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India Shelter Home Loan Balance Transfer

Apply India Shelter Home Loan Balance Transfer


Max Tenure

15 yrs

Best Rate


Processing Fee


View Details


  • Loan on Cash income
  • Past Bureau issues also considered.
  • Funding on gram panchayat , B khata , Properties under municipal limits also funded.
  • Loan starts at 5 lacs.


  • Interest Rate: 12 % to 18%
  • Processing Fee: 3 - 5%

Documents Required

  • Identity proof such as Pan Card, Voters ID Card, Passport.
  • Address proof such as electricity bill, ration card.
  • Income proof documents, if available.
  • Bank pass book or Bank Statements.
  • Property documents, if property identified.
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India Shelter Home Loan Balance Transfer

The India Shelter home loan balance transfer facility allows existing home loan borrowers to transfer the outstanding loan amount of their current home loan to India Shelter at lower interest rates or for longer tenures. The lower interest rate obtained through this balance transfer facility helps borrowers to reduce their overall loan cost. This facility is especially beneficial for those who took housing loans at higher interest rates and are eligible for much lower rates due to improved credit profiles.

How to Calculate The Amount of Money Saved?

The amount of money you can save is based on the following factors

  • The principal amount of your outstanding home loan
  • Current EMI paid monthly
  • The current tenure of the outstanding home loan (in months).
  • The rate of interest provided by the new lender to which the loan will be transferred
  • Required tenure of the new balance transfer home loan in months

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

Eligibility Criteria For Home Loan Balance Transfer

  • You must complete a minimum of 12 home loan EMIs with the current lender
  • Your existing loan should not have any outstanding dues.
  • Your property must be ready to occupy or already be occupied.

Documents Required For Home Loan Balance Transfer

KYC Documents

Aadhaar card, PAN Card, and proof of residence

Income Proof

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

Additional Documents

Most recent principal outstanding letter

List of documents from the existing financier and repayment track record

Property documents

How To Transfer Home Loan From One Bank Account To Another?

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.

Process Involved in Transferring Your Home Loan

  • Obtain all the documents required to transfer your home loan balance from your current lender.
  • Give these documents to the new bank to which you want to transfer the housing loan balance.
  • Get a letter from the existing bank along with the outstanding loan amount
  • The new lender will then pay off the balance outstanding to your old lender.
  • Once all the payments pertaining to the loan are paid to the new bank, your old loan account will be closed.
  • All property documents will then be given to the new bank. This marks the completion of the process of transferring your home loan officially.

Charges Associated With Home Loan Balance Transfer

Apart from the interest rate, two of the most important charges that you must consider while doing a home loan transfer are:

  • Foreclosure Charges: These are the charges that you will be paying to the current lender to close your loan before the tenure ends. The foreclosure charges are nil for floating rate loans but can be 4% of the outstanding principal for fixed rate loans.
  • Processing Fees: After you transfer your home loan balance to a new lender, the lender will process a home loan application form for you. The lender will levy a processing fee on you that may range upto 6% of the loan amount.

What Are The Reasons For Doing A Home Loan Balance Transfer?

  • For Lower Interest Rates: Initially, many borrowers might have borrowed home loans at higher interest rates due to a low credit score and poor loan eligibility. But, if they have improved their credit score, then they can avail home loans at lower interest rates for which they can do home loan refinancing
  • To Reduce The EMI Burden: Many lenders allow borrowers to opt for extended loan tenures. This will reduce the EMI that they will have to pay monthly. But, this will also increase the overall interest costs.
  • Top-Up Loan: A top-up home loan is a certain amount of money that you can borrow over and above your home loan. Borrowers get an option to take a top-up home loan when they do a home loan balance transfer. The amount of loan they can borrow depends on their overall loan amount eligibility. This will also vary across lenders. So, if you are unable to avail of a top-up loan from your existing lender because you are not eligible or if your interest rates are very high, then you can go in for a home loan balance transfer.
  • Additional Benefits: You may get to enjoy better loan features such as EMI waivers, Nil processing fees, etc.

When Can You Do A Home Loan Balance Transfer?

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.

FAQs of India Shelter Home Loan Balance Transfer

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.

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