PIRAMAL Home Loan Balance Transfer

About PIRAMAL Home Loan Balance Transfer

Home Loan Balance Transfer is a handy feature, offered by many banks and NBFCs. It helps customers shift their ongoing home loans to a different provider offering a lesser rate of interest and other benefits. The interest rates on home loans have reduced significantly in recent years. It is prudent to choose a lender who offers you the best rate of interest. Home loan balance transfer allows you to do that.

Home loans being the largest loan segment for any bank or NBFC, each lender offers various benefits and offers for their home loan customers. They also accept home loan transfers from other banks and NBFCs. Customers are able to reap the benefits of a lower interest rate while availing additional value adds like top-up loans, insurance and many more.

Piramal Capital & Housing Finance offers Home Loan Balance Transfer & Top Up, to eligible applicants, with attractive interest rates and repayment tenures. They boast of an excellent customer support experience throughout your relationship with the institution. You also get a dedicated Relationship Manager to handhold you during the entire loan process.

Advantages of availing a Home Loan Balance Transfer with Piramal

• Lowest possible interest in the market currently
• Quick transfer process on home loans that are more than 18 months old 
•  Simple and hassle-free documentation
• Maximum loan amount of 90% depending on the current market value of the property
• Interest begins on the day you accept the check, not when it was printed.
• Get professional advice and help in every phase of your loan process experience. Don't panic or stress about waiting in long queues online or offline-just call your devoted friendship manager.
• You can also avail an extra top up loan as per your requirement.
• Maximum maturity term of 30 years or before you retire, whichever is sooner.

How does Home Loan Balance Transfer work with Piramal Capital & Housing Finance?

A Home Loan Transfer is simple and hassle-free. You are going to close your existing home loan with a bank or NBFC and continue it with another bank of NBFC. Here is the step by step process of transferring your existing home loan to Piramal Capital & Housing Finance:

• Submit a request to your current lender for the documents to refinance the loan.
• Get the permission letter and report from the lender and send it to Piramal.
• Piramal is going to pay the unpaid balance to the old lender. The old lender shall pass the unpaid balance to Piramal.
• The current account with the old lender will be discontinued and future EMIs will be made to Piramal.
• The old lender would hand over the property records to Piramal, which marks the end of the process.

Interest Rates

• Piramal charges RPLR (Retail Prime Lending Rate) for home loans. 
• You can get interest rates starting from 9.65% p.a
• RPLR is currently at 16.55% p.a, effective January 5, 2020

Repayment Tenure

• Piramal wants to make sure that you are able to make the EMI payments comfortably
• It offers repayment tenures of up to 30 years, or until your retirement, whichever is earlier

Loan Amount

• Piramal offers one of the highest loan amounts for home loans
• Eligible applicants can get up to 90% of the property’s market value as loan amount

Top Up Loan

• Another benefit of getting a home loan transfer is the Top Up Loan feature. 
• Based on your requirement and the market value of the property, you can get top up loan to meet any personal requirements

Eligibility Criteria

Home Loan Balance Transfer is available for 

• Salaried Individuals (Both resident as well as Non Resident Indians)
• Self Employed Individuals (Customised offers available for doctors, CAs and other professionals)
• Self Employed Non-professionals (this includes shopkeepers, traders, businessmen, etc.)

Additional Value Adds with Piramal Home Loan Transfer

• Equity Cash Out – Transfer your loan and get a home equity loan at the same time
• Start paying interest only from the date of receiving the cheque and not on the date it was printed
• A dedicated Relationship Manager to guide you through the entire loan transfer process. No matter what the query is, or how small it is, you can reach out to your relationship manager to get it resolved.

Documents Requirement

Photo Identity Proof - Any one of the below mentioned documents: 

• Passport
• PAN Card
• Aadhaar Card
• Driving License
• Voter ID Card

Current Residence Address Proof - Any one of the below mentioned documents: 

• Passport
• Ration Card
• Aadhaar Card
• Driving License
• Voter ID Card

Age / DOB Proof - Any one of the below mentioned documents: 

• Passport
• Ration Card
• Driving License
• Birth Certificate (issued by Government body)
• School leaving certificate (10th)

Business / Employment Proof

Salaried customer: ID card with date of Joining / appointment letter.

Self Employed Professional and Non-professionals: 

• Shops and establishment certificate
• Trade license certificate
• SSI Registration Certificate
• Sales Tax / VAT /GST Registration certificate

Self Employed Professionals: In addition to the above stated documentation, proof of professional qualification is required if the customer applies in individual capacity.