Switch your Home Loan with Lowest Rate Of Interest Offers from Top Banks of India and Apply Online
Axis Bank Home Loan
7.00% p.a. onwards(Fixed /Floating Rates)
ICICI Bank Home Loan
6.90% - 8.05%(Floating Rate)
Kotak Mahindra Bank Home Loan
6.75% - 8.45%(Floating Rate)
IDFC Home Loan
8.00% – 14.00% (Floating Rate)
LIC HFL Home Loan
6.90% p.a. onwards (Floating Rate)
7.25% - 10.25% onwards (Floating Rate)
Are you having a Home Loan?
Is your Lender charging you higher Interest Rate than the rates offered by banks today?
Is your lender not passing you the rate reduction benefits?
If your answer is YES, then you should look for transferring your home loan to another Bank/NBFC, which is offering lower interest rate then the ongoing rate on your loan. You may be having a home loan on your flat, row house or an independent home it can be transferred easily with a new lender within 15-20 working days.
Use PaisaTap to quickly find the best Home Loan Balance Transfer (BT) options available in the market. Interest rate starts from 6.85% for a tenure of up to 30 years. We work closely with all the leading Banks and Housing Finance Companies(HFCs) including Axis Bank, ICICI Bank, Bank of Baroda, Kotak Mahindra Bank, LIC Housing finance & several others to help you get the best home loan balance transfer deal.
Compare home loan BT offers based on interest rate, loan eligibility, funding percentage, top-up loan, tenure, processing fees, foreclosure charges and other T&Cs.
Home Loan Balance Transfer Loan Eligibility Criteria
Before applying for a Home Loan Balance Transfer, you need to make sure that you’re eligible for it. Different financial institutes follow different eligibility criteria. Basic eligibility criteria common for most banks includes:
|Criteria Description||Salaried Individuals||Self- Employed||Professionals|
|Minimum Age||21 years||21 years (18 years, if income not considered)||21 years|
|Maximum Age||60 years or retirement age, whichever comes earlier||65 years||65 years|
|Net Monthly Income||Rs. 15,000||Rs. 20,000||Rs. 20,000|
|Working Experience||1 year||3 years||2 years|
|CIBIL Score||600 and above||600 and above||600 and above|
|Min Loan Eligibility||Rs. 15.00 Lakh||Rs. 15.00 Lakh||Rs. 15.00 Lakh|
|Max Loan Amount||Up-to 10.00 Cr||Up-to 10.00 Cr||Up-to 10.00 Cr.00Cr|
Benefits Of Transferring Home Loan
- Reducing your Home Loan EMI to a great extent
- Reduce interest rate on your home loan, ongoing interest rates for home loan varies between 7.15 to 12.50%.
- Option to increase or reduce your home loan tenure, if you increase the tenure EMI amount will reduce and if you reduce the balance tenure of the loan in that case EMI will increase (subject to income and age eligibility for loan applicants).
- Many lenders are offering zero processing fees for home loan balance transfer facilities.
- Option to avail Top- up on your home loan, top up amount can be as high as 5-6 crores depending on valuation of the property and your income eligibility.
- Top-up amount raised with the Home loan BT can be used for multiple purposes including business expansion, house renovation, a marriage in family, medical emergency in family etc.
- Option to convert your home loan into an overdraft facility.
- Debt consolidation of your loans
Documents Required For Home Loan Transfer
|Identity Proof||PAN card, Voter’s ID card, Aadhaar Card etc.||PAN card, Voter’s ID card, Aadhaar Card etc.|
|Age proof||PAN card, Voter’s ID card, Aadhaar Card etc.||PAN card, Voter’s ID card, Aadhaar Card etc.|
|Residence Proof||Aadhar Card/Ration card copy/ electricity bill/ passport copy/Voter’s ID card||Aadhar Card/Ration card copy/ electricity bill/ passport copy/Voter’s ID card|
|Property Documents||Master File, Satakhat/Agreement to Sale, Copy of Sale Deed of property, etc.||Master File, Satakhat/Agreement to Sale, Copy of Sale Deed of property, etc.|
|Official Address Proof||Employer ID||Utility bills (Electricity Bill, Telephone Bill), Rent Agreement, etc.|
|Financial and other Documents||
FAQ’s On Home Loan Transfer
Q. When is a home loan balance transfer a good idea?
Ans. Home Loan Balance transfer is a good option for home loan borrowers. This is because the transfer of loan to other banks provides the benefit of lower interest charged on loans. In addition to that, balance transfer could even provide top-up loan offers to borrowers on the existing loan offers.
Q. Can I transfer my Home Loan to another bank after availing the PMAY benefit?
Ans. Home Loan Balance Transfer can be availed under PMAY. However, it is possible only for home loans availed after June 17, 2015.
Q. Can home loan be transferred to another person?
Ans. Yes, home loan balance can be transferred to another person along with the transfer of ownership. However, for the home loan takeover, the new borrower should be eligible for a home loan and the previous borrower should meet the foreclosure formalities.
Q. Is there a limit to the amount I can transfer?
Ans. Yes. The maximum balance transfer amount is equal to the outstanding amount of the home loan.
Q. Do I require a guarantor for home loan transfer?
Ans. Most of the banks do not require a guarantor for taking over an existing home loan.
Q. Can I get a Top-up on my existing Loan along with the transfer?
Ans. Yes, depending upon your eligibility, the loan issuer can offer you the option to top-up on the home loan to be transferred to the new bank but there may be processing and legal charges applicable.
Q. Is it possible to merge two existing loans through balance transfer?
Ans. Yes, it’s possible to merge two existing loans into a single loan with to get lower interest rates.