How Easy It Is to Borrow Money if Your Mortgage is 80% Paid: Insights from Bajaj FinServ
Lifetime home loans are a common financial solution for many, but what happens when a borrower has already paid off a significant portion of their mortgage—say, 80%—and still needs additional funds? For those in Bangalore and beyond, Bajaj FinServ offers a simple and straightforward solution.
Most banks and Non-Banking Financial Companies (NBFCs) allow borrowing against a property only when it is free and clear of any existing mortgage. However, if you need extra funds up to 50 Lakhs (read more here), transferring your existing home loan to Bajaj FinServ and taking a balance transfer can be a viable option with lower interest rates.
At Bajaj FinServ, Bajaj Housing Finance Limited offers comprehensive loan products against various types of properties, including individual houses, flats under construction, and resale properties. This flexibility makes Bajaj FinServ a go-to choice for homebuyers and property owners in need of additional financing.
The Balance Transfer process at Bajaj FinServ is particularly advantageous for individuals who are already taking a home loan from another bank and are paying higher interest rates. Bajaj FinServ facilitates the complete loan transfer, offering the best possible low-interest rates. This switch not only saves borrowers money but also simplifies their financial management.
If there are any issues with the property or legal/technical concerns, Bajaj FinServ is highly flexible and offers waiver options to accommodate customers. Moreover, this company does not charge pre-closure or foreclosure fees, making it an attractive proposition for those looking to pay off their loans earlier.
For salaried individuals and professionals such as IT executives, government officials, doctors, chartered accountants, and private sector employees, Bajaj FinServ provides home loans against newly occupied ready-to-move flats. These loans come with competitive interest rates as low as 8.95% and include a Rate Guarantee Facility. The entire loan process is completed within a week, and doorstep service is available, making it convenient for borrowers to complete their documents and applications.
Furthermore, Bajaj FinServ ensures there are zero hidden charges, and provides a fast and secure service that no other bank or NBFC offers. In cases of unforeseen circumstances, the insurance policies offered by Bajaj Alliance can provide significant benefits, including payment of the loan amount in the event of the borrower's sudden death or other emergencies.
To apply for loans at Bajaj FinServ, the following documents are required:
Identity proof (Pan Card) Address proof (Aadhaar Card) Income proof (3 months salary slip) Bank statements (3 months) Sanction letter Sale deedEligibility criteria for these loans include being a salaried individual, residing in or owning property within Bangalore itself, and being in A or B Kathanas (land classification).
For any queries or concerns, feel free to reach out; our assistant manager, Prasad S, is available at 9945407520 or 8884294381.