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A home loan balance transfer is when a customer has taken a home loan from a particular lender and wants to transfer the outstanding home loan amount to another lender who provides a lower rate of interest and better service when compared to the current lender.
This is usually done to save money. A customer can generally save up to 5% to 8% on the EMIs by doing a home loan balance transfer.
There are certain documents needed to do a home loan balance transfer. They are:
ID proof
- Aadhaar card
- Passport
- Voters ID
- Driver’s License
Address proof
- Aadhaar card
- Passport
- Voters ID
- Driver’s License
Income proof
- Salary slips
- Bank statements showing salary credits (up to 6 months)
- Form 16 and IT returns
Documents for balance transfer loan
- Property documents
- Outstanding balance letter from the current lender
- No objection certificate from the current lender
Some of the other documents that are required include an employment contract or appointment letter, passport size photographs of the individual, application form for a balance transfer.
These documents can vary slightly based on the lender. So, it is best to check with the lender you want to apply for a home loan balance transfer with.
To apply for a home loan balance transfer, click here.