Is it good to transfer home loan to Bajaj Finserv?

What would happen if you didn't complete your due diligence or inquiry before applying for a home loan and then found out that there were better loan options available? It can be from any institution such as those offered by Bajaj Finserv. Home loan balance transfers can be useful in this situation. But you must also know if is it good to transfer home loan to Bajaj Finserv.

Should you make a home loan transfer to Bajaj Finserv?

First of all, you currently have a loan with a bank and want to switch to an NBFC (Non-Banking Financial Corporation). It means you currently have a more credible account and want to switch to one with less credibility. The second thing is to avoid it if there isn't much of a difference in the benefit of interest. But if you are getting a better deal than the current lender. You can definitely transfer the home loan to Bajaj Finserv.

Please double-check every term, including the absolute amounts. It is insufficient to compare only the declared rates. I would answer negatively if the difference was only marginally to Bajaj's advantage. PSU banks have more open policies on terms and pricing. If this transaction involves additional costs, I advise you to stick with SBI alone.

What is the process for a home loan transfer to Bajaj Finance?

• You can submit an application for a balance transfer by visiting the local branch or the Bajaj Finserv website.

• Once the conditions of your loan have been agreed upon with Bajaj Finserv, you must write to your present lender to request that your house loan be closed and receive a NOC. It will take at least three weeks.

• You must send the NOC to Bajaj Finserv along with all other necessary documentation once you get it. And when they have verified it, they will pay the remaining sum to your present lender. 

• After that, the present lender will produce a foreclosure certificate that must also be given to Bajaj Finserv. You may now begin making EMI payments with the new loan terms agreed upon with Bajaj Finserv.

Is it good to transfer home loan to Bajaj Finserv must be clear to you now.