Home Loan Balance Transfer
Balance Transfers are primarily used for High value loans, where rising tenures and expensive EMIs become too troublesome, due to flux in market conditions. A Balance Transfer can go a long way in helping sustain a long tenure home loan or loan against property and also gives one the option of working with competing banks for better rates.
Save money with a home loan Balance Transfer!
Many people don't know that banks don't increase EMIs but they increase the tenure of the loan when the floating interest rate increases. If you are paying 11-12% interest rate on your home loan then we can help you save a lot of money.
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Pre-payment of your home loan does not have any penalty and so switching your balance to a new bank has never been easier!
Balance Transfer is a product, offering the customer a choice to transfer the outstanding balance of the loan availed for better terms & conditions, EMIs and possibly well sized savings that could be better invested elsewhere.
Many customers look at Balance Transfer as making their loans more efficient. In some cases, the nature of Floating Interest Rates leaves customers with longer tenures, higher EMIs and so on. Many customers find their solution in Balance Transfers which help to move from higher rate of interest to lower rate of interest or increase in loan component as Top up.
Top Up Loans
Customers can apply for a Top-Up Loan as and when they need to meet their personal requirements (other than for speculative purposes) or to possibly consolidate two loans from seperate banks to a single larger loan from a different banking provider, with a more competitive interest rate. Customers can benefit from some additional funds against the security of your property. Customers opt for top up loans for many reasons, some of which are mentioned below.
- Furnish your home
- Buy consumer durables
- Child's education expenses
- Daughter's marriage
- Family holiday
- Buy a new vehicle
You can also take a balance transfer on your credit card for a number of reasons. One reason to take a credit card balance transfer is if you are dissatisfied with the banks policies and interest rates. You can also take a balance transfer on your credit card in case you need some additional time to clear out your credit card bill. For this to be a possibility, you must have more than one credit card from a different bank provider. For example, lets say you have a credit card from Banks A and B. You are billed Rs. 75,000 on your credit card from Bank A and cannot pay for another month. Typically this is the beginning of a debt trap. This is when youc an approach Bank B for a Balance Transfr, where the will clear your debt with Bank A and also give you a great extension on your payback period, to help you cope.
- Resident Indian: Salaried or Self-employed
- Vintage of at least six months
- Good repayment track record
- Repayment Track Record of Existing Loans
Following documents are required by financial institutions to process the Balance Transfer.
- Pan card
- Company ID card
- Residence proof
- Self owned residence - Latest Electricity Bill / Landline Bill / Credit Card Bill.
- Rented residence - Current rent agreement with latest electricity of the flat,with a permanent residence proof.
- Latest CTC
- Latest Salary slip - for last 3 months
- Till Date salary account statement bank statement for last 6 months
- Form No.16 - Latest.
- Loan Repayment Track Records (if any)
- Forecloser Letter & List of Original Documents kept with the bank (These letters are to be obtained from the existing bank from where the loan is active. [Original letters obtained to be submitted.])
- Property Documents in case of Residential / Commercial premises
- Photocopies of all documents relating to the property to be mortgaged. [Original Documents will be collected at the time of disbursement]