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Loan Against Property Balance Transfer
A Loan Against Property Balance Transfer allows you to transfer your outstanding principal on your existing loan against property to another Bank or NBFC at lower interest rates. A well-planned loan balance transfer helps you reduce your EMIs, save on interest outgoings, and reduce your debt burden.
Loan Against Property Balance Transfer Eligibility
The following are the common criteria that decide the eligibility for your loan application and approval at most Banks, and NBFCs.
Age
- Salaried Person – 21 years to 58 years
- Self-Employed Person – 25 years to 65 years
Income
- Salaried Person – Minimum Rs. 10,000 per month
- Self-Employed Person – Minimum Rs. 2,00,000 per year
Employment
- Salaried Person – Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person – Minimum 3 years of Experience in the current field
Credit Score
- Typically, a credit score of 750 may be considered a good score for approval.
Loan against Property Balance Transfer Features
High-Value Top-Up Loans
You can avail a high-value top-up loan in Loan against Property Balance Transfer.
Part-Prepayment and Foreclosure Facility
Part-Prepayment and Foreclosure of loans to help you prepay your loan balance transfer loan, and save on interest payments.
Affordable Interest Rates
LAP Balance Transfer offers great affordability by way of competitive mortgage interest rates, and nominal fees and charges.
Flexi-Loans
Flexi-Loans are the new way of borrowing funds in India to access pre-approved loans based on your credit rating. This allows you to borrow funds at will and prepay when you have additional funds in hand.
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