Refinancing your house, that is, transferring an existing loan to another lender can help you get the best interest rates and better terms of repayment. You would have to meet a few conditions like you should have paid at least the minimum number of EMIs and the property must be ready to occupy or already occupied.

You should provide the following documents to your current lender if you want to refinance your house:

  • No objection letter and a foreclosure letter

  • Repayment history of your home loan

  • List of the housing loan documents that is in the bank custody

Documents required by your new lender:

  • Filled up application form

  • Proof of address and age, photo for KYC

  • Proof of income 

  • Documents issued by the previous lender

The new lender will review your credit history before sanctioning the loan. It’s better to make sure if refinancing is the best option. A balance transfer can also help you to reduce EMI and get top up options.