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Sundaram BNP Paribas Home Loan Balance Transfer
Max Tenure
20 yrs
Best Rate
9.45%
Processing Fee
Nil
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About Sundaram BNP Paribas Home Loan Balance Transfer
When you are charged a high interest on your home loan, it is prudent to transfer it to another financier who is offering a lower rate of interest. Sundaram Home Finance, which was formerly known as Sundaram BNP Paribas Home Finance Limited, has a number of loan products to cater to the common man. Home loans are an important part of their portfolio. They also offer home loan transfers from other banks or NBFCs.
Sundaram Home Finance Home Loan Transfer is a very beneficial loan product for customers. It comes with attractive interest rates and comfortable repayment tenures. The loan is processed within 10 days for your convenience. Since the property serves as a collateral, there is no requirement for any additional security or guarantor. You can also opt to get a top-up loan when you are transferring the loan to Sundaram Home Finance. You are offered attractive interest rates and repayment tenures for that too.
The eligibility for Sundaram Home Finance loans are largely dependent on your income, age, employment type, existing liabilities, value of the property, your credit score, and repayment history.
Key Features of Sundaram Home Finance Home Loan Transfer
- Get your loan processed within 10 business days
- Get attractive interest rates starting from 8.60%
- Repayment tenure of up to 25 years for resident Indians and up to 15 years for NRIs
- Get floating rate of interest rate for your home loan transfer
- Get your loan processed with minimal documentation and a hassle-free loan process
- Hypothecation of property is required. No need for additional collateral or security
- Make part payments to reduce your loan burden
- Get tax benefit for the principal as well as interest part under Section 80C & 24(b) of the Income Tax Act
- Insure your property against any natural hazards
- Add earning co-applicants to get higher eligibility and lower interest rates
- Apply for a home loan transfer in any branch of Sundaram Home Finance, irrespective of the city you reside in
What are the eligibility criteria to apply for Sundaram Home Finance Home Loan Transfer?
Sundaram Home Finance Home Loan Transfer can be availed by individuals meeting the following conditions:
- Resident Indians & NRIs
- Salaried, self-employed professionals or self-employed non-professionals
- Minimum 18 years old and maximum of 60 years of age
What is the application procedure for Sundaram Home Finance Home Loan Transfer?
You can walk in to your nearest branch of Sundaram Home Finance to apply for a Home Loan Transfer. You just need to fill in the application form, submit all the relevant documents and wait for the loan to be processed. Sundaram Home Finance will verify your documents, take a survey of the property and upon satisfactory verification of all the information, your loan will be approved.
Sundaram Home Finance takes only between 2-10 working days to process your home loan, provided all the relevant documents have been submitted.
What are the documents to be submitted for Sundaram Home Finance Home Loan Transfer?
You need to submit the following documents:
Salaried
- Registered agreement for sale
- Occupancy Certificate
- Encumbrance Certificate for the last 15 years reflecting the history of transactions
- Approved plan / layout
- Revenue records like Patta, Chitta, Adangal, Town Survey Extracts, property tax receipts
- List of original documents held at Bank
- Loan a/c statement for the past one year
- Sanction Letter
- Proof of Identity, Address, Age
- Bank statements for the last six months
- Last three months’ Salary slips / Salary Certificate
- Form16 - Income-tax deduction certificate issued by the Employer
Self - employed
- Registered agreement for sale
- Occupancy Certificate
- Encumbrance Certificate for the last 15 years reflecting the history of transactions
- Approved plan / layout
- Revenue records like Patta, Chitta, Adangal, Town Survey Extracts, property tax receipts
- List of original documents held at Bank
- Loan a/c statement for the past one year
- Sanction Letter
- Proof of Identity, Address, Age
- Business profile
- Income Tax Returns and Tax paid challan for the last three years
- Profit & Loss Account and Balance Sheet for the last three years
- Bank Statements for the last six months
Interest rates and other charges for Sundaram Home Finance Home Loan Transfer
Floating Rate of Interest | 8.60% - 15% |
Loan Tenure | Up to 25 years |
Processing Fees | 0.05% of the loan amount +GST |
Loan processing time | 2 – 10 working days |
How to increase your eligibility for Sundaram Home Finance Home Loans?
Home loans are primarily dependent on your age, income, employment type and property value. You have to concentrate on these following criteria to get a good interest rate on your home loan.
Your credit score is a measure of your creditworthiness. The lenders use this as a yardstick to determine the individual's reliability for the loan. If you have a decent credit record, the odds are better for you to get a lower interest rate on a home loan. Even a minor reduction in a huge loan will save lakhs of rupees. But, before qualifying for a home loan, check to see if you have a decent credit score.
Loan Amount:
The interest rate will be different for each borrower on the basis of the size of the loan. The bigger the amount of the loan, the higher the interest rate. The lenders have a greater degree of risk for the higher volume of the debt and therefore the interest rate would be higher. Woman candidates can seek interest discounts of up to 0.5 percent.
Down Payment Amount:
If you have a higher down payment, the cost of the debt would likely be smaller, and the level of risk will probably be reduced for the lender. A certain portion of the down payment is mandatory for varying sums of the loan. However, if you can make sufficient down payment, you can get a decent interest rate on your home loan.
Interest Type:
Home loans come at fixed and floating interest rates. You can have the interest rate of your choosing. Fixed interest rates stay the same over the duration, while floating interest rates appear to change depending on market conditions. Prepayment and part prepayment costs would not be imposed on the floating form of interest rate.
FAQs
1. Who can apply for Sundaram Home Finance Home Loan Transfer?
Sundaram Home Finance Home Loan Transfer can be applied for by any Indian national whether employed or self-employed, or an NRI.
2. How do I submit my application?
You should visit any of our branches along with your most recent income records such as pay slips, IT returns, bank statements to find out about your possible eligibility and send an application form along with the appropriate documents.
- You may contact any of our offices who will assist you with the loan process.
- You can print the application form from our website and send it to either of our branches closest to you along with the required enclosures.
3. How is my eligibility determined?
Your eligibility is determined on the basis of different factors such as age, monthly income, financial liabilities, credentials, jobs, savings history, properties, liabilities and, if any, the history of repayment of other loans.
4. How long does it take to get the loan sanctioned?
On average, it takes between 2 and 10 working days for an application to be accepted, processed and the disbursement, according to the condition that all the required documentation is in order and that the title of the property is considered to be clear and marketable, including confirmation that the contribution of the applicant has been paid / used in advance.