A quick guide to home loan transfer
In an individual’s financial life-cycle, a home loan is one of the most important decisions. The tenure of a home loan is equal to 40- 50% of our earning life cycle. Most consumers take a home loan on a floating rate, but the rates keep changing and it is on their minds every month. Therefore, it is important to evaluate whether transferring your home loan balance will result in savings for you, as interest rates on home loans have been on the decline.
Some quick ways to a home loan transfer are listed here:
- Visit the website of whichever bank you prefer
- Check the terms and conditions along with the processing fee
- See if a balance transfer is available and if you are happy with the scheme
- Fill out a form for the transfer. You will have to fill out some fields, including your name, property type, tenure of the existing loan, and the bank’s name, etc
- You will be able to view your loan offer after completing the form
- Affix your documents and make your payments
- Complete your application and look forward to approval
What are the necessary documents for a home loan balance transfer?
- Proof of identity is necessary
- Proof of address is important
- Existing loan Documents
- The salary slips from last 3 months
- Bank statements from 6 months
- The profit and loss account statements for the last 3 years (if self-employed)
- Passport size photograph
The procedure for transferring your home loan
The steps mentioned below can be used to refinancing your home loan:
- You have to get all the necessary documents to transfer your home loan balance
- Along with the consenting letter from the bank, you should also have the outstanding loan amount
- You can transfer the housing loan balance by giving these documents to the new bank
- Your old lender will get paid off by the new lender
- All payments towards the loan must be made to the new bank after your old loan account is closed
- After you transfer your home loan to the new bank, all property documents will be handed over
Top home loan finance companies
Housing Finance Companies are part of non-banking financial institutions that provide finance for purchasing, constructing, renovating, or extending houses for a maximum of 30 years. Along with a range of home loan products, home loan companies may also offer other financial products such as loan against property and investments.
Leading housing finance companies in India are listed below:
- HDFC
- PNC
- LIC housing finance
- India bulls
- GIC
- IIFL
- Sundaram home finance
- Piramal Housing finance
In conclusion, you can understand that Home loans are one of the most important decisions you can make and it’s important to determine whether transferring your home loan balance will result in savings for you.
For better advice and assistance of the property, we at PROPERTYPISTOL are always there to guide you. For more information contact us at +91 8080190190 or mail us at support@propertypistol.com
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
