CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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The amount of money you can save is based on the following factors
Example: Consider the outstanding balance on the existing loan to be 30 Lakhs. You are doing a home loan balance transfer and getting a new loan for Rs. 30 Lakhs. The interest rate on the existing loan is 10% and the interest rate on the new loan is 8%. The remaining loan tenure is 15 years for both the loans.
The monthly EMI payable for the existing loan = Rs. 32,238
The monthly EMI payable on the new loan = Rs. 28,670.
Then, the difference in EMI payable = 3,568
Total interest due for the existing loan = Rs. 28,02,868
Total interest due for the new loan = 21,60521
Savings = 6,42347
Salary slips and Form 16 (For salaried)
Last 3 years’ ITR along with financials (For the salaried and self-employed professionals)
Last 6 months’ bank statements
Most recent principal outstanding letter
List of documents from the existing financier and repayment track record
Step 1: Go to the bank’s website
Step 2: Verify the interest rate, processing fee, and terms and conditions
Step 3: If you are fine with the charges and the conditions, then apply for the balance transfer
Step 4: You will have to fill in the required fields including your name, tenure of the existing loan, property type, the bank’s name, and more
Step 5: You will be able to view your loan offer upon completion
Step 6: Pay all the requisite fees and upload your documents
Step 7: Complete your application and await the approval.
Apart from the interest rate, two of the most important charges that you must consider while doing a home loan transfer are:
A home loan balance transfer can be availed in 12 to 18 months after paying off your existing home loan in time.
Home loan balance transfer comes with several advantages such as lower interest rates, longer tenures, waivers on EMI, zero processing fees, etc. But, before you do a home loan balance transfer, you must do a thorough research and choose a lender who gives you a lower interest rate. Do your home loan balance transfer with India Shelter and enjoy the benefits.
1. Does the present credit score affect the prospects of home loan balance transfer?
If your credit score has dropped significantly after the hard inquiry done for your initial home loan, then it may affect the process. The balance transfer process works similarly to applying for a new home loan. Your credit score and history will play a major role while applying for the new home loan.
2. How can I find out the total interest cost payable on the home loan or the home loan balance transfer amount?
You can do so by using an EMI calculator. All you need to do is enter the interest rate, tenure, and loan amount. The total interest payable, monthly EMI, and the total amount payable will be displayed.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application