Balance Transfer of Loan Against Property

Balance Transfer of Loan Against Property

  • Avail 0% Processing Fees on Home Loan, Loan Against Property and balance transfer of Existing Loan.
For Self Occupied Residential Property
  • Offer 1
  • Offer 2
Rate Of Interest
  • 10.25%
  • 10.75%
Processing Fees
  • 0.40%
  • 0%
For Self Occupied Commercial Property
  • Offer 1
  • Offer 2
Rate Of Interest
  • 10.25%
  • 10.99%
Processing Fees
  • 0.40%
  • 0.50%

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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Your property builds value both emotionally and economically with time. Loan Against Property you can leverage the economic worth of your property while continuing to enjoy occupancy of the same, so that you get immediate finance to meet a variety of personal and business needs. With Loan Against Property you can raise funds for your business and personal use as and when required.

The term Loan Against property refers to a situation in which the borrower takes a loan from a bank or financial institution where the security for the loan is a property that is owned by the borrower. If you own a valuable asset in the form of house (self occupied, rented or vacant) or a commercial property you can go for a hi Loan against property is a multi-purpose loan with longer tenure and lesser rate of interest. It would like to leverage your property without giving it on rent or selling it?

Balance Transfer of Loan Against property refers to transferring of existing loan to a new lender for better rate and additional loan amount. Balance transfer of Loan Against Property 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 Loan Against Property and if you have been paying your EMIs regularly, there is often no problem associated with it.

There is, however, a considerable amount of work involved for balance transfer of Loan Against Property 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 Loan Against Property being refused

Creative Finserve will help you with the best deal in balance transfer of Loan Against Property 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 Loan Against Property BT + TOP 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 ( top - up payorder )

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 or office owned

SELF EMPLOYED PROFESSIONAL

  • 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 or office owned

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 Loan Against Property, 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 Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Clear Pancard Copy, (Applicant & Co-Applicant) Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Latest Residence proof (Applicant & Co-Applicant) Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Latest Office Proof (Applicant & Co-Applicant) Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Last 3 Months Salary-Slips Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Last 12 Months Bank Statements Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Form 16 / Income Tax Returns Of Last 3 Yrs Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
All Loan Sanction Letter Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Business Profile Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Proof Of Business Existence ( Gumasta License , Sales Tax Certificate , Form 26AS , ) Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Last 3 Years Income Tax Returns With Computation Of Income Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Last 3 Years CA Certified / Audited Balance Sheet And Profit & Loss Account Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
MOA /AOA Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Partnership Deed Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Company Pancard Clear Copy Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Shareholding Pattern On Letterhead Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
Sundry Debtor & Creditor List Last 1year Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property Balance Transfer of Loan Against Property
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 Loan Against Property?
Balance Transfer in Loan Against Property is always recommended when your present lender's rate of interest is at higher side than the rate offered from new lender or you have the requirement for additional amount. This additional amount can be utilized for your personal expenses such as marriage, medical expenses, education or capital infusion, etc. Additional amount can be availed at a better rate.
How can I get personalized solution through Creative Finserve for my Balance Transfer of Loan Against Property?

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

Who are eligible for Balance Transfer of Loan Against Property?

The general factors taken into account while determining the eligibility of Balance Transfer of Loan Against Property 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 Loan Against Property?

Any working individual who is salaried or self employed and who is capable of paying EMI can avail a Balance Transfer of Loan Against Property . Most importantly customers who are paying higher EMI's can avail Balance Transfer facility for lower rates and can avail additional amount for their personal usage.

What is the process in availing a Balance Transfer of Loan Against Property?

The process involved in availing the Balance Transfer of Loan Against Property 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 Loan Against Property?
Balance Transfer of Loan Against Property generally is available for 1year to 15 years.
What are the documents required for applying for a Balance Transfer of Loan Against Property?

Following are the list of the documents for Balance Transfer of Loan Against Property:

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)

• Property Papers

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

• Property Papers

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

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

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

Rate of interest offered in Balance Transfer of Loan Against Property is between 11% to 16% on monthly reducing balance. It varies from bank to bank. So contact us to get the best rate of interest for Balance Transfer of Loan Against Property.

What is EMI?

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

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

Balance Transfer in Loan Against Property is availed for lower interest rate, so in this process your new lender will foreclose the existing loan.

How long is this sanction letter valid in Balance Transfer of Loan Against Property?

In Balance Transfer of Loan Against Property the sanction letter is valid for 1 month to3 months varies from bank to bank.

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

Any residential or commercial property which you wish to mortgage with the bank which is technically and legally clear can be provided for Balance Transfer of Loan Against Property

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

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

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

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

In Balance Transfer of Loan Against Property 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/Co-applicant.

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

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 Loan Against Property?

The processing of Balance Transfer of Loan Against Property 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 Loan Against Property online?

Comparing Balance Transfer of Loan Against Property 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 Loan Against Property.

Should I apply Balance Transfer of Loan Against Property

There is no process for applying online Balance Transfer of Loan Against Property 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 Loan Against Property, 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 Loan Against Property online?

Customers having online banking can approach their respective banks for Balance Transfer of Loan Against Property through net banking and get information about Balance Transfer of Loan Against Property. Appling online Balance Transfer of Loan Against Property 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 Loan Against Property online?

Appling online Balance Transfer of Loan Against Property 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 Loan Against Property eligibility calculator?

Balance Transfer of Loan Against Property eligibility calculator is a mechanism where you can calculate your Balance Transfer of Loan Against Property 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 Loan Against Property?

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 Loan Against Property for better rate of interest in few minutes from our professional team.

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

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 Loan Against Property.

What is Balance Transfer of Loan Against Property EMI calculator?

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

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

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

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

Once your Balance Transfer of Loan Against Property 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 Loan Against Property suggested?

It depends upon the current rate of interest of your existing Loan Against Property 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 Loan Against Property.

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

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

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 Loan Against Property when banks calculate my eligibility?

Yes in Balance Transfer of Loan Against Property 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 Loan Against Property?

Most of the Lenders sanction Balance Transfer of Loan Against Property 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 Fixed interest rate in Balance Transfer of Loan Against Property?

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

What is Reducing interest rate in Balance Transfer of Loan Against Property?

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

What is Floating interest rate in Balance Transfer of Loan Against Property?

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 Loan Against Property 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 Loan Against Property 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 Loan Against Property sanctioned than with the revised salary slip you can ask bank to increase the loan amount.

Can the loan amount be increased in Balance Transfer of Loan Against Property 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 Loan Against Property 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 Loan Against Property CC is very much important document required for sanctioning your loan.

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 Loan Against Property OC is very important document required for sanctioning your loan.

What does 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 Loan Against Property 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 Loan Against Property?

In Balance Transfer of Loan Against Property chain Agreements is chain of all the agreement right from its first purchase from the builder to the present owner. During Balance Transfer of Loan Against Property 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 Loan Against Property?

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

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

In Balance Transfer of Loan Against Property 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 Loan Against Property process?

In Balance Transfer of Loan Against Property 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 Loan Against Property & 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 Loan Against Property?

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 Loan Against Property When is the case disbursed & cheque given to buyer?

The case is disbursed & the cheque is given when all process is complete i.e. Loan agreement is signed, PDC's, ECS, NOC is given. The original documents of the property should be handed over to your new lender & all the pre-disburse conditions is fulfilled.

What is equitable mortgage?

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

In Balance Transfer of Loan Against Property 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 Loan Against Property?

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 in Loan Against Property?

Balance Transfer in Loan Against Property is a process where the customer transfers the existing 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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