A home loan balance transfer is when a customer has taken a home loan from a particular lender and wants to transfer the outstanding home loan amount to another lender who provides a lower rate of interest and better service when compared to the current lender. This is usually done to save money. A customer can generally save up to 5% to 8% on the EMIs by doing a home loan balance transfer.

There are certain documents needed to do a home loan balance transfer. They are:

1 ID proof

Aadhar card

Passport

Voters ID

Driver’s License

2 Address proof

Aadhar card

Passport

Voters ID

Driver’s License

3 Income proof

Salary slips

Bank statements showing salary credits (up to 6 months)

Form 16 and IT returns 

4 Documents for balance transfer loan

Property documents

Outstanding balance letter from current lender 

No objection certificate from current lender 

Some of the other documents that are asked for are employment contract or appointment letter, passport size photographs of the individual, application form for balance transfer.

These documents can vary slightly based on the lender. So, it is best to check with the lender you want to apply for a home loan balance transfer with.

To apply for a home loan balance transfer, click here.