Why Choose YesLoans for Your Home Loan?
Unlock a world of savings and flexibility when you choose YesLoans for your Home Loan Balance Transfer:
What is a Home Loan Balance Transfer?
A Home Loan Balance Transfer allows you to move the outstanding principal amount of your existing home loan from your current lender to a new bank or financial institution. This strategic move is primarily undertaken to avail lower interest rates, more flexible repayment terms, or better customer service from the new lender.
The process involves the new lender settling your outstanding balance with your original bank. Subsequently, you become obligated to repay the new lender under the revised interest rates, terms, and conditions. It’s a powerful tool to optimise your home loan and reduce your overall interest burden, leading to significant long-term savings.
Home Loan Balance Transfer Eligibility & Documentation
YesLoans streamlines the eligibility check and documentation process for your Home Loan Balance Transfer. While criteria may vary slightly across our network of lenders, here’s a general overview:
General Eligibility Criteria for Home Loan Balance Transfer:
Eligibility Criteria
- Age: 21 to 60 years.
- Minimum Net Monthly Income: Varies by lender and city, but generally sufficient to comfortably cover the new EMI.
Work Experience: Minimum 2-3 years, with at least 1 year in the current organization.
Documentation
- KYC: Photo Identity Proof (PAN Card mandatory, Aadhaar Card, Passport, Driver's License), Address Proof (Aadhaar, Utility Bills), Passport-size photographs.
- Income Proof: Last 3-6 months' Salary Slips, Last 2 years' Form 16, Last 6-12 months' Bank Account Statements (showing salary credits), Latest ITR.
Employment Proof: Employment Certificate/Appointment Letter, Company ID card.
Eligibility Criteria
- Age: 21 to 65-70 years.
- Business Vintage: Minimum 3-5 years of business continuity.
- Income: Consistent and adequate business income as per ITRs and financials.
Documentation
- KYC: Same as salaried individuals.
- Income Proof: Last 2-3 years' ITRs with computation of income, Certified Financial Statements (P&L and Balance Sheet) for the last 2-3 years, Business Bank Account Statements for the last 6-12 months.
Business Proof: Business Profile, Proof of Business Registration (Shop & Establishment Certificate, GST Registration, Partnership Deed, MoA/AoA), Professional Practice Certificate (for professionals).
Eligibility Criteria
- Age: 21 to 60-65 years.
- Work Experience: Minimum 2 years of overseas employment/business.
- Co-Applicant: Often requires a Resident Indian co-applicant (direct close relative).
Documentation
- KYC: Photocopy of Passport & Visa, NRI status proof (OCI/PIO Card if applicable), Indian & International Address Proof.
Income Proof: Salary Certificate (in English) or last 6 months' Salary Slips, Last 6-12 months' NRE/NRO Bank Account Statements (Indian) and overseas bank account statements.
- Employment Proof: Appointment Letter, Job Contract, Labour/ID card.
- Power of Attorney (PoA): If applying from abroad, a Power of Attorney attested by the Indian Consulate/Embassy in the resident country. If in India, a locally attested PoA.
Eligibility Criteria:
- Age: 21 to 60 years.
- Minimum Net Monthly Income: Varies by lender and city, but generally sufficient to comfortably cover the new EMI.
- Work Experience: Minimum 2-3 years, with at least 1 year in the current organization.
Documentation (Borrower):
- KYC: Photo Identity Proof (PAN Card mandatory, Aadhaar Card, Passport, Driver’s License), Address Proof (Aadhaar, Utility Bills), Passport-size photographs.
- Income Proof: Last 3-6 months’ Salary Slips, Last 2 years’ Form 16, Last 6-12 months’ Bank Account Statements (showing salary credits), Latest ITR.
- Employment Proof: Employment Certificate/Appointment Letter, Company ID card.
Eligibility Criteria:
- Age: 21 to 65-70 years.
- Business Vintage: Minimum 3-5 years of business continuity.
- Income: Consistent and adequate business income as per ITRs and financials.
Documentation (Borrower):
- KYC: Same as salaried individuals.
- Income Proof: Last 2-3 years’ ITRs with computation of income, Certified Financial Statements (P&L and Balance Sheet) for the last 2-3 years, Business Bank Account Statements for the last 6-12 months.
- Business Proof: Business Profile, Proof of Business Registration (Shop & Establishment Certificate, GST Registration, Partnership Deed, MoA/AoA), Professional Practice Certificate (for professionals).
Eligibility Criteria:
- Age: 21 to 60-65 years.
- Work Experience: Minimum 2 years of overseas employment/business.
- Co-Applicant: Often requires a Resident Indian co-applicant (direct close relative).
Documentation (Borrower):
- KYC: Photocopy of Passport & Visa, NRI status proof (OCI/PIO Card if applicable), Indian & International Address Proof.
- Income Proof: Salary Certificate (in English) or last 6 months’ Salary Slips, Last 6-12 months’ NRE/NRO Bank Account Statements (Indian) and overseas bank account statements.
- Employment Proof: Appointment Letter, Job Contract, Labour/ID card.
- Power of Attorney (PoA): If applying from abroad, a Power of Attorney attested by the Indian Consulate/Embassy in the resident country. If in India, a locally attested PoA.
Common Documents from Your Existing Lender & Property
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₹ 0Your 5-Step Path to Faster Home Loan Balance Transfer
Experience a swift and transparent transfer process with YesLoans:
Submit Your Details
Provide information about your existing home loan and personal details.
Compare Best Offers
Our platform presents personalized balance transfer offers with competitive rates from our network of 100+ lenders.
Easy Document Upload
Securely upload necessary KYC, income, and property documents, along with your existing loan statements.
Dedicated Relationship Manager Support
Our expert will coordinate with both lenders for smooth verification and transfer formalities.
Seamless Transfer & Savings
Once approved, the new lender disburses funds to clear your old loan, and you begin repaying at your new, lower EMI!
FAQ
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
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.
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.
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
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.
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.