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Why Balance Transfer Your Home Loan From Us?

  • 20 years of experience in loan & finance.
  • Loan up to Rs. 100 crore.
  • Lowest ROI & processing fees or “NIL” processing fees.
  • Maximum top up loan amount.
  • Loan up to 85% of market value of the property.
  • 20% higher loan amount than other service provider.
  • “NO INCOME PROOF” loan.
  • Balance transfer even if your CIBIL SCORE is LOW.
  • Loan based on past loans repayment track records.
  • Loan to all kinds of profile. There is “NO NEGATIVE PROFILE”.
  • Loan Against Property on almost all types of property .
  • Minimum Documentations.
  • Fastest loan approval guaranteed
  • No Hidden Charges.
  • Amicable after sales service.

What is home loan transfer or balance transfer of home loan?

As a borrower when you decided to transfer balance outstanding of your home loan from existing bank or NBFC to new bank or NBFC, due to lower rate of interest offered by new bank or NBFC or you want some additional loan amount (top-up loan) due to increase in the market value of the property is called balance transfer of home loan.

What are the benefits of balance transfer of home loan?

  • Saving In Home Loan EMI: The major benefit of transferring your existing home loan is saving in your EMI. Rate of interest has a great impact on your home loan EMI. EMI calculation depends upon three factors i.e. (i) Loan Amount (ii) Rate of Interest (iii) Loan Tenure.

    If rate of interest is low, then your EMI is also low and this will give you great saving. Let us understand this by an example:- Supposed Mr. Ram has borrowed a loan of Rs. 50 lacs @ 10% rate of interest for 30 years from “EXISITING BANK” and current rate of interest offered by “NEW BANK” is 8.50%, then what would be impact of ROI on his EMI and saving?

    Bank Loan Amount Loan Tenure ROI per Annum EMI Yearly Saving Total Saving in 30 Years
    Existing 5,000,000.00 360 Months 10.00% 43,879.00
    New 5,000,000.00 360 Months 8.50% 38,446.00 65,196.00 1,955,880.00

    The above example shows that reduction in rate of interest would save Rs. 19.55 lacs in 30 years.

    So, if rate of interest offered by other bank or NBFC is lower than your existing home loan rate of interest you must transfer your home loan to other bank.

  • Earlier Closer Of Home Loan Or Reduction In Home Loan Term:

    If rate of interest on home loan offered by other bank or NBFC is lower than your existing lender, it will help you to close your home loan earlier than existing loan term. As you will pay EMI for lesser period so this will also save interest on loan because EMI consists both principal and interest portion.

    Let us understand this by an example:- Supposed Mr. Ram has borrowed a loan of Rs. 50 lacs @ 10% rate of interest for 30 years from “EXISITING BANK” and current rate of interest offered by “NEW BANK” is 8.50%, then what would be impact of change in rate of interest on loan tenure and saving in interest if EMI remains same?

    Bank Loan Amount ROI EMI Loan Tenure Total EMI Paid Interest Saving
    Existing 5,000,000.00 10.00% 43,879.00 360 Months 15,796,440.00
    New 5,000,000.00 8.50% 43,879.00 233 Months 10,223,807.00 5,572,633.00

    The above example shows that if EMI remains same then loan tenure reduced from 360 months (30 years) to 233 months (19 years 5 months), so you will be free from your home loan liability 10 years 7 month before, and this will save interest of Rs. 55.72 lacs approx also.

  • Saving Of Interest On Top Up Loan Amount:

    Instead of taking personal loan to fulfill your dream or some personal requirement you can take balance transfer of home loan plus top up from new bank or NBFC. The rate of interest offer on top up loan is same as home loan. As the home loan rate of interest is cheaper than personal loan so you would be able to save a lot of money on interest payment.

    Top up loan provided by bank or NBFC based on your income eligibility and market value of the property. Income eligibility also depends upon rate of interest apart from other factors. If rate of interest is low then loan eligibility increases and if high then loan eligibility decreases.

What are the Eligibility criteria for Balance Transfer of Home Loan?

Basic Loan eligibility criteria for almost all the banks are same. Following are some key important factors which would be checked by bank or NBFC to accept or reject the home loan balance transfer application:

Age: At the time of home loan balance transfer application, applicant must be 21 years or above but not more than 60 or 65 years because repayment of the loan has to be completed on or before 60 or 65 years of borrower age.

Employment Continuity: Bank or NBFC checks employment continuity of an individual who is applying for balance transfer of home loan. An individual should have 3 years of working experience in the business or employment. A regular source of income, ensure the lender regular repayment of their housing loan EMI.

Cibil Score: A loan borrower who is having good cibil score will get quick loan from the bank or NBFC. Cibil score is a decisioning factor for sanctioning or rejecting home loan balance transfer applications.

Pre-Existing Home Loan: To take balance transfer of home loan, borrower must be having a home loan with some other bank or NBFC.

Home Loan EMI Serviced For Specific Period Of Time: Some bank or NBFC may put special condition that balance transfer of home loan would be done only if minimum 6 months or 12 months EMI serviced with the existing bank. However, many times EMI servicing condition waived off by bank or NBFC and balance transfer of home loan happen even if EMI is not serviced for 6 months or 12 months.

“No” Bouncing In Home Loan EMI: New bank or NBFC checks repayment track record of the borrower from bank statement and may ask loan account statement from the borrower. If there is bouncing in the home loan repayment track record then new lender will not do balance transfer. However, if the bouncing in the EMI is not due to insufficient funds but for any other reason, then bank may consider the balance transfer of home loan with proper justification.

Under construction Builder Property Home Loan Balance Transfer: If property is under construction then project must be approved with the new bank or NBFC. If project is not approved with new lender then balance transfer of home loan cannot happen.

Even if project is approved and possession is offered by builder but registry not yet happen in favour of borrower then still new bank or NBFC may refuse for balance transfer of home loan.

Home loan transfer or Balance transfer documents required for Home Loan?

Documents required for home loan depends upon the type of employment of an individual.
Documents required for different types of employment are as follows:

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement
  • Copy of Registered Lease Deed
  • Employee ID Card

Income Documents

  • Latest 3 months salary slip
  • 3 years form-16, 26AS, ITR with computation of Income
  • Annual CTC Letter
  • Copy of Appointment Letter

Bank Statements

  • One year up to date salary account statement

Loan Documents

  • Exisiting Home Loan Sanction Letter
  • Repayment track record of existing home loan from bank or NBFC
  • Home loan foreclosure letter from existing bank or NBFC
  • List of documents mortgaged with the existing bank or NBFC
  • 12 Month up to date bank statement showing repayment of the loan
  • If any other loan taken then
  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of property papers
  • Copy of approved sanction plan or Map

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of VAT/ Sales Tax, GST, Import-Export or any other registration Certificate
  • Latest Office Address proof i.e electrcity bill, rent agreemen etc.
  • Company Profile on the Letterhead of the firm

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the saving and current account statement

Loan Documents

  • Exisiting Home Loan Sanction Letter
  • Repayment track record of existing home loan from bank or NBFC
  • Home loan foreclosure letter from existing bank or NBFC
  • List of documents mortgaged with the existing bank or NBFC
  • 12 Month up to date bank statement showing repayment of the loan
  • If any other loan taken then
  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of property papers
  • Copy of approved sanction plan or Map
Individual Partners Document

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement/ Registered Lease Deed

Income Documents

  • Latest 3 year ITR with computation of Income
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the saving account statement

Loan Documents

  • Exisiting Home Loan Sanction Letter
  • Repayment track record of existing home loan from bank or NBFC
  • Home loan foreclosure letter from existing bank or NBFC
  • List of documents mortgaged with the existing bank or NBFC
  • 12 Month up to date bank statement showing repayment of the loan
  • If any other loan taken then
  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of Property papers
  • Copy of approved sanction plan or Map
Partnership Firm Document

KYC Documents

  • Pan Card
  • Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
  • Copy of Partnership Deed
  • Latest office address proof i.e. electricity bill, rent agreement etc.
  • Company Profile on the Letterhead of the firm

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the current account statement

Loan Documents

  • If any other loan taken then
  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed
Individual Directors Document

KYC Documents

  • Pan Card
  • Aadhar Card
  • Voter ID Card
  • Passport
  • Latest Month Electricity Bill
  • Copy of Rent Agreement/ Registered Lease Deed

Income Documents

  • Latest 3 year ITR with computation of Income
  • Latest 2 year form-16 with 26AS if applicable

Bank Statements

  • One year up to date all the saving account statements

Loan Documents

  • Exisiting Home Loan Sanction Letter
  • Repayment track record of existing home loan from bank or NBFC
  • Home loan foreclosure letter from existing bank or NBFC
  • List of documents mortgaged with the existing bank or NBFC
  • 12 Month up to date bank statement showing repayment of the loan
  • If any other loan taken then
  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Property Documents

  • Copy of previous chain of property papers.
  • Copy of approved sanction plan or Map.
Private Limited or Limited Company Documents

KYC Documents

  • Pan Card
  • MOA & AOA
  • Copy of VAT/ Sales Tax, GST, Import-Export Certificate or any other registration certificate
  • Latest office address proof i.e. electricity bill, rent agreement etc.
  • Company Profile on the Letterhead of the Company
  • List of director & shareholder with their shareholding pattern duly certified by CA.
  • Latest form-32

Income Documents

  • Latest 3 year ITR with computation of Income including P & L a/c, balancesheet with their schedule and annexures duly certified by CA
  • Form No. 3 CA & 3 CD in case of audited balance sheet
  • Latest 2 years VAT/ Sales Tax/ GST return
  • Latest 2 year form 26AS if applicable

Bank Statements

  • One year up to date all the current account statement

Loan Documents

  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month of up to date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

KYC Documents

  • Pan Card
  • Copy of Passport with VISA
  • Copy of Green Card
  • Complete CDS certificate in case of Merchant Navy
  • Copy of valid residence proof in abroad
  • Employee ID card or Labour card
  • Copy of latest work permit

Income Documents

  • Latest 3 months salary slip
  • Latest 3 years income tax acknowledgement form
  • Annual CTC letter
  • Copy of appointment letter
  • Credit report from credit agency

Bank Statements

  • One year Upto date NRI Salary account statement
  • One year Upto date NRO/NRE account statement

Loan Documents

  • Exisiting Home Loan Sanction Letter
  • Repayment track record of existing home loan from bank or NBFC
  • Home loan foreclosure letter from existing bank or NBFC
  • List of documents mortgaged with the existing bank or NBFC
  • If any Other loan taken then
  • Copy of Sanction Letter
  • Up to date loan account statement
  • Loan repayment schedule
  • 12 Month upto date bank statement showing repayment of the loan
  • Loan closure proof if loan is closed

Power of Attorney Holders Documents

  • Copy of PAN card & Aadhar card
  • Power of Attorney in favour of blood relatives or relatives in India

Property Documents

  • Copy of previous chain of Property papers
  • Copy of approved sanction plan or Map

What is the rate of interest of Home Loan Balance Transfer in 2018 ?

Balance transfer rate of interest of home loan is based upon marginal cost of lending rate (MCLR) plus margin on the MCLR. Due to stiff competition between the banks and NBFC almost all the lenders offers lowest rate of interest to attract prospective borrowers. It is advisable to compare home loan interest rates of different bank and NBFC and chose the best one which suits your need.

OR

You may take expert advice of LOAN ON PHONE professional consultants who will help you to choose best bank who offers you lowest rate of interest on home loan with ZERO / nominal bank processing fees.

What are the other key factors to be considered before choosing balance transfer of home loan?

Before choosing Home Loan Balance Transfer it is advisable to consider following factors:

  • Home Loan Balance Transfer Rate Of Interest: If rate of interest charged by your existing lender is higher than prevailing rate of interest of home loan in the market then make a comparative cost analysis and if it is beneficial for you then transfer your home loan from existing lender to new bank or NBFC.

    You can also take LOAN ON PHONE professional consultants advice to make a details comparative analysis for you based on your requirements to help you to take an informed decision.

  • Home Loan Foreclosure Charges: If borrower has availed home loan on floating rate of interest then home loan foreclosure charges is “NIL”. But in case of fixed rate of interest bank or NBFC may charge 1% to 2% home loan foreclosure charges from the borrower.
  • Home Loan Balance Transfer Processing Fees: Bank or financial institution charges loan processing fees to process your balance transfer home loan application. There are two types of charges one is loan processing fees and another one is loan administration charges.

    Loan processing fee is taken by the bank or NBFC to process your balance transfer loan application. It could be a fixed percentage of your loan amount or a fixed amount. Due to stiff competition bank may offer NIL processing charges also. Loan administration charges are taken by lender to maintain your loan account after disbursement.

  • Home Loan Balance Transfer Terms And Conditions: Bank or NBFC laid down several conditions related to balance transfer of home loan to another lender, pre-closure charges, part payment charges etc. It is advisable to read all the terms and conditions before opting balance transfer.

Why you should transfer your home loan through loan on phone and how do we help?

Today internet is the source of information and there is a lot of information available about the balance transfer of home loan on internet and we have also tried to give you some information about home loan transfer but the most important question is that Why I should transfer my home loan through LOAN ON PHONE and how do we help you in choosing best home loan balance transfer?

Almost all the banks or NBFC’s claims to offer you the best deal on balance transfer of home loan. Most of the people confused with the various offers and deal, so we are here to help you to choose the best.

About LOAN ON PHONE

LOAN ON PHONE is the one stop solution for all your financial needs. We are into this business for more than a decade. LOAN ON PHONE will analyze different loan offers and suggest you best deal on balance transfer of home loan with great customer services. Our expert provides best deal on wide range of products to the customer to take right decision.

Why Choose LOAN ON PHONE?

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