It's a big market out there in loans. If a person has availed a housing loan from a bank or institute in the past without comparing to the other banks offerings and later realizes that his current rate of interest is much higher than the one he is offered now, has the facility of getting his current housing loan transfer to the bank which is offering him the same amount or more in lesser interest rate.
This method of transferring ones loan from an existing bank to any other bank wither because of benefits of lesser rate of interest or increase in loan amount is known as Home Loan Balance Transfer. It's the choice of the loaner to decide if he wants to transfer the loan to any other lender at any given time of his tenure depending upon the agreement he signed with his first lender. The lenders also give you the option to you up your housing loan depending upon your need and your payment history records.
Major Features of Home Loan Balance Transfer
As we are aware The Home Loan Balance Transfer is basically the transfer of the balance home loan from one lender to other. There are few procedure involved in the same as follows:
- The new lender who will take over the existing house loan will treat the loan as a fresh loan hence the verification of income source and amount, credit score, KYC verification is a must and shall be performed by the lender. The applicant will submit an application to the new lender for the transfer and shall mention the transfer purpose.
- The lender will check all the papers and documents of the property and applicants through it advocate and concerned team handling the particular case.
- The new lender will give the loan only after the old lender gives an NOC.
- Depending upon the bank and its terms and conditions with the applicant the old lender can have charges of transfer of loan too. That shall be checked and will be included in the outstanding balance amount of housing loan.
- Since the new lender or bank will treated the loan as a fresh loan they can charge processing fees to starting from 0.5%
- Once the Loan is transferred to the new lender the applicant will have to deposit the new installment to the new bank.
- Applicant or applicants should be between 21 years to 65 years old for self-employed and salaried persons.
- Businessman, self-employed, proprietors, partnership firms, private limited companies, LLP's and public limited companies can apply for the same.
- The income of the applicant should match the loan amount and banks or lenders basic criteria.
- Usually the business should be minimum 2 years old and should be profit making. Again the same depends from bank to bank basis.
- The previous credit history of the Applicant's promoters or partners or proprietor's should be positive and there should not be any over dues of payment defaults.
- Applicant's promoters or partners or proprietor's credit score should me more than minimum 650. This is become a very important aspect and we always direct and request the clients to make sure their credit history is in good health always.
Identity Proof :
- PAN Card
- Aadhar Card
- Voter ID
- Driving License
- Passport
Address Proof :
- Registered Rent agreement
- Aadhar Card
- Driving License
- Lease agreement
- Passport
- Latest Gas or electricity bill
Financial Documents - Employment or Business Proof
- Salary slips for the last 6 months in case you are a salaried employee (In addition, you can provide IT returns for the past 3 years along with Form 16)
- IT returns for the past 3 years in case you are self-employed (Some banks accept 2 years IT returns as well)
- Statement of A/c for the past 1 year where your salary is credited (in case of salaried people)
- Profit and Loss statement and Balance sheet for the last 2 years in case of self-employed persons
- Sales tax, GST registration certificates, if applicable
- Partnership deed in case of partnership firms (if the applicant is one of the partners)
- Certificate of Incorporation in case of limited companies(if the applicant is one of the directors)
Other Documents:
- Loan application form duly filled in
- Photographs
- Signature Proof
Property documents:
- Copies of all property documents that can establish the chain of ownership for the past 30 years
- Encumbrance certificate for 30 years
- Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer)
Our Associated Banks for Home Loan Balance Transfer:
- Icici Bank
- Aditya Birla Finance - Home Loans
- Citibank
- HDFC Bank
- India Bulls
- Many more
Why Choose Starlight Solution for Home Loan Balance Transfer?
Applying for a Home Loan Balance Transfer may appear as though an overwhelming task and data on Home Loan can be confounding as each bank will have its individual Home Loan plan and financing cost. It can get hard for you to think about the individual rates and settle on an educated choice.
Starlight Solution can assist you with securing all the data at a solitary spot whereby you can think about the various rates on a single screen. Likewise, Starlight Solution can assist you with doing what needs to be done relying upon your socioeconomics, salary, and reimbursing limits. Starlight Solution has more than 15 years of experience to direct you about different aspects and features of any Home Loan Balance Transfer eventually helping you to choose the bank that gives the best with the following benefits:
- The loan interest rate will be at rock bottom
- Very less preparing & processing fees
- Simple documentation
- Speedy loan sanction turnaround time
- Terms of dispossessions and pre-installment of Home Loan portions
Starlight Solution expertise in Home Loan Balance Transfer and shall assist you to understanding and finalize the best option suited for your needs and requirements.
