Your perfect Home is loan-in-progress!
Apply Now
Thank You for your Quick Enquiry
Our team will get back to you shortly.
Thank You for your Quick Enquiry
Our team will get back to you shortly.
A Home Loan Balance Transfer is a loan transfer process where you transfer your outstanding home loan balance from your existing lending institution to a new lender. It facilitates savings in terms of interest payments when you opt for a lender who offers to charge you a lower rate of interest than what your current lender charges you. This migration known as Home Loan Balance Transfer may also be termed as Refinance, or Balance Transfer.
Your current lender will charge you a foreclosure or prepayment charge predetermined in your Home Loan agreement. In the course of the transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.
Home Loan Balance Transfer involves the transfer of your outstanding Home Loan Balance from your existing lender to a new lender.
You will be charged a foreclosure or prepayment charge by your existing lender according to your loan agreement.
Depending on the lender you have chosen for your home loan transfer, you may have to pay processing fees, and stamp duty on your loan agreement.
Most cases are treated as a new home loan agreement following the completion of a Home Loan Balance Transfer.
Depending on the terms and conditions in your existing loan agreement, you will be allowed a Home Loan Balance Transfer after the time-period in your original loan agreement lapses.
After the completion of your Home Loan Balance Transfer, you will owe the transferred principal loan sum with overheads to your new lender.
The process of getting the best Home Loan Balance Transfer can be made possible when you know your Home Loan Transfer Eligibility criteria, which is nearly the same for most lenders. Some basic criteria are discussed briefly below.
You must be a Resident Indian or Non-Resident India
Salaried Person - 21 to 60 Years of Age
Self-Employed Person - Up to 65 Years of Age
Salaried Person - 2 years with Current EmployerSelf-Employed Person - 3 years Business Vintage
Lender Specific Minimum Income
You require a good Credit Score, which should not dip before transfer
Your Home Refinance or Home Loan Balance Transfer Process takes place in the following manner in which you will have to participate as follows.
Request and obtain from your current lender, all documents that you will require for your Home Loan Balance Transfer.
Request and obtain a Letter of Consent along with details regarding your outstanding Home Loan Balance from your current lender.
Your new lender will then make arrangements to pay off the outstanding balance of your existing home loan to your old lender.
Consequently, your old Home Loan account will be closed, and all related payments will have to be paid to the new lender.
Your old lender will then hand over all your property related documents to transfer your home loan to the new lender to complete your Home Loan Balance Transfer.
Acquiring a home depends on the supply of money, and this story continues to be rewritten by banks, financial institutions, and others in the money supply chain that has made home acquisition much easier.
Read More
A house is the most precious possession for an average Indian. In order to have this possession a lot of funds are required. Hence the average Indian would apply for a home loan to convert this dream into reality. There are major Banks and NBFCs that provide mouth watering deals which influence the buyer to apply for home loans.
Read More
Home renovation is necessary when you have lived in the same house and have been using the same furniture for years. Apply online for a quick home loan for home renovation.
Read MoreI got home loan offer from HDFC Limited through Ruloans. Earlier I was choosing some other bank but Ruloans facility of comparison helped me with a better choice. The amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
I took a Home Loan for 20,00,000 from SBI via Ruloans. I received a Home loan at a sparkling rate of 6.90%. Being a government employee I was offered low processing fees and other charges were minimal. I am very happy and suggest you check Ruloans for the best home loan options.
I have taken home a loan via Ruloans, my loan was sanction on time and it's going to be disbursed soon. The amount of the loan is 18 lakh. The bank informed me that for the construction plan I have to pay 3 lakh. The interest rate is 8.65% but the bank will be reducing the rate by 1.5% from next month. I compared the loan rates and the company helped me select the best one.