Instant Approval For NRI Balance Transfer Loans

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NRI Balance Transfer Loans

Home loan balance transfer is an option provided by banks, when borrowers like to switch banks for a better deal with the advantage of a lower interest rate without prepayment penalties or other offers. In simpler terms, you can transfer your home loan from one bank to the other based on interest rates. When a loan is transferred, the new bank/lender pays the previous bank/ lender’s loan balance in full. The borrower then pays the new bank’s EMIs (Equal Monthly Installments).

NRI balance transfer loans are a financial product that assists non-resident Indians (NRIs) in transferring their outstanding house loan amount to a different lender to gain from lower interest rates or loan terms. This can help NRIs save money on home loan repayments and make their finances more manageable.

The main reasons why NRIs prefer to transfer their home loan balance are due to the high-interest rate on their existing loan and more favorable loan terms offered, such as a long repayment period or lower fees. This makes it easier for them to manage their finances and meet their loan obligations. For an NRI balance loan transfer, the applicants must have an existing home loan with a minimum outstanding balance. They must also meet the eligibility criteria set by the new bank/lender, which includes credit score and income/employment status.

The process for an NRI balance transfer loan is simple & straight. NRIs first approach a bank/lender and provide details of their existing loan, including the outstanding balance and interest rate. The new bank/lender will then assess the applicant’s eligibility and provide them with a new loan with more favorable terms. The new bank will settle the remaining sum on the applicant’s prior loan as soon as the NRI accepts the offer, and they will start making payments on the new loan.

By understanding the eligibility criteria and the application process, NRIs can make informed decisions about their finances and ensure that they are able to manage their loan obligations effectively.

General checklist

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.

Additional documents

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.

Check Eligibility

Instant Approval For NRI Balance Transfer Loans