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  • Home Loan Balance Transfer

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    Home Loan Balance Transfer

    "Home loan balance transfer is also known as refinance home loan. It is a process where a housing loan is paid off using another loan. Generally, borrowers transfer the balance of a loan in order to attain lower rates of interest. In case a bank or other financial institutions are unwilling to reduce the interest rates on a particular loan, it can always be refinanced with a help of another bank.

    In case of a home loan balance transfer, you will have to request for all the refinance loan documents that you had already submitted to your present lender. Once you get the consent letter, submit all documents along with the consent letter to the new lender. Henceforth, all loan repayments will have to be settled with your new lender and the old account will be closed."

    How to Transfer a Home Loan Balance [Process]

    In order to transfer a home loan balance, follow the steps mentioned below.

    Step.1: Request your current lender for the documents required to refinance the loan.

    Step.2: After the lender provides you with a consenting letter with the outstanding loan amount, these documents will have to be provided to the new lender you wish to refinance your loan with.

    Step.3: The new lender will then transfer the outstanding amount to the old lender.

    Step.4: The old loan account will now be closed, and all future payments will go towards the loan you have availed with the new lender.

    Step.5: The old lender will then hand over all the property documents to the new lender, officially completing the refinancing process.

    Lowest Home Loan Transfer Rates From Top 10 Banks

    Bank Lowest EMI Home Loan Transfer Rates
    SBI Home Loan Rs.755 for 30 Years 8.30%
    Bank of Baroda Rs.755 for 30 Years 8.30%
    Union Bank of India Rs.755 for 30 Years 8.30%
    HDFC Home Loan Rs.758 for 30 Years 8.35%
    Axis Bank Rs.758 for 30 Years 8.35%
    Indiabulls Rs.758 for 30 Years 8.35%
    PNB Rs.758 for 30 Years 8.35%
    OBC Rs.802 for 25 Years 8.45%
    Central Bank of India Rs.769 for 30 Years 8.50%
    LIC Housing Finance Rs.769 for 30 Years 8.50%

    Compare Home Loan Transfer Rates From Other Banks

    Bank Lowest EMI Home Loan Transfer Rates
    Citibank Rs.805 for 25 Years 8.50%
    IIFL Rs.769 for 30 Years 8.50%
    Indian Bank Rs.868 for 20 Years 8.50%
    Standard Chartered Bank Rs.871 for 20 Years 8.55%
    Dena Bank Rs.809 for 25 Years 8.55%
    United Bank of India Rs.772 for 30 Years 8.55%
    IDFC Bank Rs.772 for 30 Years 8.55%
    PNB Housing Finance Rs.776 for 30 Years 8.60%
    DBS Bank Rs.874 for 20 Years 8.60%
    DHFL Rs.776 for 30 Years 8.60%
    Kotak Bank Rs.874 for 20 Years 8.60%
    Vijaya Bank Rs.780 for 30 Years 8.65%
    Jammu And Kashmir Bank Rs.994 for 15 Years 8.65%
    Indian Overseas Bank Rs.780 for 30 Years 8.65%
    HSBC Bank Rs.815 for 25 Years 8.65%
    Canara Bank Rs.780 for 30 Years 8.65%
    Bank of Maharashtra Rs.783 for 30 Years 8.70%
    Punjab and Sind Bank Rs.787 for 30 Years 8.75%
    Corporation Bank Rs.794 for 30 Years 8.85%
    Federal Bank Rs.805 for 30 Years 9.00%
    Karur Vysya Bank Rs.846 for 25 Years 9.10%
    South Indian Bank Rs.812 for 30 Years 9.10%
    Yes Bank Rs.863 for 25 Years 9.35%
    Deutsche Bank Rs.929 for 20 Years 9.45%
    Karnataka Bank Rs.841 for 30 Years 9.50%
    Lakshmi Vilas Bank Rs.935 for 20 Years 9.55%
    LT Housing Finance Rs.870 for 30 Years 9.90%
    City Union Bank Rs.1,069 for 15 Years 9.90%
    Reliance Capital Rs.878 for 30 Years 10.00%
    Dhanlaxmi Bank Rs.972 for 20 Years 10.10%
    GIC Housing Finance Rs.982 for 20 Years 10.25%
    RBL Bank Rs.930 for 25 Years 10.30%
    DCB Bank Rs.997 for 20 Years 10.48%
    Edelweiss Rs.944 for 25 Years 10.50%

    Key Features of Home Loan balance transfer

    Home loan balance transfer is a process of transferring your home loan amount from one bank to another. This is done mainly to lower the rates of interest or avail better service from the bank willing to takeover the home loan. This process is also known as refinancing and home loan take over.

    Steps for Home Loan Balance Transfer
    Home Loan Balance Transfer Process
    • Home loan balance transfer is a process wherein your home loan account will be transferred to another bank, meaning all future payments towards your home loan will have to go to the bank that has taken over the home loan.
    • Home loan balance transfers usually attract a processing fee of 1%, payable to the new bank. This is important to note as this may overshadow the savings you may incur if you transferred the loan, depending on the loan amount. However, the processing fee varies from bank to bank and is not fixed at 1%
    • Refinancing your home loan usually involves the same process as availing a new home loan
    • A home loan can be refinanced only after a certain time period, predetermined by the loan agreement
    • When the home loan is taken over by another bank, the existing bank transfers the outstanding principal amount to the new bank

    Benefits of home loan balance transfer

    • Transferring your home loan to another lender may lower your Equated Monthly Instalments (EMI) payable
    • The rate of interest on the home loan can reduce in the event you choose to transfer your home loan to another bank
    • There is a likelihood of your credit score increasing by transferring your home loan
    • The terms of the home loan can be negotiated, and you can choose the lender that suits your needs the best
    • The tenure of the home loan can be chosen to reduce, helping you save a lot on the total interest payable
    • You can also opt for a bank that provides better customer service than the bank that is currently servicing you
    • Refinancing your home loan has become hassle-free in this age where banks have incorporated modern technology into their operations.

    Eligibility Criteria for Home Loan Transfer:

    When choosing to move your existing home loan to another bank, take care of the following requirements:

    • The applicant’s age must not be lesser than 21 years and not over 60 years at the time of application. The latter is 65 years for Self-Employed individuals.
    • The applicable loan amount is based on a number of factors, including, age of the applicant, current income, number of co-applicants, debt, the applicant’s retirement age, etc.
    • The applicant must have a clear history of 12-18 months worth of unbroken repayments on his/her current home loan.
    • The applicant must have a minimum work experience of 2 years, with the last 1 year spent in the current organization. For self-employed individuals, the expectation is 2 years in the same profession with the filing of the requisite ITR.
    • Additionally, some banks may require a definite gross family income and a clear credit history, minus any red flags and a minimum CIBIL score of 700 points.

    Documents Required for Home Loan Transfer :

    Kindly carry along the following documents when you approach your prospective lender with regards to the home loan balance transfer. The success of any enterprise is in the documentation, right?

    • Fully completed Application form.
    • The applicant’s self-attested photographs.
    • Identity proof (could be any government issued ID- PAN Card, Voter’s ID etc).
    • Residential address proof.
    • Proof of Age (10th or 12th Marks Cards, PAN Card, Voter’s ID etc).
    • Official Address (Applies for self-employed, can be rent agreement, utility bills, lease etc).
    • Income Proof in terms of prior 6 months bank account statements that shows salary credit, last 6 months salary slips and Form-16 accounting for the last 3 years.
    • For Self-Employed individuals, the income proof is established by-

      Last 3 years ITR (self and business),

      Last 12 months bank account statement (self and business),

      Profit and Loss Account,

      Balance Sheets that are thoroughly audited by a certified CA,

      Complete Business Profile and Proof of Business Existence.

    • Bank statements amounting to last 12 months of the account from wherein the home loan EMIs were deducted.
    • A complete list of documents relating to the property, that is currently in possession of the present home loan lender. Also, the Loan statement copy.

    4 Things to Keep in Mind before Transferring Your Loan

    Although the process of refinancing you Housing Loan is a simple process in this day and age, one must be mindful about the process. An impetuous move to transfer the loan may cause more harm than good. Keep the following points in mind before transferring your home loan balance.

    1. Credibility – It is important that the new potential lender is credible in lending out money and the reduced interest rate offered is not just a promotional gimmick.
    2. Consider all costs – Sometimes it can be easy to neglect costs that are associated with refinancing a housing loan. At the end of the day, you are transferring the housing loan balance to save money. If the costs like stamp paper, documentation charges, processing fee, etc. outweigh the savings you receive, it becomes illogical to refinance your loan.
    3. Quality of service – Sometimes, the service provided by a particular ban can overshadow the marginal savings received by refinancing your mortgage. It is important to do your research on the quality of customer support that a particular lender provides.
    4. Go through the fine print – A lowered rate of interest should not cause an inconvenience to you in future. Reading the fine print of the agreement from the new lender and the existing lender as well will give you all the information required to base your decision on whether or not to refinance your home loan.
    Apply for Home Loan Online

    Top 6 Reasons to Transfer your Home Loan Balance

    1. Refinancing your loan may lower you Equated Monthly Instalments (EMI) [Use Home Loan Emi Calculator to compute your Home Loan EMIs.] in some cases.
    2. As mentioned earlier, the rate of interest payable towards the loan reduces.
    3. Transferring your home loan balance will increase your credit score as well.
    4. While refinancing your housing loan, you can negotiate for a shorter tenure with the new lender.
    5. Often times, while looking out for a new bank to refinance your loan, you can opt for a bank that provides better service than your existing bank.
    6. Refinancing your home loan in the age of technology has become hassle free. The documentation required is minimal and more often than not, it is a quick procedure.

    Home Loan Balance Transfer Calculator

    With technology inculcated into finance, one can effortlessly estimate the details and benefits he/she would receive from transferring a home loan to another bank. One simply needs to enter the basic details of the existing loan like outstanding loan amount, interest rate, tenure, etc. By entering these details, the calculator would be able to estimate the savings you would incur by transferring your balance to another bank. Some websites also provide you with a detailed list of the banks that refinance a home loan along with the interest rates, processing fee, EMI, savings, etc.

    Process to refinance your home loan from one bank to another

    Your home loan can be refinanced by following the steps mentioned below:

    • Obtain all the necessary documents required to transfer your home loan balance from your current lender.
    • Obtain a consenting letter from the existing bank along with the outstanding loan amount.
    • Provide these documents to the new bank that you wish to transfer the housing loan balance.
    • The new lender will then pay off the balance due to your old lender.
    • Subsequently, your old loan account will be closed, meaning all payments towards the loan will have to be paid to the new bank.
    • All property documents will then be handed over to the new bank, officially completing the process of transferring your home loan.

    Reasons why you need to transfer your home loan

    • The interest rate on your home loan may reduce after refinancing your home loan.
    • Either your EMI will reduce and your tenure will remain the same, or your EMI will remain the same and the tenure will become shorter.
    • This will make the overall cost of the loan lesser.

    When refinancing a home loan, one must always take into consideration the processing charges and balance transfer fees. If the new bank’s interest rate plus these additional charges still prove to be cheaper than the current loan, only then should a customer choose to refinance the loan.

    Why and When Must you Avail the Home Loan Balance Transfer?

    Why?

    • One can avail a home loan balance transfer if he/she is paying a higher interest rate towards a loan in a bank that offers a lower interest rate.
    • If a bank is unwilling to reduce the interest rate despite the fact that you have a cordial relationship with the organization.
    • In the occasion that other bank are offering lower rates of interest.

    When?

    • A home loan balance transfer can be availed 12 – 18 months after faithfully paying off your existing housing loan.

    Should you Transfer the Balance on your Housing Loan or Simply Reset it?

    Transferring the balance from your home loan, although beneficial, is time consuming and has a lot of procedure associated with it. Not to mention that you will be breaking off a relationship with a bank that may have served you well. Resetting your balance with the same bank, on the other hand, is a simpler process. Not many people do this because they are oblivious to the fact that one can simply rest the interest rate of a loan by simply writing to the bank. This is an easier process to follow in order to reduce the interest rate on a housing loan.

    Therefore, the first choice should always be to rest the interest rate on a loan. In case the bank declines this request, you can always opt for refinancing afterwards.

    Difference Between Home Loan and Home Loan Balance Transfer

    Home Loan – A home loan is a loan availed from a bank or other financial institutions in order to purchase a house, land, construct a property or simply to renovate an existing property. A lot of documentation and verification is required to avail a home loan. It also is considerably harder to get a housing loan application approved.

    Home Loan Balance Transfer – This is when you transfer an existing home loan from one bank to another. Also known as refinancing, this also helps an applicant avail lower interest rates and better services. There is lesser documentation involved in home loan balance transfer and it easier to attain when compared to a home loan.

    Home Loan Balance Transfer Reviews

    • Bank Bazaar Home Loan
      "Easy to get"
      0.5 4.5/5 "Excellent!"
      I have received a mail from bankbazaar on gmail. When i click on the link it will go through bankbazaar website. I applied the credit card page and i have received a call from the customer care executive. It is easy to get a credit card from bankbazaar people. Overall, I'm very much satisfied about the bankbazaar services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Indian Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My housing loan experience was good with Indian bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Documents were collected on time and the customer service was good. The tenure for this loan is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • RELIANCE HOME FINANCE LIMITED Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      It has been a very good loan experience and they had been given me with a good loan amount and i was satisfied. The interest rate with them had been little high but the process in getting the loan has been easy and there has not been any issues faced so far.
      Was this review helpful? 0
      , surat
      Reviewed on Jun 19, 2018
    • Punjab National Bank Home Loan
      "Very Prompt Service"
      0.5 4.5/5 "Excellent!"
      I have a got loan on time. Everything was done in a smooth process. I'm yet to pay the first month EMI. The people who are working in PNB housing are very prompt and responsive. They have offered me very good interest rate. For the first year, they have offered me interest rate of Rs. 8.4% and from the 2nd year the interest rates will be based on floating price. I have got a separate relationship manager.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Its is easy to get loan. They have multiple option to choose the best bank. This is the 1st transaction i have ever made. I'm using this website rarely. Whenever i am in need i will use bankbazaar. Through Internet search i came to know about bankbazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Punjab National Bank Home Loan
      "Easy Process and Good Experience"
      0.5 4.0/5 "Great!"
      Documentation process was quite easy. I have got the loan on time. The banking people are very helpful. As per the market standards they have offered me interest rate. Next month i have to pay the EMI. The processing fee is nominal when i compared to other banks. The overall experience is good and I'm very much satisfied about.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • ASPIRE HOME FINANCE CORPORATION LIMITED Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I got my housing loan form Aspire home finance corporation ltd . Am not satisfied with rate of interest which is too high The customer service and response is good. It took 10 to 15 days for the documentation and approval process. They gave the tenure period of 20 years which i make the payment through ecs .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with them and the process has taken nearly ten days in getting the loan amount. The loan amount which they had provide had been satisfactory and interest rate also had been okay, where it has been 9.30% initially but now it has been changed to 8.50%. There has not been any issues faced so far.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken housing loan from Icici bank , as they have given promising rate of interest while comparing to other banking which available in market There is no processing fees and easy approval process , payments made through ecs process .customer service and customer response is good regarding queries. The tenure period is 20 years .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken housing loan from Icici bank , as they have given promising rate of interest while comparing to other banking which available in market There is no processing fees and easy approval process , payments made through ecs process .customer service and customer response is good regarding queries. The tenure period is 20 years .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • ICICI Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken housing loan from Icici bank , as they have given promising rate of intrest while comaparing to other banking which available in market , easy approval process , payements made through ecs process .customer service and customer responce is best reagarding queries provides solution. The tenure period is 10 years .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • LIC Housing Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I took a housing loan from the LIC housing Finance. The Builder processed the loan for me. The interest rate was 10% initially reduced the rate to 8.% recently. The tenure of the loan is 17 years. There are no additional charges such as part payment charges. Overall it has been a really good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
    • review Home Loan
      "The Service needs Improvements"
      0.5 2.0/5 "Expected more"
      I took a home loan from the CANFIN, The service was also good, I confirmed and reduced the rate after they tried to manipulate my father with incorrect information. The loan amount was 15 lakhs, I got the loan amount with in 1 month, The interest rate was nominal when I took it. Now it seems high because the rates come down. Also they charged me almost 4000 rupees for reducing the interest rate to the current one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "They have to act on what they have committed to the customer"
      0.5 4.0/5 "Great!"
      Initially, the have copy cat all my documents which i have already provided in banks. They said they will processing the loan immediately like within 15 days. But after that they started my process fresh and asking the documents from me. But the have sanctioned the loan after 2 months. They are not promised their words. They are very diplomatic in handling the things. It is not like their terms and conditions like banks. The interest rate was competitive and better. Initially they said no bank can give fixed interest rates.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2018
    • Bank Bazaar Home Loan
      "Satisfied with Bankbazaar"
      0.5 4.0/5 "Great!"
      Bankbazaar is providing very good services. I have received a mail from bankbazaar. They have given more option and the executive choose the best option. I have started using this website for 2 months. They have all the documents from my office. The executive very helpful and very Co-operative
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2018
    • Punjab National Bank Home Loan
      "I'm Satisfied with PNB Housing"
      0.5 4.0/5 "Great!"
      They have given me that the rate of interest rate is 8.5% is applicable for 1 year. After 1 year, the interest rate is depends on the market rate. Process fee is nominal. Processing fee is okay and its like other banks. I have got the loan on time. They executive helped me a lot to sanction the loan quickly. The documentation process was good. I'm paying the EMI of Rs. 35000. I used to make the payment through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2018
    • Bank Bazaar Home Loan
      "Very Good Website"
      0.5 5.0/5 "Blown Away!"
      They have suggested me a very good bank for the right time. I can choose the right bank from the options. The follow up also very good after i select the bank. Overall, I'm happy about the services. Much Nationalized banks are not on the list for their home loan. I'm using bankbazaar for 3 years. Mainly i will use to know about the EMI calculator.
      Was this review helpful? 0
      , salem
      Reviewed on Jun 18, 2018
    • Punjab National Bank Home Loan
      "Easy to Get loan"
      0.5 5.0/5 "Blown Away!"
      I have got a on time. I have to wait for sometime on registration. The representative was very helpful. I never called with their customer care. I have applied a loan amount of Rs. 35 lakhs. They charging 2.5 % as processing fee and interest rate of 8.5%. Overall, I'm satisfied with the PNB housing.
      Was this review helpful? 0
      , salem
      Reviewed on Jun 18, 2018
    • HDFC Limited Home Loan
      "Average Experience"
      0.5 4.0/5 "Great!"
      I have got a very good services from HDFC. Documentation was very smooth. Initially they said they are providing 8.35%. The interest rates are as per standards. The processing fee is little high compared to other banks. They charged me around 9000. The customer care services is average. I have paid my 3 months EMI. I used to pay the EMI through ECS. The customer services is not upto mark. If i try to touch with them, they are not available.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Punjab National Bank Home Loan
      "Very convenient and helpful"
      0.5 4.0/5 "Great!"
      The date was they said for loan delivery, it took 2 days very late. The documentation executive was very helpful to me, he came to meet me on my convenient time. As of now the customer care service is fine. I have to collect the home documents, and EMI amount. The interest was like is normal. When i applied a interest and the post applied, the interest was different. The interest and processing fee is deducted from the loan. I have paid some Rs. 13000 as interest. I have told them that they have no processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
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