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A home loan balance transfer is applied for when one has taken a home loan from one lender and wants to transfer the outstanding home loan amount to another lender who provides a lower rate of interest and better services when compared to the current lender. This is done to help save money in the long run.
Procedure for a home loan balance transfer:
You can transfer your home loan to another bank after the lock-in period for the home loan is completed. The lock-in period for a home loan generally ranges from 6 months to 1 year. You can check with the lender you have borrowed from regarding the lock-in period for the same.
Once the lock-in period is completed, you can speak to the executives of your current bank where you have taken a home loan from and ask for a No Objection Certificate (NOC) along with the outstanding amount details for the home loan balance transfer. You can then submit the No Objection Certificate (NOC) and outstanding details to the bank you wish to transfer your home loan to. There is generally a minimal processing fee that must be paid for the home loan balance transfer. Your current bank will then clear all your payments and your further EMI payments will need to be made to the new lending bank you have transferred your home loan to.
Documents needed for a home loan balance transfer:
1. ID proof
- Aadhar card
- Passport
- Voters ID
- Driver’s License
2. Address proof
- Aadhar card
- Passport
- Voters ID
- Driver’s License
3. Income proof
- Salary slips
- Bank statements showing salary credits (up to 6 months)
- Form 16 and IT returns
4. Documents for balance transfer loan
- Property documents
- Outstanding balance letter from current lender
- No objection certificate from current lender
- 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.