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Features

  • Speedy sanctions
  • Transparent process
  • Personalised services
  • Flexible approach

Pricing

  • Interest rate – 8.35%
  • Processing Fees - Nil

Documents Required

  • Application form with photograph
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Utility bill, Ration card, Employers letter, Bank statement , office address proof (self employed)
  • Salaried - Salary slip and bank statement for 3 months, Self employed - Office address proof, Last 2 years IT return attested by CA, bank statement for 6 months
  • Property related documents, Processing fee cheque

Features

  • Enjoy quick processing of your loan application.
  • Purchase a bigger house or restructure your finances to get more liquidity each month with a higher eligibility option.
  • No need to wait in long queues. Just call your dedicated relationship manager.
  • Take a loan against both residential and commercial properties.
  • Get up to 75% property loan of the current market value of your premise.

Pricing

nil*

Documents Required

  • Salaried:
    • Personal Documents: Pan Card, Residence Proof (Voter's ID, Ration Card, Driving License), Age and Identity Proof
    • Income Documents: Last 3 Salary Slips, Form No 16/ITR, Bank Account statement for last 6 months (Salary Account), Increment/Appointment letter
    • Other Documents: Duly filled application form with recent passport size photograph, Processing Fee cheque in favor of 'PNB Housing Finance Ltd', Property Documents, Any other documents as may require
  • Self-Employed:
    • Personal Documents: Pan Card, ID and DOB Proof of applicant/s, Residence Address Proof and Office Address of Applicant/s, Qualification Proof for Self-Employed Proffesional
    • Income Documents: Business Profile, Last 2 years ITR (Self & Business) with P/L Account + B/S along with complete schedule s duly certified by Chartered Accountant, Last 6 months account statement for main account & other accounts, For rental income: ITR, Bank Credit, Ownership proof, Rent Agreement
    • Other Documents: Duly filled application form with recent passport size photograph, Processing Fee cheque in favor of 'Piramal Housing Finance Ltd', Director's and Shareholder's list MOA/Partnership Deed, Property Documents, Any other documents as may require

Features

  • Flexible documentation
  • Quick processing.
  • End-to-end doorstep service through the nearest office.
  • Flexible pre-payment and part payment facility (Ask us about Auto-PrePay.)
  • Well-trained and knowledgeable team.

Pricing

  • Interest Rate – 11 %
  • Processing fee - 1.5% + GST

Documents Required

  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement
  • Bank Statements for the last 6 months
  • Income proof – For Salaried - Pay slip for last 3 months (If available),
  • - For Self Employed – ITR for the past 2 years (If available)
  • Documents related to Property title & Valuation

Processing Fee

10,000₹*

Max Tenure

30 yrs

Best Rate

9.40%

Processing Fee

1.5%

Max Tenure

30 yrs

Best Rate

8.40%

Processing Fee

Nil*

Max Tenure

NA

Best Rate

8.35%

Processing Fee

Nil*

Max Tenure

NA

Best Rate

8.40%

Processing Fee

Nil*

Max Tenure

NA

Best Rate

8.35%

Processing Fee

Nil*

Max Tenure

NA

Best Rate

8.35%

Processing Fee

Nil*

Max Tenure

NA

Best Rate

8.45%

Processing Fee

Nil*

Max Tenure

NA

Best Rate

N/H

Processing Fee

Nil*

Max Tenure

NA

Best Rate

8.35%

Processing Fee

Nil*

Max Tenure

NA

Best Rate

9.75%

Sorry! We couldn't find any offer matching this category.

Home Loan Balance Transfer

Buying a home is one of the biggest decision a person makes in their life. It continues to be a costly affair which one cannot pay with a single down payment due to the cost of houses being very high. It is for this purpose people opt for home loans using which they can get their dream home and repay the money borrowed in the form of monthly instalments or EMIs.

Now if an individual had done their due diligence and research before applying for the loan they would have the best home loan deal and will pay the loan according to the plan and will not think twice about it. But what if a person had not done proper due diligence or research before applying for a home loan and later come to know of better loan offers, what can they do? This is where home loan balance transfer comes in handy.

What is home loan balance transfer?

If a person feels that they can get better terms from another bank on their home loan which they had previously availed, they can transfer the home loan from existing bank to the new bank.

How does home loan balance transfer work?

The new bank will settle the balance amount to be paid to the existing bank in full and take up the loan based on the terms finalized with the borrower.

What are the reasons for home loan balance transfer?

The reasons one might go for home loan balance transfer are as follows

1. If you are paying higher interest rate compared to other banks in the industry, then one will go for balance transfer.

2. If your current bank’s loan tenure is low while another bank can provide a higher tenure. The added advantage is that with longer tenure you will have lesser EMI each month.

3. Service related issues with the bank

Home Loan Balance Transfer

The bank offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank's instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. The borrower should have valid documents evidencing the title to the house/flat.

Advantages of Home Loan Balance Transfer

  • Low Interest Rates
  • No Hidden Charges
  • No Pre-Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Home Loan Available as Overdraft
  • Interest Concession for Women Borrowers

Home Loan Balance Transfer Eligibility Criteria

The eligibility criteria for both salaried and self-employed is the same

AgeSalaried: Minimum 21 years Maximum 60 years
Self Employed: Minimum 21 years Maximum 70 years
Resident typeIndian National or NRI
Loan TenureThe same as with previous bank or can be extended at banks discretion
Loan AmountDepends on the paying capability of borrower/s

Home Loan Balance Transfer Interest Rate

The interest rate on the home loan balance transfer is set at the discretion of the bank and it is subject to change from time to time.

Documents Required for Balance Transfer Home Loan

List of papers/ documents applicable to all applicants:

  • Employer Identity Card
  • Loan Application: Completed Loan Application form duly filled with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhar Card

Property Papers:

  • NOC from Society/Builder
  • Registered agreement for sale
  • Occupancy Certificate
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
  • Chain of all old Agreements for sale

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & loss A/c for last 3 years
  • Business License Details (or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

Documents from the other Bank:

  • List of original documents held at Bank
  • Loan a/c statement for the past one year
  • Sanction Letter
  • Interim Period Security

Home Loan Balance Transfer Process

The process for Home Loan Balance takeover is as follows

  • You can apply for the balance transfer by visiting the Bank’s website or by visiting the nearest branch to finalize on your loan terms.
  • Once your loan terms are finalized with the bank you need to submit a letter to your current lender requesting your home loan be closed and get a NOC which will take at least 3 weeks.
  • Once the NOC is obtained you will need to submit it to the Bank along with all the documents that are required by them, who after verification will pay your balance to your current lender. The current lender then will issue a foreclosure certificate which should also be submitted to the bank. The borrower can now commence paying the EMI with new loan terms decided with the Bank

EMI Payment Methods

Your home loan can be repaid in following three ways.

Standing Instruction (SI) is the best way to repay your home loans if you are an existing account holder with the bank where you want to transfer the loan. Your EMI amount will be debited automatically at the end of the monthly cycle from the bank account you specify. Then there is the option of Electronic Clearing Service (ECS) which can be used if you have another bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account. Lastly there is the Post-Dated Cheques (PDCs) using which you can submit post-dated EMI cheques from another bank account at your nearest Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Home Loan Balance Transfer Eligibility Check

Before a person applies for Home loan balance transfer, it is best to do an eligibility check which is available on the bank’s website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Home Loan Balance Transfer Calculator

To make life easy for customers and know exactly how much they need to pay every month customers can make use of the bank’s Home loan balance transfer calculator.

The importance of this is that customers will know how much EMI is remaining and how much they will have to pay for the rest of the home loan if they transfer to the current bank. This helps them to decide if they should do balance transfer.

Home Loan Balance Transfer FAQ

1. How to apply for home loan balance transfer?

You can apply for the home loan balance transfer by visiting the website or by visiting the nearest branch.

2. How can I check the status of my home loan balance transfer?

You can check the home loan balance transfer online by providing the application number or by contacting home loan customer care number.

3. Are there any special home loan balance transfer offers?

All banks provide offers to customers who are bringing their business from another bank. might also provide special offers. You will need to contact representatives for more details

4. How to Transfer Home Loan Balance?

You need to apply for a home loan balance transfer with the bank. Once your application is approved, you need to provide the existing bank with a letter stating that you want to close the loan and transfer it to another Bank. Once the existing bank accepts, the Bank with whom you want to transfer the home loan will pay your current lender bank the outstanding home loan amount and the balance to be paid.

5. What are the benefits of taking a home loan balance transfer?

The benefits are as follows

  • Low Interest Rates
  • No Hidden Charges
  • No Pre-Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Home Loan Available as Overdraft

News

Bajaj Finserv Offers Home Loan Balance Transfer with an additional top-up loan of up to Rs 50 Lakh18 Sep 2018

With rising rate rates scenario, home loan balance transfer does come across as a welcome option to many customers. Keeping with the same view, Bajaj Finserv has announced home loan balance transfer to lower interest rate on attractive terms such as ...

Read more

With rising rate rates scenario, home loan balance transfer does come across as a welcome option to many customers. Keeping with the same view, Bajaj Finserv has announced home loan balance transfer to lower interest rate on attractive terms such as 3 month EMI holiday, prepayment facility and nil foreclosure charges. In addition, one can also avail a top-up loan of up to 50 lakhs subject to conditions. But before you go in for a balance transfer, make sure you calculate your savings.

Customer Reviews

4 / 5 (130 Reviews)
4 Feb 2019

Very nice loan process

28 Sep 2017

good and nice work.....

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