Looking for a balance transfer of your existing loan against property to save on the interest? Well, it is easy and possible! But what is a loan against property balance transfer? A loan against property balance transfer is a process where a borrower can transfer his existing outstanding principle loan amount to another financial institute/ bank/lender to avail better features. The most advantageous feature is that it allows you to save a significant amount of interest by choosing a lender with lower lending terms. If you have a Loan Against Property with a lender, you can opt for a Loan Against Property balance transfer to take advantage of lower interest rates, longer tenors, comfortable EMIs, and other lucrative benefits that will reduce your overall financial burden.

Advantages of Loan Against Property Balance Transfer

Here are some advantages of a loan against property balance transfer:

Affordable Interest Rates 

A loan against property balance transfer is best for borrowers looking for lower interest rates on their existing loans. This is advantageous for them because the lower the rate of interest, the more affordable the EMIs.

Flexible Loan Tenor

The loan tenor also plays an important role while opting for a loan against property balance transfer. The extended loan repayment tenor of up to 15 years on the balance transfer of loan against property makes it easier and more comfortable for the borrower!

Sizeable Top-up Loan 

Availability of top-up loans on balance transfer of loan against property, adds to its attraction and makes borrowers want to opt for this to have more funds. Some lenders offer hefty top-up loans to borrowers doing a balance transfer.

No Foreclosure Charges

Borrowers opting for floating rates of interest may not need to pay any additional foreclosure penalty/charges, in case of part prepayment of the loan amount. This is an added benefit.

Low Processing Fee & Speedy Approval

A balance transfer of loan against property often requires lesser documentation, a low processing fee, and gets speedy approval. This feature apart from the others makes it beneficial for borrowers to balance transfer their existing loan against property to a new lender.

Process for Loan Against Property Balance Transfer

The process for a loan against property balance transfer is very simple and can be done by anyone. Here are the steps to follow while doing a balance transfer of your loan against property online:

• On the website go to the Loan Against Property application form 
• Select the ‘Employment Type’
• From the loan menu select loan against property balance transfer 
• Submit your identification, property, and other details
• Lastly, submit income details
• Click on the submit form button

Representatives from the lending institution will contact you within a few hours and guide you through the rest of the process.

Final Words

It is thus advisable for borrowers to opt for a loan against property balance transfer when their current loan against property lending terms are no longer feasible for them. ​​By doing this, they can be eligible for a more competitive loan against property interest rates and also enjoy other privileges like longer repayment tenors and other lending terms.