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Home Loan Balance Transfer Overview

What is Home Loan Balance Transfer?

Home Loan Balance Transfer lets you transfer your outstanding Housing finance Delhi from other loan institutions to another bank at a Low Interest Home Loan in Delhi, which helps in reducing your EMIs. Home loan balance transfer or refinancing or simple balance transfer is the process by which you can take advantage of Low Interest Home Loan offered by other banks on an existing home loan. A balance transfer provides the borrower the benefit of lowest interest rate home loan in Delhi.

When you are switching to a new lender, A borrower can renegotiate the home loan terms and ask for a longer term. Doing this will reduce the monthly EMI. Best Home Loan balance transfer also allows you to borrow more money. If a borrower has a good repayment track record on an existing home loan, a new lender will not only offer the borrower a Low Interest Home Loan, but may also offer a higher mortgage loan amount as part of the balance transfer process.

Features of Home Loan Balance Transfer

  • You can transfer the existing home loan balance to another bank or loan institution.
  • Usually the balance transfer fee loan is equal to 3540/- to 10000/- Etc which the customer pays to the new bank for the home loan.
  • In most cases, a home loan balance transfer application is the same as a new home loan application.
  • Balance transfer on an existing home loan can be availed after a pre-determined time as stipulated in the original loan agreement.

Process For Applying Home Loan Balance Transfer

You can get your home loan refinanced by following steps which are given below:

- Get all the necessary documents which are required to transfer your loan from your current lender/Bank.

- It is mandatory to receive a consenting letter from your existing bank with the remaining outstanding loan amount.

- Give these documents to the new bank from which you are interested to transfer the housing loan amount.

- Your new lender will pay the balance which is left, to your old lender.

- Thereafter, your old loan account will be closed, which means that all outstanding loan payments will have to be paid to the new bank.

- All the documents related to the property will now be hand over to the new bank, officially after completing the process of transferring your home loan.

 

How to Transfer Home Loan from One Bank to Another?

Step 1: Open the website of the loan concerned bank.

Step 2: Read all the terms and conditions carefully along with the rate of interest and required processing fee.

Step 3: If the scheme makes you fully satisfied, then apply for the balance transfer from the bank.

Step 4: You have to fill the other fields that are required, it is including your name, type of the property, tenure of the existing loan and the name of your bank.

Step 5: Once all the required information is complete, you will be able to view your loan offer.

Step 6: Pay all the fees that is required and upload your documents.

Step 7: After Complete your loan application process, wait for your loan approval.

Home Loan Transfer Eligibility Criteria

Any salaried, self-employed professional or self-employed businessman can apply for Home Loan Balance Transfer. Although all lenders have different eligibility criteria.

 

  • Age: 23 to 65 years
  • Type of employment: Salaried or self-employed
  • Nationality: Resident Indians and NRIs.

EMI Calculator & Schedule

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Loan EMI

24,959

Total Interest Payable

34,90,279

Total Payment
(Principal + Interest)

59,90,279

Loan Eligibility Calculator

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Home Loan Balance Transfer Comparison Chart

LenderInterest RateProcessing FeeEMI / LakhLoan Tenure
8.25 %Upto 0.50 (Max Rs 15000)Rs 76230 Years Max
8.45 %Min Rs 3000Rs 74130 Years Max
8.45 %Up to 1% (Min Rs 5000 Max Rs 10000)Rs 72730 Years Max
8.55 %Up to .25 % (Min Rs 3540 Max Rs 1,25,000)Rs 77630 Years Max
8.60 %Min Rs 10000Rs 85220 Years Max
8.60 %Min Rs 10030Rs 76530 Years Max
8.65 %Upto 0.70 (Min Rs 5000 Max 25000)Rs 75530 Years Max
8.65 %upto 0.25Rs 75530 Years Max
8.65 %Up to .50 % (Min Rs 5000 Max Rs 25000)Rs 86220 Years Max
8.65 %Upto 0.35 (Min Rs 2500 Max 15000)Rs 76930 Years Max
8.75 %NILRs 76130 Years Max
8.75 %Up to .05 % (Min Rs 5000 Max Rs 25000)Rs 86220 Years Max
8.75 %Min Rs 10000Rs 74130 Years Max
8.75 %Min Rs 10000Rs 76230 Years Max
8.75 %Min Rs 2500Rs 76930 Years Max
8.75 %Upto 0.50 (Min Rs 5000 Max 40000)Rs75530 Years Max
8.95 %Up to 1% (Min Rs 5000 Max Rs 50000)Rs 77630 Years Max
9.00 %Min Rs 5000Rs 80925 Years Max
9.10 %Upto 0.50 (Min Rs 50000)Rs 79430 Years Max
9.30 %Upto 1.50 (Max Rs 10000)Rs 80130 Years Max

Related Frequently Asked Questions

The procedure for transferring an auto loan is quite simple and may vary from lender to lender.

Yes, your existing auto loan balance can be transferred to a new lender. This process is known as balance transfer.

Step 1: Open the website of the loan concerned bank.

Step 2: Read and check all the terms and conditions along with the interest rate and processing fee.

Step 3: If you are completely satisfied with the scheme, then apply for balance transfer.

Step 4: You need to fill in other required fields including your name, property type, tenure of the existing loan and bank name.

Step 5: Once all the required information is complete, you will be able to view your loan offer.

Step 6: Pay all the required fees and upload your documents.

Step 7: Complete your application process and wait for your loan approval.

Any salaried, self-employed professional or self-employed businessman can apply for Home Loan Balance Transfer. Although all lenders have different eligibility criteria.

 

- Age: 23 to 65 years

- Type of employment: Salaried or self-employed

- Nationality: Resident Indians and NRIs.

If you are paying an interest rate on your personal loan that is much higher than the interest rate available in the market and the difference is more than 0.5% to 1%, then you should consider for the option of transferring your loan to a new bank. So that you can easily repay your loan at a low interest rate.

Any of the borrower who has an existing home loan with any other bank and HFCs in which he should have a regular payment track record of 12 months can avail a balance transfer home loan easily.

The loan transfer is a beneficial option for the existing borrowers, who is eligible for availing a home loan at lowest rate of interest due to their previous credit histories & profile. It is advisable when your outstanding loan amount is higher.

A process of a Personal Loan balance transfer is wherein a customer transfers their total outstanding balance from one bank to the another bank. It usually happens when the new bank extends a lower rate of interest on the outstanding loan amount.

Processing Fees is Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes. Minimum Retention Amount: 50% of applicable fees or ₹3,000 + applicable taxes whichever is higher.

There can be many reason to transfer you loan to the another bank like,

. lower interest loan rate.

. For better customer services.

. Affordable EMI without any hidden charges.

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News Update on Home Loan Balance Transfer

Home Loan Top Up: Eligibility, key benefits, interest rate – All you need to know

Admin 2022-08-30 12:19:20

A disciplined borrower can use multiple financial products available in the market to make their financial journey smoother. A top-up home loan is one of the easiest ways to borrow money without too much documentation and verification. It also offers more flexibility and better features than other borrowing instruments. One of the main eligibility requirements for a top-up home loan is that you need to be an existing home loan borrower.

A top-up home loan has many benefits. Let’s check out how a top-up home loan works and its key benefits.

Is investment in luxury real estate worth the cost?

Admin 2022-11-15 12:43:04

Luxury has become the most sought after need of every buyer today. Whether it is in the form of residence, services, facilities or any other segment. Owning luxury is a state of comfort and pleasure and a matter of prestige in our society. Real estate by far is the most preferred possession when it comes to status definition; and if it is luxury real estate, the living experience enhances while also adding to the buyer’s value. India has witnessed a massive response in the sale of real estate projects over the past few years, indicating buyers’ incline towards facilities and amenities that come along with the investment in such properties.

Senior Citizen Fixed Deposit Interest Rate is Rising: Check Latest Bank FD Rate Hike Details

Admin 2022-11-26 10:54:29

Latest Bank Fixed Deposit Interest rate for Senior Citizens: Banks have been raising Fixed Deposit rates for senior citizens and other depositors in the last few months. This week, DBS Bank and Union Bank of India raised FD rates.

The Union Bank of India has increased FD rates with effect from November 25. The public sector bank is now offering up to 7.3% interest to regular depositors for FDs of 800 days and 3 years respectively. Senior Citizens can get 7.8% interest for these tenors as the bank provides 0.5% extra interest to them.

 

DBS Bank has raised the FD rate for senior citizens on deposits of 600 days by 0.75%. DBS bank is now offering 7.75% interest to senior citizens on deposits of 600 days. On FDs of 3 to 4 years, 4 to 5 years and 5 years & above, the DBS bank is offering 7% interest to senior citizens. These rates on DBS bank FDs are effective from November 18, 2022.

How can young investors make money from real estate?

Admin 2022-11-26 10:55:59

Investing in real estate at a very young age is a smart way to build wealth, but the entry barriers are often prohibitively high for anyone in their early to mid-20s. For young people, investing in real estate can seem intimidating, if not impossible. Many younger people mistakenly believe that a successful real estate investor must be “old,” especially as the housing market continues to discourage them. As a result, they decide to postpone their interest in real estate investing until later in life. Time, on the other hand, is the most powerful and wealthy asset that young people have, and with the appropriate investment strategy, you can start to make returns.

Traditional property ownership or making an investment without owning any property both are options for real estate investing. Here are the best ways for young people to get started in the real estate investment market and build long-term wealth.

RBI hikes repo rate again – What should home loan borrowers do now?

Admin 2023-02-10 14:09:53

Global economic volatility and uncertainty as well as surging inflation have prompted the RBI to make another policy rate hike by 25 bps, taking the repo rate to 6.5%. When the repo rate is increased by the central bank, the cost of borrowing for banks also goes up. As a result, they may pass on the higher cost to their customers in the form of higher interest rates on home loans and other types of loans.

This means that home loan borrowers may have to pay a higher rate of interest on their loans, which can increase their monthly repayments. The higher repayments can put a strain on their finances, particularly if they have limited income or multiple loans.

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