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Home Loan Balance Transfer lets you transfer your home loan from an existing bank to a new bank. The new bank will settle the balance amount to be paid to the existing bank in full. Get interest charges on daily reducing balance. Apply now!
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.
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.
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.
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
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.
The eligibility criteria for both salaried and self-employed is the same
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.
List of papers/ documents applicable to all applicants:
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
The process for Home Loan Balance takeover is as follows
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.
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.
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.
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
Festive Offers: Bank of Baroda Launches Attractive Discounts on Home Loan Transfers8 Oct 2020
Following SBI and HDFC, Bank of Baroda has announced attractive offers on home loans ahead of the festive season. The state-run bank is offering a waiver of 0.25% of interest rates for home loan transfers. This is a great incentive for existing home ...
Following SBI and HDFC, Bank of Baroda has announced attractive offers on home loans ahead of the festive season. The state-run bank is offering a waiver of 0.25% of interest rates for home loan transfers. This is a great incentive for existing home loan borrowers to shift their loans to Bank of Baroda to enjoy lower interest rates. Home loans transferred to BoB during the festive season also enjoy a waiver on processing fees. With this move, the bank is aiming to attract new customers to shift their loans to BoB.
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 ...
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.
Very nice loan process
good and nice work.....
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