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home loan

Transfer Home Loan

  • Multiple Partner Options
  • Competitive Rates Starting From 7.25%* P.a.
  • Flexible Tenures Up To 30 Years

Overview of Home Loan Balance Transfer

Floating interest rates on home loans are subject to market conditions and RBI benchmark revisions. When market rates fluctuate, borrowers often review existing financing terms to evaluate potential interest cost savings or revised repayment structures. A home loan balance transfer allows an eligible borrower to transfer their existing outstanding home loan balance from their current lending institution to a new participating bank or Housing Finance Company (HFC) offering competitive terms.

Home loans have longer tenure range between minimum 2 years to maximum 30 years. Depending upon the individual applicant`s profile and lender, the APR (Annual Percentage Rate) of a home loan may vary from 7.25% - 13.00% annually.
Illustrative Example: If you take a home loan of Rs. 10 lakh at an annual interest rate of 7.25%* for 30 years would have an estimated EMI of Rs. 6,822. The total repayment would be approximately Rs. 24,55,835, including interest of Rs. 14,55,835. Actual rates, tenure and repayment terms depend on lender approval.

Advantages of Home Loan Balance Transfer

  • Competitive Interest Rates: Explore refinancing options with participating lenders offering favorable interest rate structures based on your credit profile.
  • Flexible Repayment Options: Restructure your remaining loan tenure or optimize monthly EMIs according to your current financial planning.
  • Top-Up Facility Options: Participating lenders may offer top-up financing alongside balance transfers to support personal or property-related requirements.

Balance Transfer Eligibility & Requirements

Key Eligibility Guidelines:

  • Active home loan account with a clean repayment history and no recent defaults.
  • Age requirement typically between 21 and 65 years.
  • Satisfactory employment stability or business continuity.
  • Completion of any mandatory lock-in period specified in the original loan agreement.

Documentation Checklist:

  • Signed inquiry application form and KYC documents (PAN, Aadhaar, address proof).
  • Existing loan account statement and repayment track record (last 12 months).
  • Income proofs (salary slips and Form 16 for salaried; audited ITRs and financials for self-employed).
  • Photocopies of existing property title deeds.