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    Home Loan Balance Transfer

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    HOME LOAN BALANCE TRANSFER

    A Home Loan Balance Transfer is a process where an individual transfers their outstanding home loan balance from one lender to another lender who offers a lower interest rate. This option is especially useful for those who are currently paying high-interest rates on their home loans and want to reduce their overall cost of borrowing.

    Home loan balance transfers can help you save a significant amount of money on your home loan repayments. By switching to a lender like us, who offers lower interest rates, you can reduce your monthly EMI payments and save money over the entire loan tenure. Additionally, Home Loan Balance Transfers offer the opportunity to extend the loan tenure and reduce the EMI amount.

    However, it is important to consider the fees and charges associated with a Home Loan Balance Transfer before making a decision. Most lenders charge a processing fee for the transfer, which can range from 0.5% to 1% of the outstanding loan amount. Other fees, such as prepayment penalties, foreclosure charges, and stamp duty fees, may also apply.

    To qualify for a Home Loan Balance Transfer, you must have a good credit score, a stable source of income, and a low debt-to-income ratio. It is also important to do your research and compare the interest rates and fees of different lenders before making a decision.

    A Home Loan Balance Transfer can be a smart financial decision for those looking to reduce their home loan repayments. However, it is important to consider the associated fees and charges and choose a lender like us that offers favourable terms and conditions.

    Salaried

    • Application form to be filled and signed by applicant and co-applicant.
    • One Passport Size photo of applicant and co-applicant.
    • Copy of Latest Telephone bill for residence address proof.
    • Copy of Pan Card of applicant and co-applicant.
    • Copy of last 3 months payslip and CTC letter.
    • Copy of last 2 years Form 16 and Saral.
    • Copy of last 6 months bank stmt where salary is credited.
    • Processing fee cheque in favour of Bank/ HFC’s.
    • Details of Present loans with sanction letter and repayment track record.

    Self –Employed

    • Application form to be filled and signed by applicant and coapplicant.
    • One Passport Size photo of applicant and coapplicant.
    • Copy of Latest Telephone bill for residence address proof.
    • Copy of Pan Card of applicant and co-applicant.
    • Copy of Registration certificate of firm.
    • Copy of last 2 years ITRs with Statement of Income, Profit & Loss Account, Balance sheet with Form 3cb & 3cd.
    • Copy of last 12 months bank stmt
    • Copy of Partnership deed in case of partnership firm.
    • Copy of MOA & AOA in case of Pvt ltd co.
    • Processing fee cheque in favour of Bank/ HFC’s.
    • Details of Present loans with sanction letter and repayment track record.

    Pre-Approved Projects (Direct Purchase from builder)

    • Copy of Allotment letter.
    • Copy of Cost Breakup letter.
    • Copy of Sale and Construction agreement.
    • Copy of Assignment agreement (if transferred from assignor)

    Un- approved Projects (Direct Purchase from builder)

    • Copy of legal documents of the project.
    • Copy of approved plan for the project.
    • Copy of Allotment letter.
    • Copy of Cost Breakup letter.
    • Copy of Sale and Construction agreement.
    • Copy of Assignment agreement ( if transferred from assignor).

    Individual Resale house:

    • Copy of legal documents of the property.
    • Copy of approved plan for the property.

    Plot Purchase:

    Pre-Approved project:

    • Copy of Allotment letter.
    • Copy of Cost Breakup letter.
    • Copy of Sale agreement.

    Un- approved Projects:

    • Copy of legal documents of the project.
    • Copy of approved plan for the project.
    • Copy of Allotment letter.
    • Copy of Cost Breakup letter.
    • Copy of Sale agreement.

    Balance Transfer loans:

    • List of original documents held in bank
    • Foreclosure-Quote.
    • Loan sanction letter and Repayment track record.

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