Home Loan Transfer

1. How to Transfer my Home Loan?

2. STEP1 You need to submit a letter to your existing lender, requesting for a balance transfer New Bank/ NBFC Existing Bank/ NBFC

3. Existing lender will give you a letter of consent, a no objection certificate (NOC), a foreclosure letter, a list of property documents (LOD), and a loan statement that shows your EMI payment history STEP2 New Bank/ NBFC Existing Bank/ NBFC

4. Apply to the new lender, and submit all documents that are needed when applying for a fresh loan STEP3 New Bank/ NBFC Existing Bank/ NBFC

5. STEP4 Submit the application form, along with your photographs APPLICATION FORM ………………. ……………….. ………………… ………………… New Bank/ NBFC Existing Bank/ NBFC

6. Submit an identity proof, a date of birth proof, an address proof, and a signature proof STEP5 New Bank/ NBFC Existing Bank/ NBFC

7. Submit documents that prove the ownership of the property for which you are taking the loan STEP6 OWNERSHIP ………………. ……………….. ………………… ………………… New Bank/ NBFC Existing Bank/ NBFC

8. Submit an NOC from your housing builder/society, along with the documents procured from the first lender STEP7 New Bank/ NBFC Existing Bank/ NBFC

9. New financial institution will ask you for proof of income. You will have to show them your salary slips for the last three months and your IT Returns/Form 16 for the last two years STEP8 SALARY SLIP ………………. ……………….. ………………… ………………… FORM 16 ………………. ……………….. ………………… ………………… New Bank/ NBFC Existing Bank/ NBFC

10. STEP9 Provide business continuity proofs if you are a self-employed professional or an appointment letter if you are a salaried individual to the new lender APPOINTMENT LETTER ………………. ……………….. ………………… ………………… New Bank/ NBFC Existing Bank/ NBFC

11. STEP 10 Submit bank statements for the last three months BANK STATEMENT ………………. ...................... New Bank/ NBFC Existing Bank/ NBFC

12. STEP 11 New lender will verify all documents, look at your financial history, and evaluate your home loan balance transfer eligibility EVALUATION New Bank/ NBFC Existing Bank/ NBFC

13. STEP 12 If the loan is granted, the new lender will hand over a cheque of the balance principal amount to the old lender. The latter will then transfer all your loan papers to the new firm LOAN PAPERS New Bank/ NBFC Existing Bank/ NBFC

14. STEP 13 Your post-dated cheques that lie with the old financial institution will be cancelled CHEQUE CANCELLATION New Bank/ NBFC Existing Bank/ NBFC

15. STEP 14 The transfer process will then be complete New Bank/ NBFC Existing Bank/ NBFC

16. Home Loan is Transferred