Home Loan Balance transfer

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Transfer Home Loan / Home Loan Balance transfer

Home Loan Balance Transfer allows you to transfer the outstanding loan amount of your existing home loan from the current lender to a new lender. This is usually done when the interest rates offered by the new lender is substantially low when compared to the current lender. The new lender ensures to clear the outstanding amount with your parent bank and the borrower is obligated to pay off the new lender with revised interest rates as well as terms and conditions. The new bank offers appealing interest rates, longer tenures and other improved repayment facilities. This substantially enables the borrower to pay low interest against the loan taken.

Eligibility Criteria and Documentation

  • Salaried Individuals
  • Self-Employed Individuals
  • NRI Applicants
  • Pensioners

What's the Eligibility Criteria and Documents Required for Salaried Individuals?

If you're a salaried person and want to apply for a Home Loan Balance transfer, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC
    Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What's the Eligibility Criteria and Documents Required for Salaried Individuals?

If you're a salaried person and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC, Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What's the Eligibility Criteria and Documents Required for NRI Applicants?

If you're a Non-Resident Indian and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • Age
    • Employed - 21 to 60 Years
    • Self-Employed - 21 to 68 Years
  • Work Experience
    • Employed - 2 Years with at least 1 Year in Current Organisation
    • Self-Employed - Minimum 2 years in Current Business
  • Required - Co-Applicant must be a Direct Close Relative

Documentation

  • Photocopy of Passport and Visa of NRI
  • Yours and Co-Applicant's Proof of Identity
  • Yours and Co-Applicant's Address Proof
  • Income Proof
    • 6 Months Indian and International Bank Account Statement for last 6 months
    • Salary Certificate in English or 6 Months Salary Slips
  • Employment Proof
    • Appointment Letter
    • Job contract
    • HR's email ID or official email ID
    • Labour | Identity card | CDC for NRIs working in the Middle East or employed in Merchant Navy
  • If present in India during the application, and you will have to provide Power of Attorney attested or notarized locally. In case away, you will have to provide the Power of Attorney attested by the Indian Consulate of NRI's Resident Country.
  • Passport-Size Photographs

What's the Eligibility Criteria and Documents for Pensioners?

If you're a Pensioner and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be Under the Age of 76 years
  • You must provide a Third-Party Guarantee

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Proof of Income
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents Required for Salaried Individuals?

If you’re a salaried person and want to apply for a Home Loan Balance transfer, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC
    Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents Required for Salaried Individuals?

If you’re a salaried person and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be between 20 to 60 years of age
  • You must be Resident Citizen of India
  • You must be Salaried Individual Employed with an MNC, Public Limited, or Private Limited Company
  • You must have a monthly income of at least Rs.15,000
  • You must have at least 1 to 3 years of work experience
  • You must have a Minimum Credit Score of 750

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Income Proof
  • Employment Proof
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents Required for NRI Applicants?

If you’re a Non-Resident Indian and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • Age
    • Employed – 21 to 60 Years
    • Self-Employed – 21 to 68 Years
  • Work Experience
    • Employed – 2 Years with at least 1 Year in Current Organisation
    • Self-Employed – Minimum 2 years in Current Business
  • Required – Co-Applicant must be a Direct Close Relative

Documentation

  • Photocopy of Passport and Visa of NRI
  • Yours and Co-Applicant’s Proof of Identity
  • Yours and Co-Applicant’s Address Proof
  • Income Proof
    • 6 Months Indian and International Bank Account Statement for last 6 months
    • Salary Certificate in English or 6 Months Salary Slips
  • Employment Proof
    • Appointment Letter
    • Job contract
    • HR’s email ID or official email ID
    • Labour | Identity card | CDC for NRIs working in the Middle East or employed in Merchant Navy
  • If present in India during the application, and you will have to provide Power of Attorney attested or notarized locally. In case away, you will have to provide the Power of Attorney attested by the Indian Consulate of NRI’s Resident Country.
  • Passport-Size Photographs

What’s the Eligibility Criteria and Documents for Pensioners?

If you’re a Pensioner and want to apply for a Personal Loan, you must meet the following criteria.

Eligibility Criteria

  • You must be Under the Age of 76 years
  • You must provide a Third-Party Guarantee

Documentation

  • Photo Identity Proof
  • Proof of Residence or Address Proof
  • Proof of Income
  • Form 16
  • Tax Return Certificates
  • Passport-Size Photographs

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Benefits of Transfer Home Loan

Lower interest rates

One of the primary reasons people consider transferring their home loan is to take advantage of lower interest rates offered by another lender. If interest rates have dropped since you originally obtained your loan, transferring to a new lender with a lower rate can result in significant savings over the long term.

Reduced EMIs

It is convenient for the borrower to repay the loan amount over a longer duration with lower equated monthly installments (EMIs). This can help ease your financial burden and improve your monthly cashflow

Improved loan tenure

Transferring your home loan may provide an opportunity to extend the loan tenure. While this can increase the total interest paid over the loan term, it can lower your monthly payments and offer more flexibility in managing your finances.

Additional features and benefits

Some lenders offer attractive features and benefits to borrowers who transfer their home loans, such as flexible repayment options, top-up loans and reduced processing fees. These added advantages can enhance the overall value of transferring your home loan.

Why Choose Us?

  • Calculate your Emi on real-time basis
  • Get Lowest interest rates on loans
  • Instant credit report for free
  • Compare loans with live interest rates
  • Tie-ups with multiple reputable Banks & NBFC’s
  • Quick loan disbursement
  • Extending services across India

FAQ

What are the eligibility criteria for obtaining a personal loan?

Here are some common factors that lenders typically consider when assessing a borrower’s eligibility for a personal loan:

  • The Age range specified is usually between 21 and 60 years.
  • Minimum income requirement
  • 1 years of continuous employment.
  • Evaluation of credit score and repayment behavior
Do I need to provide security or collateral for a personal loan?

Personal loans are unsecured loans, which means you do not need to provide any security or collateral to obtain the loan. Unlike secured loans (such as home loans or car loans), where the lender holds an asset as collateral, personal loans are granted based on the borrower’s creditworthiness and repayment capacity.

What is the process for applying for a personal loan?

The process for applying for a personal loan typically involves the following steps:
Research and comparison: Factors such as interest rates, loan amount, repayment tenure, processing fees, and eligibility criteria.

  • Check eligibility: Factors like age, income, employment stability, and credit history
  • Gather documents: such as identity proof (PAN card, Aadhaar card, passport, etc.), address proof (utility bills, passport, driving license, etc.), income proof (salary slips, bank statements, income tax returns, etc.), and employment-related documents (employment letter, business ownership proof, etc.
  • Verification and evaluation: This may involve reviewing your documents, assessing your creditworthiness, and evaluating your repayment capacity.
  • Loan approval and disbursal: The lender will provide you with a loan offer, including details about the approved loan amount, interest rate, tenure, and any associated fees
  • Disbursement: Once the loan agreement and documents are verified, the lender will disburse the loan amount to your bank account.
Is there a maximum limit on personal loans?

Personal Loan usually ranges from Rs. 50,000 to Rs. 30 lakhs. Some of the factors considered when deciding a loan amount are:

  • Your requirement and eligibility
  • Your income
  • Your repayment capacity
What is the minimum income required to qualify for a personal loan?

Most lenders prefer borrowers to have a regular source of income and a minimum monthly income of around Rs. 15,000 to Rs. 25,000. They also consider the debt-to-income (DTI) ratio, which is the ratio of your monthly debt obligations (including existing loans, credit card payments, etc.) to your monthly income. A lower DTI ratio generally improves your chances of loan approval.

What's the minimum credit score for a personal loan?

Most lenders prefer borrowers to have a credit score of 650 or above to be eligible for a personal loan. It’s important to note that while credit score is an essential factor in loan approval, it’s not the sole determining factor. Lenders also consider other aspects of an applicant’s profile, such as income, employment stability, debt-to-income ratio, and repayment capacity.

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