Loan Transfer
Existing home loan or personal loan can be transferred to another bank and also one can choose the option for top up loan.The objective of home loan balance transfer or personal loan transfer is to save on the interest cost by moving the loan balance to any other bank which offers a lower rate of interest on home loans/personal loans. When interest rates in the economy fall, not all lenders reduce interest rates in equal scale for a variety of reasons –– and that's when home loan balance transfer/personal loan balance transfer is an attractive option, particularly when you are dissatisfied with the service of your exisiting lender .It should ideally reduce your Equated Monthly Instalment (EMI) burden and aid you repay your loan sooner. This has positive bearing on your credit score.
Another benefit is that you can adjust the tenure of your loan, at the bank you are transferring your loan to, provided you are eligible within the age limit. You can also avail a top-up on transferring your loan, which can be used for your personal needs.
The documents required for a home loan balance transfer are:
Salaried:
- Pan card, Aadhar card , Current address proof and 1 passport photo of both Applicant and co applicant.
- Latest 3 months payslips
- Latest 6 months salary credited bank statement till date.
- Latest 2 years form 16
- Company offer letter
- Processing fee cheq,
- Complete set of property documents.
- Existing loan track record/Statement.
Self Employed
- Pan card, Aadhar card , Current address proof and 1 passport photo of both Applicant and co applicant.
- Business Proof
- GST Certificate
- Complete business related documents
- Latest 3 years ITR and Financials
- Latest 1 year bank statement till date of all current and savings accounts.
- Latest 1 year GST Returns
- Processing fee cheque
- Complete set of Property documents
- Existing loan track record/Statement
