Home Loan Tax Benefits: Save Income Tax While Fulfilling Your Home ownership Dream
Mar 12, 2025 | 4 mins read
Thinking of reducing your EMI or saving on interest rates? A Home Loan balance transfer is the perfect financial tool to help you. By transferring your existing Home Loan to us, you can save significantly on interest payments and enjoy reduced monthly outflows. However, to ensure a smooth transfer process, you must provide essential documents in advance. Here is a detailed list of documents.
Document Type | Requirement Documents and checks |
---|---|
Age Proof | Aadhaar Card | PAN Card | Passport |
Address Proof | Utility bills (not older than 2 months | Aadhaar Card | Driving License | Passport | Voter ID etc. |
Photo ID Proof | PAN and any one of the following- Aadhaar Card | Driving License | Passport | Voter ID | Job card by NREGA | Letter issued by the National Population Register containing details of name and address |
Others | Eligibility can be increased by adding co-applicant income or other verifiable income sources |
List of Additional documents related to your existing loan | Forclosure letter | List of documents submitted to the bank | Statement of account |
Income proofs vary for different professionals across salaried and self employed.
Please find the easy detailed list of required documents here
Salaried: | Self-Employed Professionals | Self-Employed: Non-Professionals |
---|---|---|
i. Salary slips for the last 3 months | i. Latest two ITRs (personal and business) with computation of income | i. Latest 2 years ITRs with computation for individual applicants and co-applicants (if borrower is an individual) |
ii. Bank statements for 1 year | ii. Advance tax challans (if available) | ii. Bank account statements (current and savings accounts) for the last 1 year |
iii. Latest Form 16 | iii. Latest two years of P&L accounts and balance sheets (with schedules),certified by a CA (both personal and business) | iii. Latest 2 years of audited/CA-certified profit & loss accounts and balance sheets of the firm/company (if borrower is a firm/company) |
iv. Bank account statements (current and savings accounts) for the last 1 year | iv. Proof of Business (GST / Shop Establishment/ Udayam Aadhar, etc.) |
Other documents to be provided as required for disbursement of Loan
Residency:
Indian resident or NRI.
Age:
Salaried: 23 years to 70 years
Self-employed: 25 years to 70 years
Profession:
Salaried / self-employed professionals and non-professionals.
Other:
Can be increased by adding co-applicant income or other verifiable income sources.
Salaried Individuals:
Self-Employed Professionals
1. Evaluate Your Current Loan
Use the Home Loan Balance Transfer Calculator to calculate your interest savings.
2. Eligibility Check
Assess eligibility conditions like income stability, credit score, and ownership verification.
3. Select the New Lender
After evaluating the terms and conditions, choose the lender offering the best deal.
4. Documentation Submission
Submit the required documents, including current loan details, KYC and property documents.
5. Loan Approval & Foreclosure
Once approved, the new lender issues the loan to close your existing loan. .
6. Loan Disbursement
The remaining loan balance is transferred to the new lender and your EMI payments are recalibrated accordingly with reduced rates or tenure.