• Features:

Balance Transfer is the best option to save on your existing home loan. It is a process where a housing loan is paid off using another loan. Generally, borrowers transfer the balance of a loan in order to attain lower rates of interest. In case a bank or other financial institutions are unwilling to reduce the interest rates on a particular loan, it can always be refinanced with a help of another bank.

  • Eligibility:
    • Age: Min age at the time of loan is 21 and Repayments have to be completed before the age of 60 or 65.
    • Profile: Salaried/ Self Employed Professionals/ Self-employed for at least 3 years of which current employment should account for at least 1 year.
    • The applicant must have a clear history of 12-18 months’ worth of unbroken repayments on his/her current home loan.
    • The applicant must have a minimum work experience of 2 years, with the last 1 year spent in the current organization. For self-employed individuals, the expectation is 2 years in the same profession with the filing of the requisite ITR.
  • Interest Rates:30% to 13% p.a. depend on financing bank. Fixed Rate of Interest and Floating Rate of Interest are available with banks.
  • Documents Required:

 

Salaried:

1.        Photo ID with Photograph – PAN,Passport/Voter ID/ AADHAR/ Driving License

2.        Address Proof- Elec Bill/Tele Bill (within 2 months)/Bank Statement or Passbook with address

3.        Last 12 months Bank Statement from wherein last the home loan EMIs were deducted.

4.        Signed Application form with photograph

5.        Last 3 Months Salary Slip

6.        Form 16/ ITR for last 2 years.

7.        Identification of signatures from present bankers

Self Employed

1.        Photo ID with Photograph – PAN, Passport/ Voter ID/ AADHAR/ Driving License

2.        Address Proof- Elec Bill/Tele Bill (within 2 months)/Bank Statement or Passbook with address

3.        Last 12 months Bank Statement from wherein last the home loan EMIs were deducted.

4.        Signed Application form with photograph

5.        last 3 years ITR with computation of income

6.        Last 3 Years CA certified /Audited Balance Sheet & Profit and Loss Account

7.        Identification of signatures from present bankers

Along with above documents,

    • A complete list of documents relating to the property required, which is currently in possession of the present home loan lender.
    • Loan statement copy.
  • Repayment options: Monthly Repayment (EMI), Partial Pre-Payment.
  • Tenure: Min 5Years to Maximum 30Years
  • Fees & Charges: Processing Fees/ Late Payment Fees/ Pre-Payment fees/ Legal Fees/ Administrative Fees

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