paid their EMIs on time, for at least 12 months without any defaults. Want an Early BT or have bouncing - Connect with Us.
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The minimum outstanding loan amount should typically be between ₹10–25 Lakhs. In cases where the outstanding loan amount is lower than ₹10 Lakhs, but the borrower also needs additional funds, a balance transfer combined with a top-up loan can be considered.
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The loan should have a remaining tenure of at least 10–15 years. Applicants are required to show a steady income, strong repayment capacity, and a healthy credit score.
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There should be no major change in the property's value or in the borrower's financial profile.
Have a question about Balance Transfer & Top Up?
No two cases are the same, especially when collateral involves legal considerations. Talk to us directly, and we’ll help you understand your position.