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Balance Transfer & Topup

Home Loan Balance Transfer & Topup

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.

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Features

Home Loan Balance Transfer Features

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.

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Eligibility

Home Loan Balance Transfer Eligibility

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.

  • Nationality

    You must be a Resident Indian or Non-Resident India

  • Age

    Salaried Person - 21 to 60 Years of Age

  • Employment

    Self-Employed Person - Up to 65 Years of Age

    Salaried Person - 2 years with Current Employer

    Self-Employed Person - 3 years Business Vintage

  • Income

    Lender Specific Minimum Income

  • Credit Score

    You require a good Credit Score, which should not dip before transfer

Documents Required

The list of documents for home loan transfer is enumerated below

  • Identity Proof
  • Nationality and Address Proof
  • Existing Home Loan Documents
  • 3 months Salary Slips
  • 6 months Bank Statements
  • 3 years Balance Sheet for Self Employed
  • 3 years Profit and Loss Account Statements for Self Employed
  • Form 16
  • 3 years IT Returns
  • Property Documents with OC and CC
  • Passport Size Photographs
  • Proof of Business
    • PAN
    • GST Registration Certificate
    • Trade License
    • Partnership Deed
    • Article of Association
    • Memorandum of Association
    • Import Export Code
    • SEBI Registration Certificate
    • ROC Registration Certificate
  • Financial Statement Audited by CA
    • Profit & Loss Account Statement
    • Balance Sheet
    • 6 Months Bank Account Statement
  • 3 years Income Tax Returns
  • Professional Practice License for Doctors, Consultants, etc
  • Registration Certificate of Establishment for Shops, Factories, and Other Establishments
  • Business Address Proof
Process

Home Loan Balance Transfer Process

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.

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