Documents You Need to Apply for Home Loan Balance Transfer

Interest rates fluctuate in risky financial markets, providing an opportunity for better debt management known as a balance transfer. It allows you to pay off your existing loan in full by home loan balance transfer to a new financial institution, such as a bank or a non-banking financial corporation (NBFC).

Basically, there are three types of loan balance transfers namely home, credit, and personal.

When Do you need a Home Loan Balance Transfer?

1. High Outstanding Amount – It is typically used when the outstanding loan amount is large.

2. Lower Interest Rates/EMI – When another bank or lender offers you a lower interest rate or EMI than your current bank.

3. Low Balance Transfer Cost -

What Document You Need:

Existing loan agreement and its consent letter
Proof of identity
Proof of income – IT Returns, Bank Statements
Proof of address & age
Latest passport size photographs

These are the scenarios in which you should consider a home loan balance transfer. Take the first step to home ownership with us, get eligibility and in-principal sanction letter in one minute.