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About Loan balance transfer

Home Loan Balance Transfer involves the process of transferring your existing Home Loan account to another bank or NBFC. People usually opt for a Balance Transfer if they come across a financial institution offering a lower rate of interest and attractive top up loans. To opt for one, all you need to do, is calculate your savings on Home Loan Balance Transfer.

Many people don’t know that banks don’t increase Home Loan EMIs but they increase the tenure of the home loan when the floating interest rate increases. If you are paying 11-12% interest rate on your home loan then we can help you save a lot of money.

Pre-payment of your home loan does not have any penalty and switching your home loan balance to a new bank has never been easier!

Balance Transfer for Home Loans is a product, offering the customer a choice to transfer the outstanding balance of the home loan availed for better terms & conditions, EMIs and possibly well sized savings that could be better invested elsewhere.

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When was the last time you checked your home loan statement?

Has your loan tenure increased since you signed up?

Are you paying more than 8.5% interest on your home loan?

Home Loan Balance Transfer

Feeling the interest burden of your existing home loan? Relax! Transfer your home loan to other bank at a lower interest rate. you also have the option of a Top-Up loan.

Top-up Loans

If you opt for a Home Loan Balance Transfer, you can also get a Top-up Loan at a minimal rate of interest. This loan amount can be used as per your discretion, be it for a home improvement project, for a holiday or any other reason.

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Features of Balance transfer

Do not miss a chance to lower your loan repayments when you have smarter options to choose from. Move your Home Loan outstanding balances to other bank, pay lower monthly installments and enjoy the savings for the other things in life that really matter to you and your family.

Part prepayment facility

You can prepay any amount after 1st month EMI.

Loan Tenure & Term

The tenure of your Home Loan Balance Transfer Scheme ranges from 1 to 20 years. The term however does not extend beyond the retirement age or 70 years whichever is earlier.

Nil foreclosure charges

You get the option to foreclose your Home Loan anytime during your loan tenure. Bank will not charge any foreclosure charges.

Choose your interest rate type

Fixed and floating home loan interest rates available as per your preference

Balance transfer - Eligibility

The eligibility of the Balance Transfer will be based on the seasoning and track-record of existing loan, Repayment capacity, Age, Stability and continuity of income, Assets Value and Liabilities.

Age

Maximum age of applicant at loan maturity: 70 years

Income

Minimum Net Monthly Income: Rs 25,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Surely Part-Payment & Prepayment in housing loan can be done at any stage. There is no Part-Payment & Prepayment penalty applicable if loan is on floating rate of interest. If loan is on fixed rate of interest then Part-Payment & Prepayment charges varies from 1.00% to 2.00% bank to bank.

You can borrow up to 90% (upto 80% for original loan between Rs. 20-75 Lacs, & 75% for original loan above Rs. 75 Lacs) of the cost of the property in case of Home Loan Balance Transfer.

Your repayment capacity as determined by Bank will help decide how much you can borrow. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent’s, spouse’s income, assets, liabilities, savings history and stability and continuity of occupation.

In Floating rate loans, change in Base rate will have direct impact on the interest rate of Home Loan.

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Now apply for a Loan balance transfer All you need to do is provide your details below application form.

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