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5 steps to transferring your home loan

Home loan balance transfer is the process of transferring an existing loan to another bank or NBFC, because the borrower is getting better rates or services there. People usually go for home loan transfer when they find that other banks or NBFCs are providing a better rate of interest on their loans than their existing provider is. Home loan balance transfer is the best option for saving on EMIs.

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5 steps to transferring your home loan

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  1. 5 Steps to Transferring your Home Loan

  2. Home loan balance transfer is the process of transferring an existing loan to another bank or NBFC, because the borrower is getting better rates or services there. • People usually go for home loan transfer when they find that other banks or NBFCs are providing a better rate of interest on their loans than their existing provider is. • Home loan balance transfer is the best option for saving on EMIs.

  3. With the banks slashing their home loan interest rates due to the recent in flow of cash during demonetisation, more and more people are choosing to transfer their home loans to a provider who is offering them better and lower interest rates. • Banks offer attractive packages to those who want to opt for home loan balance transfer, with perks and benefits.

  4. So if you are considering transferring your home loan to another provider, here are the five crucial steps that you need to know about.

  5. Step 1- Analysis of Home Loan Transfer

  6. Analyse and understand why you really need to transfer your home loan. • It could be because your bank is offering really high floating interest rates, they’re unwilling to negotiate better terms with you or you’re unhappy with the service of your provider. • You also need to research about which provider you want to transfer your loan to. • All this should take you very little time with the right research of course. To know more, click here - Home Loan Balance Transfer

  7. Step 2- Acquiring all Necessary Document

  8. Firstly, you will need to get an NOC (No Objection Certificate) from your current bank. • The other documents you will require are, a foreclosure letter, a payment history statement and some more documents based on the requirements of the lender you’re transferring your loan to. • The acquiring of all these documents can easily take up to three week, your current bank may try to negotiate better terms with you during this process, seeing that you’re trying to transfer your home loan. Click here – Your Checklist for Home Loan Balance Transfer

  9. Step 3- Applying for the New Loan

  10. On receiving all the necessary documents, you will approach your new bank for your new loan. • You will require an NOC from your builder or housing society to do the same. Click here to apply for home loan.

  11. Step 4- Credit Approval

  12. Your new bank will review all your documents and after studying your credit score and eligibility sanction your balance transfer. Click here to know more – Importance of a Good Credit Score For a Home Loan.

  13. Step 5- Time to Decide

  14. On approval, your new bank will send your new home loan interest rates, along with the terms and conditions. • You have to decide whether the new rates are worth transferring your home loan for, or you want to stick to your existing home loan. View Home Loan Interest Rates page to know more.

  15. Thank You

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