Can I take over a Home Loan? Overview
Yes, If you have already taken a home loan from a bank or financial institution at a higher interest rate, then you can look for home loan transfer to any other bank to reduce your home loan burden.
You can convert your home loan from an existing lender to a new lender, anytime after 12 months your loan. Home loan transfer is a simple and easy process and you can approach from any of the bank or HFCs which is offering this facility with best services.
Home loan takeover scheme is a scheme that allows you to transfer your existing home loan to any other bank at lower interest rates and without any income proof document. If you have already paid more than 12 EMIs of your last loan, then you can choose this option to decrease your loan interest rates and get better Services.
Home Loan Takeover Scheme Interest Rates:-
The home loan takeover interest rates plan completely depends on the applicant's CIBIL score, and it is based on one-year Marginal Cost of Funds-Based Lending Rate (MCLR) + risk premium.
Features and Benefits
There are many benefits of loan takeover scheme:-
- Top-up home loans can be applied for up to 5 times during the loan tenure.
- You can get free insurance cover on any accidents with every home loan.
- A free credit card is also given to the customers along with the home loan.
- 0.25% interest concession is offered for car loans.
- The eligibility criteria are as follows:
- Minimum Age- 21 years for applicant & 18 years for co-applicant.
- Employment Type- Salaried or Self-employed both are eligible.
Non-Resident Indians (NRI)
Persons of Indian Origin (PIO)
Overseas Citizen of India (OCI)
All the required common KYC documents are mentioned below:
For proof of age and residence:
- Pan Card
- Ration card
- Voter Id
- Driving license
- Bank passbook of last 2 years
- Key statement
- Advance Tax Invoices for the last 3 years
- Copies of the Balance Sheet, Profit and Loss Accounts to be certified
- Copies of income tax returns
- Evaluation orders of last 3 years
All the documents mentioned above + Latest Salary Slip or Salary Details.
Acquisition of home loan is beneficial to reduce your total expenditure in the form of interest on home loan. It helps in saving huge money over a period of time. Switching your home loan is a good deal if the new lender is charging you less amount as processing fee and you are paying only a few thousand rupees in the entire acquisition process and your savings will be in lakhs. A borrower should always compare and negotiate the interest rates from bank to get benefits in lower interest rates and EMIs on their loan. Some banks provide balance transfer facilities to their clients without taking any extra charge or processing fees.
Frequently Asked Questions
What is the purpose of home loan take over?
It can be used for reimbursement of cost of a plot of non-agricultural land (for construction of a residential unit) which has been purchased within 24 months from applying for acquisition loan. Home loan acquisition plan can be used to take home loans from other lenders which have been used to buy residential property such as a flat or house.
What is the maximum age to be considered for the loan?
Subject to certain conditions, the maximum age for acquisition loan can be considered up to 70 years.
What is the maximum loan amount?
The maximum loan amount is up to Rs 10 crore in major cities, up to Rs 5 crore in other metros, up to Rs 3 crore in urban areas and up to Rs 1 crore in rural and semi-urban areas.
What is the maximum repayment period of the loan?
The maximum repayment period is up to 30 years, but it also depends on the amount of loan taken and the income of the borrower.
When should you think about Home Loan Balance Transfer
The right time to take a loan is when you are paying at a rate higher than the current interest rate. Savings by doing some nominal rate work may not be the idea of much, but if you get an opportunity to do loan transfer at lower interest rate then you should consider it.
Can home loan be transferred from one person to another
Yes, home loan can be transferred from one person to another. You can do this while transferring your loan.
To transfer the loan, the new borrower should be eligible for the loan.
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