Balance Transfer of Home Loan

Balance Transfer of Home Loan

  • Avail 0% Processing Fees on Home Loan, Loan Against Property and balance transfer of Existing Loan.
Rate Of Interest
  • 9.85%
Processing Fees
  • 0%

The above rates mentioned are only for limited period. These rates may vary from bank to bank and rates would be solely decided at the discretion of the bank.


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A Home Loans transfer (also known as refinancing or balance transfer) is an option that most individuals opt for to avail the benefit of lower interest rates prevalent in the market. Usually the existing borrower of a bank, who is about two or more years into his loan tenure, does not get the benefit of falling interest rates in the market. The Reserve Bank of India has been insisting on lower interest benefits to be passed on to the existing borrowers as well, but this seldom happens.

Balance transfer of Home Loans happens when the entire unpaid principal loan amount is transferred to another bank for a lower rate of interest. The bank that had originally extended the loan to you gets the unpaid amount and you have to, in turn, now pay your EMIs at the new rate to the bank that has taken up the loan. Almost every bank in the country has a facility for a balance transfer of Home Loans and if you have been paying your EMIs regularly, there is often no problem associated with it.

There is, however, a need to carry out a cost benefit analysis. Balance transfer of Home Loan will depend on the difference between the interest rates offered by the two banks, the amount of the loan left unpaid and the tenure remaining. If the unpaid amount is low or if only a few years remain in terms of tenure, balance transfer may not be ideal. This is also because banks often levy a processing fee for balance transfer of Home Loans and in the end it may not be all that beneficial.

This is a substantial amount and despite the processing fee that you may have to incur on the balance transfer of Home Loan process. There is, however, a considerable amount of work involved for balance transfer of Home Loan. The bank where your loan will be transferred will do a credit background check and if they are not satisfied with your credit worthiness, there is every chance of your balance transfer of Home Loans being refused

Creative Finserve will help you with the best deal in balance transfer of Home Loans with our professional team and give you personalized solution to your requirement.

  • Our expertise to get u the right Banks / Institute to fulfill your requirement
  • Loan tenor up to 30yrs
  • Attractive Rate of Interest.
  • Part Payment Facility.
  • Additional top-up amount can be used as per your requirement.
  • Minimum / Hassle free Documentation.
  • Funds available for business expansion,working capital, child's education, home renovation..
  • Convenience of doorstep service.

There are several steps in the home loan BT+ TOP UP process. Here are the steps in brief:

  • Application form & Document Submission
  • Cibil report check
  • Residence verfication
  • Office verfication
  • Eligibility calculation
  • Technical & Valuation
  • Personal Discussion
  • Credit decision
  • Offer Letter
  • Submission of Property documents & legal check
  • Registration of property documents
  • Signing of agreements and submitting post-dated cheque
  • payment to existing Bank
  • Agreement Collection From Existing bank
  • Disbursement

SELF EMPLOYED INDIVIDUAL

  • An Indian Resident
  • You should be in business for a minimum of 3 years.
  • You should be self employed Minimum 24 to maximum 65 years of age.
  • Your current place of residence should be occupied for a minimum of 3 years in the city.
  • You should have residence.

SELF EMPLOYED PROFESSIONAL

  • An Indian Resident
  • You should be Practicing Doctor or CA business for a minimum of 3 years.
  • You should be self employed Minimum 24 to maximum 65 years of age.
  • Your current place of residence should be occupied for a minimum of 3 years in the city.
  • You should have residence.

Salaried

  • You should have 3 years work Experience.
  • Your Minimum age should be 24
  • Your maximum age should be 58/60 at the time of closer of the loan.
  • You should have Minimum Rs 20000/- Net Salary

To qualify for a Balance Transfer of Home Loan, most of the lending institutions in India require you to be:

Documents Salaried Self Employed Properitorship Firm Self Employed Partnership Firm Self Employed Pvt Ltd / Ltd
Application Form With Photograph Duly Signed Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Clear Pancard Copy, (Applicant & Co-Applicant) Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Latest Residence proof (Applicant & Co-Applicant) Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Latest Office Proof (Applicant & Co-Applicant) Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Last 3 Months Salary-Slips Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Last 12 Months Bank Statements Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Form 16 / Income Tax Returns Of Last 3 Yrs Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
All Loan Sanction Letter Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Business Profile Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Proof Of Business Existence ( Gumasta License , Sales Tax Certificate , Form 26AS , ) Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Last 3 Years Income Tax Returns With Computation Of Income Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Last 3 Years CA Certified / Audited Balance Sheet And Profit & Loss Account Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
MOA /AOA Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Partnership Deed Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Company Pancard Clear Copy Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Shareholding Pattern On Letterhead Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Sundry Debtor & Creditor List Last 1year Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan Balance Transfer of Home Loan
Property Papers ( Chain Of Agreement & Share Certificate ) / Draft Agreement Home Loan Home Loan Home Loan Home Loan
Latest Outstanding from Current Bank / institution Home Loan Home Loan Home Loan Home Loan
List of Documents from Current Bank / Institution Home Loan Home Loan Home Loan Home Loan
When can I apply for a Balance Transfer of Home Loan?
Balance Transfer in Home Loan is always recommended when your present lender's rate of interest is at higher side than the rate offered from new.
How can I get personalized solution through Creative Finserve for my Balance Transfer of Home Loan?

We professional at Creative Finserve puts our best effort to give you a complete personalized solution. We take the pain of coordinating with various banks for you to give the best offer and service available in Home Loan.

Who are eligible for Balance Transfer of Home Loan?

The general factors taken into account while determining the eligibility of Balance Transfer of Home Loan are listed below:

1. Age (Min. 21 Year)

2. Maximum 58 age at time of closure of the loan for the salaried

3. Maximum 65 age at time of closure of the loan for the self employed

4. Total work / business Experience 3 yrs

5. Indian resident

Who can avail a Balance Transfer of Home Loan?

Any working individual who is salaried or self employed and who is capable of paying EMI can avail a Balance Transfer of Home Loan.

What are the process in availing a Balance Transfer of Home Loan?

The process involved in availing the Balance Transfer of Home Loan is as follows

• Application

• Processing

• Documentation

• Property Valuation

• Personal discussion

• Sanctioning of the Loan

• Disbursement

What are the loan tenure options for Balance Transfer of Home Loan?

Balance Transfer of Home Loan generally is available for 1year to 20 years. But some Banks and NBFC's give it for 30 years.

What are the documents required for applying for a Balance Transfer of Home Loan?

Following are the list of the documents for Balance Transfer of Home Loan.

For Salaried:

Application form with photograph

Identity Proof and Address Proof

Latest Salary Slips (Latest 3 months)

Form 16 / appointment letter

Bank Statements (Last 12 months)

Latest outstanding Letter (current lender)

List of Documents

All Loan Sanction Letter(if any)

Processing fee cheque

Spouse income(if required)

For Self-Employed:

Application form with photograph

Identity proof and Address Proof

Proof of business existence

Last 3 years ITR

Last 3 years P&L and Balance Sheet with Audit Report

Bank Statements (Last 12months)

Latest outstanding Letter (current lender)

List of Documents

All Loan Sanction Letter (if any)

Processing fee cheque

Spouse income

How Much Balance Transfer of Home Loan can I avail from the bank?

It mainly depends on your financial profile, credit reputation, and your loan repayment ability. Lenders evaluate these factors to consider what the amount of a Balance Transfer of Home Loan should be.

What is the range of interest rates offered in Balance Transfer of Home Loan?

Rate of interest offered in Home Loan is between 9.75% to 11% on monthly reducing balance. It varies from bank to bank. So contact us to get the best rate of interest for Balance Transfer of Home Loan.

What is Balance Transfer of Home Loan EMI?

EMI or Equated Monthly Installments is a combination of Interest and Principal you will be paying to the bank every month.

Do I get a tax benefit on Balance Transfer of Home Loan?

Yes, you are eligible for tax benefits in Balance Transfer of Home Loan on the principal and interest components of the loan under the Income Tax Act.

In Balance Transfer of Home Loan can I prematurely (prepay) close my loan?

Closing loan prematurely is called full closer of the loan. This is very much possible in Balance Transfer of Home Loan once the lock in period of the loan is over. This exit clause is always mentioned in the Loan Agreement signed with the bank. In Balance Transfer of Home Loan you can prepay the loan with no penalties as per New RBI guidelines.

And how long is this sanction letter valid in Balance Transfer of Home Loan?

In Balance Transfer of Home Loan the sanction letter is valid for 3 months to give you sufficient time to choose a flat/house of your choice.

What security/collateral do I have to provide in Balance Transfer of Home Loan?

The property which you will be purchasing it will be mortgage with the bank.

Does the property have to be insured in Balance Transfer of Home Loan?

Yes, property has to be insured in case of Balance Transfer of Home Loan.

What is the Floating Rate of Interest in Balance Transfer of Home Loan?

This is the rate of interest that fluctuates according to the market lending rate.

In Balance Transfer of Home Loan can I apply jointly with my spouse? Will both our salaries be taken into consideration for calculating the loan amount?

Yes, your salaries can be clubbed for the purpose of calculation of the loan amount. This can be done either when the property is jointly held with the spouse or the spouse stands as a guarantor.

How can I repay my loan in Balance Transfer of Home Loan?

The repayment of loan is done through Equated Monthly Installments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS).

How much time does it take for the disbursement of Balance Transfer of Home Loan?

The processing of Balance Transfer of Home Loan usually takes approx 15 working days after all the documents are submitted. Subject to clearance of legal and technical of your Property papers.

Should I compare Balance Transfer of Home Loan online?

Comparing Balance Transfer of Home Loan online depends on many factors such as your salary/income, company in which you are working, your obligation (existing loan) etc. In online approach you will get general comparisons while you can get a personalize solution from Creative Finserve, which will help you with the best rate of interest and services for Balance Transfer of Home Loan.

Should I apply Balance Transfer of Home Loan online?

There is no process for applying online Balance Transfer of Home Loan unless and until you have a relationship with the same bank. Mandatorily you need to submit relevant documents and sign the application form to complete the formalities. Creative Finserve gives you a personalized solution for Balance Transfer of Home Loan, so why to confuse yourself with online approach if you can get better rate of interest and maximum eligibility through Creative Finserve.

Who all can apply Balance Transfer of Home Loan online?

Customers having online banking can approach their respective banks for Balance Transfer of Home Loan through net banking and get information about Balance Transfer of Home Loan. Appling online Balance Transfer of Home Loan will give you information of your bank, and if you apply through us you will get information about other banks for better rate of interest, foreclosure charges, tenure and processing fees.

What are the drawbacks on applying for Balance Transfer of Home Loan online?

Appling online Balance Transfer of Home Loan will give you information about particular bank. And if you apply through us our professionals will get exciting offers from other banks for better rate of interest, foreclosure charges, tenure and processing fees.

What is Balance Transfer of Home Loan eligibility calculator?

Balance Transfer of Home Loan eligibility calculator is a mechanism where you can calculate your Home Loan eligibility by sharing your information such as your salary/income. This loan eligibility calculator cannot get you the exact loan amount so we recommend you to get in touch with our professional team to serve you better.

How to get best rate of interest for Balance Transfer of Home Loan?

Rather than hunting in the market or approaching unprofessional consultants for better offers give your few details and upload your few documents and get a personalized solution for your Balance Transfer of Home Loan for better rate of interest in few minutes from our professional team.

How will I get best rate of interest for Balance Transfer of Home Loan?

Since Creative Finserve has immense experience and tied up with all multinational and private banks, we would be able to guide you and give you the best deal available in Balance Transfer of Home Loan.

What is Balance Transfer of Home Loan EMI calculator?

Balance Transfer of Home Loan emi calculator is a process where you will be able to come to know the exact Balance Transfer of Home Loan emi (installments) which includes principal and interest component according to your requirements.

How to choose the right bank for my Balance Transfer of Home Loan?

Choosing a right bank for Balance Transfer of Home Loan is a cumbersome process, Creative Finserve guides you properly according to your requirements and gives you a personalize solution for your Balance Transfer of Home Loan.

How I will come to know whether my Balance Transfer of Home Loan is sanctioned or rejected?

Once your Balance Transfer of Home Loan is sanctioned or rejected you will get a sms alert or call from the bank or and if you have applied through us we will coordinate with the respective banks and inform you.

Is balance transfer of Balance Transfer of Home Loan suggested?

It depends upon the current rate of interest of your existing Balance Transfer of Home Loan as against the rate of interest available in the market. We recommend you to compare both the offers in our loan comparison calculator or else call us to get a personalized solution for your Balance Transfer of Home Loan.

Can I avail a Balance Transfer of Home Loan in India if I am an NRI (Non Resident Indian)?

Yes, few banks offer Balance Transfer of Home Loan to Non Resident Indians. So if you are interested in Balance Transfer of Home Loan please contact our customer care or upload your documents through our website. After uploading your documents you will get a personalized solution for your Balance Transfer of Home Loan requirement.

What is the difference between Home Loan & Mortgage Loan?

The loan availed to purchase a new residential property (builder purchase or resale) is called Home Loan. Loan taken by hypothecation of property (residential / commercial) is known as Mortgage Loan / Loan Against Property. The money procured by this type of loan can be used for many different purposes.

Any one qualifying the parameters of income & property can avail this loan.

How do I know about my eligibility for a Balance Transfer of Home Loan?

The Thumb rule for calculating eligibility in Balance Transfer of Home Loan:

Net salary per month is calculated after tax deductions then 40% to 65% of that amount is taken as loan servicing capability.

If one has additional income like Incentives, Overtime, LTA, Medical Reimbursements, Car Allowance, it is averaged out to per month income and then it is added to income.

If you have any ongoing EMI then it is deducted from the income, this amount is then divided by EMI per lac for the considered term, The arrived figure is the eligibility in lacs.

Every bank has its own method for calculating eligibility so Creative Finserve team will work on the basis of the details provided by you to get the best deal.

Can the co-applicant's income get included in Balance Transfer of Home Loan when banks calculate my eligibility?

Yes in Balance Transfer of Home Loan the banks also add-up the co-applicants income to determine the eligibility.

The eligibility is based on the years remaining for retirement & the income. The banks readily add-up Spouse & parents income.

How long will it take for the financial institution to approve my Balance Transfer of Home Loan?

Most of the Lenders sanction Balance Transfer of Home Loan for salaried customer in 7 working days; for Self Employed the time taken for sanctioning a case can be longer as various verification and calculations are involved & there is also "Personal Discussion" done at the place of customer office.

What is EMI in Balance Transfer of Home Loan?

"EMI" is Equated Monthly Installment.

The installment paid while servicing the loan is equal for the whole tenure.

The composition of EMI = Principal Amt + Interest.

What is Fixed interest rate in Balance Transfer of Home Loan?

In Balance Transfer of Home Loan Rate of interest will remain same throughout the tenure is fixed interest rate.

What is Reducing interest rate in Balance Transfer of Home Loan?

Interest which is charged on the reduced outstanding principal amount (Loan Amount).

What is Floating interest rate in Balance Transfer of Home Loan?

It is also called Variable Rate of Interest:- Here the rate of interest changes according to the banks policy, it is also known as floating Rate of Interest.

Can the loan amount be decreased after the Balance Transfer of Home Loan is sanctioned?

Yes, the loan amount can be decreased by the Bank if the customer's requirement is lesser than the sanctioned amount.

Can the loan amount be increased in Balance Transfer of Home Loan after sanctioning?

Yes in few conditions you can get the loan amount enhanced / revised.

For E.g

If the income eligibility is there and you have applied for lesser loan amount or,

If you have not added co-applicants income while applying the loan or,

If your salary has increased after your Balance Transfer of Home Loan sanctioned than with the revised salary slip you can ask bank to increase the loan amount.

What is Carpet area?

Carpet Area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls. It is the actual useable area of an apartment, office, unit, showroom etc.

What is Built Up area?

Built up Area consists of carpet area, area covered by inner and outer walls and additional areas mandated by the authority such as flower beds, dry balcony etc.

What is Super Built-Up area?

Super Built Up Area is the built up area plus proportionate area of common facilities such as the lobby, lifts, shaft, stairs, etc. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.

What is approved plan?

The building plan made by the developer which is approved by the Municipal Corporation or the concerned authority is approved plan.

What is full form of CC & explain?

CC means Commencement Certificate. A commencement certificate is issued by the local authorities to allow the builder to begin construction once all norms have been met. Unless the commencement certificate is granted, the construction is illegal. It is subsequent to the approved plan. During Balance Transfer of Home Loan CC is very much important document required for sanctioning your loan specially when it is under construction project.

What is full form of OC & explain?

OC means Occupation Certificate. This certificate issued by the local municipal body to the builder / developer once the said building is complete in all respects and fit for occupation. During Balance Transfer of Home Loan OC is very important document required for sanctioning your loan.

What dose conveyance deed mean?

Conveyance is the act of transferring ownership rights of the property (plot of land where the building is built) from the developer / builder / development authority to the society.

What is share certificate?

In a society share certificate is issued to its members (flat owners); it is a legal document that certifies ownership of a specific distinctive number of shares in a society. Share certificate will bear the seal of the society & will be signed by the Chairman, and the Secretary. During Balance Transfer of Home Loan Share Certificate is very much important document required for sanctioning your loan.

What is a stamp duty?

It is a duty collected by the state government. It is paid as per the true market value as assessed by the Stamp Office. Stamp duty is decided by the respective State and hence would vary from state to state. When an agreement is to be franked, it needs to be unsigned and undated.

Where is the registration done?

The agreement should be registered with the Sub-Registrar of assurances under the provisions of the Indian Registration Act. Stamp duty is to be paid prior to the Registration.

What is Chain of Agreements in Balance Transfer of Home Loan?

In Balance Transfer of Home Loan chain Agreements is chain of all the agreement right from its first purchase from the builder to the present owner. During Balance Transfer of Home Loan process we need to submit the chain of agreements to the banks/NBFC to do technical and valuation of the said property.

What is the minimum area needed for a residential property In Balance Transfer of Home Loan.?

The minimum area required in Balance Transfer of Home Loan is 400sqft.It may vary from bank to bank.

What is legal Verification of the property and who does it in Balance Transfer of Home Loan?

In Balance Transfer of Home Loan legal verification is a process where all the agreements & documents related to the concerned property are given to a lawyer to verify the legal and title of the concerned property. It is done by panel of qualified lawyers appointed by the Banks/NBFC.

What is called as technical verification and who does it in Balance Transfer of Home Loan process?

In Balance Transfer of Home Loan technical is a process where the valuator assigned by the BANK/NBFC evaluate the cost of the property, checks its permissions and the condition of the building. It also checks whether the property is mortgagable and free from all legal issues.

What is the full form of NOC in Balance Transfer of Home Loan & who issues it?

NOC means No Objection Certificate. It is asked by the lenders from builders/society on their letter head. In this letter the builder / society mentions that they have noted in their books the charge created by them on the said property. All Banks/NBFC have their own format which builders/society need to oblige. To obtain this all the dues & transfer charges of the society need to be cleared. It is mandatory to the committee to issue the NOC in the prescribed banks format under Maharashtra Co-operative Society Act, 1960 u/s 79(2)(a).

What is Full form of MV & explain?

MV is called as Market Value. It is the actual cost of the property in a particular area at that point of time.

What is the full form of LTV in Balance Transfer of Home Loan?

LTV - Loan to Value Ratio

It is the percentage of Loan amount that can be provided with respect to the Value of the property.

In Balance Transfer of Home Loan When is the case disbursed & cheque given to buyer?

The case is disbursed when all the formalities are completed by the customer and the cheque is given to the buyer when the original agreements (chain of agreements) share certificate and NOC is handed over to the present banker.

What is equitable mortgage in Balance Transfer of Home Loan?

An equitable mortgage is the transfer of an interest in property to a lender as a security for a loan of money on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. Bank/NBFC give this loan by deposit of title deeds of the property (interest) with the lender.

What is Registered mortgage in Balance Transfer of Home Loan?

In this case property is registered with sub-registrar and charge is created against the property in Government records.

In Balance Transfer of Home Loan can a fixed rate loan be converted to a floating rate loan and vice versa?

Yes! This process is called as switching (from fixed to floating & vice versa. Firstly to switch the Bank/NBFC must have attractive fixed / floating rate options. Lenders charge switching charges. This clause is generally mentioned in the loan agreement which is signed before disbursement.

What happens to processing or administrative fees if I don't avail of the disbursement in Balance Transfer of Home Loan?

Once the case is sanctioned the banks charge the customers Processing / Administrative charges. There is also certain validity of the sanction letter. After that time the bank may or may not revalidate the sanction letter on the charges paid earlier.

Even if one dose not avail disbursement banks rarely return charges taken from the customer which they have already collected.

What is Balance Transfer of Home Loan?

Balance Transfer of Home Loan is a process where the customer transfers the existing Home Loan account from present banker to a new one. This is done either to get a rate benefit or if a customer has a service issue with the bank.

What does 'Agreement to Sell' mean? Does it have to be registered?

The 'Agreement to Sell' in a property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc.

In many Indian states, the Agreement to Sell is required to be registered by law. We suggest that in your own interest you should register the Agreement within four months of the date of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the Indian Registration Act, 1908.

What does encumbrance refer to?

Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.

What is an under construction property?

An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.

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