HOME LOAN BALANCE TRANSFER

Loan amount 10 Lakhs to 25 Cr.
Rate of interest Minimum 6.75%
Processing fee Rs.5000 to 0.5% of the Loan Amount
Loan Tenure 5 years to 30 years
LTV (Loan to Value) 65% to 90% of the property value
Age 18 years to 70 years
Employment Type Salaried,Self Employed,Proffessionals
Work experience Minimum 3 years
Resident Type Resident Indian,Non Resident Indian
CIBIL score Minimum 650
Apply for Home Loan Balance Transfer @ 6.75%* & Get Upto Rs.25000* Cashback













      Home Loan Balance Transfer – Its name is enough for its definition, through this product you can transfer your existing home loan from your existing bank to another bank,if they offered you some better product concerning their rate of interest as well as their features.

      Best Banks For Home Loan Balance Transfer
      State-Bank
      HDFC-Bank
      Axis-Bank
      ICICI-Bank
      idbi
      State-Bank
      ICICI-Bank
      HDFC-Bank
      Axis-Bank
      idbi
      Advantage of Home Loan Balance Transfer
      • You can reduce your EMI because of the rate of interest is lesser than your existing Home loan
      • You can increase your tenure. Suppose five years back you taken a home loan for 20 years so the remaining tenure of your home loan is 15 years, but after the balance transfer, you can also take a tenure for 20 years.
      • You can take extra fund in the form of Home loan top up on the minimal rate of interest and maximum tenure
      • You can also take extra funds for balance transfer of other loans which rate of interest is higher than this rate.
      • You can switch your home loan either from fixed to floating or from floating to the fixed rate of interest.
      • You can also change your home loan product either from the term loan to DOD (drop line od) or from DOD to term loan
      Types of home loan balance transfer
      Based on Loan Amount-
      • BT to BT Product– In this option you transfer only your outstanding loan amount and not require any extra amount while you are eligible for this.
      • Home loan top up– In this option you can transfer your housing loan as well as you can apply for the home loan top up to get the extra amount on the same property and for the long tenure.
      Based on Their repayment
      • Repayment as a term loan– It is applicable for both “BT to BT product” and “Home loan balance transfer with top-up”. In this case, you are liable to an EMI which is fixed by your bank from any of your bank accounts.
      • Repayment as a “Home saver account”- It is also applicable for both “BT to BT” and “Home loan balance transfer with top-up”. In this case, you open an account with this bank to serve your EMI, but if you maintain any balance of buffer amount in this account then bank give the same rate of interest on your buffer amount as much as he charged for their home loan, but they will not return to you directly but will adjust it into either your home loan interest or their principal amount.
      Key factors of home loan balance transfer-

      Home loan takeover eligibility-

      1. Based on your income– Anyone can eligible for Home loan balance transfer either he is a salaried or self-employed or any type of employment status but of course should not be unemployed. Only one condition in this case that if their existing home loan is not more than 12 to 18 months old then he should be financially eligible for this loan.
        • If you have ready to move in property– if you have a “Ready to move in property” then you can eligible for a Home loan balance transfer.
        • If you have a construction linked property– In this case you are also eligible for the balance transfer, but in which bank you want to transfer this loan this property must be listed in their APF list.
        • If you have a plot purchase Loan– You are eligible for Home loan takeover but only when your construction should be completed on this property and also you got an occupancy certificate from your desired authority. Otherwise, you can’t eligible for a home loan balance transfer.
      2. Based on your repayment track (Without income proof)
        • If you have ready to move in property– If you have such type of property and you pay 12 to 18 EMI then you can eligible for a Home loan takeover and an important thing with this product that there are not required any financial documents.
        • If you have a construction linked property– You can’t go for the home loan balance transferuntil the construction of this property will be completed.
        • If you have a plot purchase Loan– You can’t eligible for this product.

      Processing fee & other charges-

      1. Login Fee – Major Banks charge this nonrefundable amount at the time of login. It is some around Rs.3000 to Rs.5000.
      2. Legal and Valuation fee – Mostly it is included in the Login fee.
      3. Processing fee – Mostly it is included in the Login fee.
      4. PTM (Permission to Mortgage) – If you have a property allotted by any “Housing development authority” then maybe you required a “permission to mortgage” from the desired authority at the time of Home loan takeover, May be these authoritiesmakes some charges for this.
      5. Prepayment charges– Most of the banks offer you for nil prepayment charges on Home loan takeover.
      6. Insurance– As you also know that it is beneficial for you, but it is all upon you that you go for this or not. Yes if you already insured your Home loan then you can endorse it in favor of the new bank.
      Some important things you must know before you apply for the home loan balance transfer
      • Check that your eligible for this either on financial based or on repayment track based.
      • Check your property status, because it is not necessary that every property can be funded by all banks.
      • Of course, if you go for balance transfer then your primary objective is their rate of interest, so please compare the offers.
      • Processing and other charges are also a major factor. It may be possible that with less rate of interest and higher processing fees then it is not viable for you. So please check it minutely.
      Documents required for Home loan takeover
       FOR RESIDENT INDIAN FOR NON RESIDENT INDIAN
      Identity proof PAN card,AADHAR card,Driving license,Voter ID,Passport,ID card isuued by Governement institution Yours Passport, VISA copy, Residence proof, Copy of work permit, Offer or joining letter
      Address proof AADHAR card,Driving license,Voter ID,Passport,Bank statement,Electrisity bill,Mobile bill,Telephone bill,Water bill Salary slip for last 6 months, 6 months bank statement of your salary account, NRO/NRE bank statement of last 6 months
      Signature proof PAN card,Passport,Signature attested by your banker where is your salary account Official email id, Credit report, Photo
      Age proof PAN card,AADHAR card,Driving license,Voter ID,Passport,Birth certificate,Secondary board certificate Guarantor Identity and Residence proof, Photo
      Photo photograph-1 Power of attorney in favor of your local guaranter
      Other documents All loan schedules or their loan statement(if have any existing loan) Property Document Same as Resident indian
      Income Document for Resident Indian
      For Salaried For Proffessionals For Self Employed(Proprietor) For Company(Partnership/Pvt. Ltd/Limted/Trust etc
      3 months salary slip,Form 16 for last 2 years, 6 months of your salary account bank statement Office Address prof Office Address prof Office Address prof
      GST Registration certificate GST Registration certificate GST Registration certificate
      Income Tax return with profit & loss account,Balance sheet,Annexure,and their Audit reports for the last 3 years Income Tax return with profit & loss account,Balance sheet,Annexure,and their Audit reports for the last 3 years Income Tax return with profit & loss account,Balance sheet,Annexure,and their Audit reports for the last 3 years
      GST return for the last 1 year GST return for the last 1 year GST return for the last 1 year
      All business account Bank statements for the last 1 year All business account Bank statements for the last 1 year All business account Bank statements for the last 1 year
      All loan schedules or their Sanction letters(If have any running Loan) All loan schedules or their Sanction letters(If have any running Loan) All loan schedules or their Sanction letters(If have any running Loan)
      PAN card of the Company
      Partenership deed/MOA/Bylaws(Any one which is applicable for Your company)
      Property Documents
      LOD (List of documents) from the existing bank
      Copy of all documents which are mentioned on the LOD
      Copy of Approved Sanction Plan(in case of Regularize area or in Village then may not be required)
      Copy of Occupancy Certificate in case of Ready to move in property
      Photocopy of all back chains with their Conveyance deed if the property situated in an approved area
      Photo copy of all back chains with their Khatauni in case of the property situated in a regularized area or in village area
      FAQs

      Can I transfer my home loan to another bank before availing the PMAY benefit?

      No, you can’t transfer your home loan before availing the PMAY benefit otherwise you are not eligible for this benefit.

      Can I transfer my home loan to another bank after availing the PMAY benefit?

      Yes, you can go for the home loan balance transfer after availing the PMAY benefit, but only when if you get an occupancy or completion certificate from your desired authority, if your property is in under construction plan then can’t switch your loan until you got occupancy certificate otherwise the subsidy is to be recovered.

      Is Home loan balance transfer a better option for anyone?

      Yes, I think it is better for everyone if the other bank offered you some better rates or features.

      Can I avail of a home loan top-up for repaying another home loan?

      Yes, you can avail of home loan balance transfer with home loan top-up to pay your other home loan.

      Can I avail of a home loan top-up for repaying other loans like business loans, personal loans, car loans, etc.?

      Yes, you can avail of home loan top-up to repay other loans like personal loans, business loans, car loans even to repay for every loan.

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