Documents Required For Home loan Balance Transfer

Home Loan Balance Transfer Required Documents

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.

List of Documents Required for Home Loan Balance Transfer

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 Proof

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	Latest two ITRs (personal and business) with computation of income	Latest 2 years ITRs with computation for individual applicants and co-applicants (if borrower is an individual)
ii.Bank statements for 1 year	Advance tax challans (if available)	Bank account statements (current and savings accounts) for the last 1 year
iii.Latest Form 16	Latest two years of P&L accounts and balance sheets (with schedules),certified by a CA (both personal and business)	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	Proof of Business (GST / Shop Establishment/ Udayam Aadhar, etc.)

Other documents to be provided as required for disbursement of Loan

Home Loan Balance Transfer Eligibility

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.

Home Loan Balance Transfer Documents for Salaried Employee and Self-Employed Person

Salaried Individuals	Self-Employed Professionals
Salary slips for the last 3 months.	Latest two ITRs (personal and business) with computation of income
Bank statements for 1 year.	Advance tax challans (if available)
	Latest two years of profit & loss accounts and balance sheets (with schedules), certified by a CA (both personal and business)
	Bank account statements (current and savings accounts) for the last 1 year

Procedure for Home Loan Balance Transfer

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.

FAQs & Support

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What is the verification process for Home Loan Balance Transfer Documents?

The lender verifies your eligibility based on documents submitted, such as KYC, income, property and existing loan papers. This involves verifying property ownership and assessing creditworthiness before approving the loan transfer.

What is the benefit of a Home Loan balance transfer?

It helps reduce your EMI, save on interest rates, and offers better repayment flexibility.

How do I transfer ownership of a Home Loan?

Ownership transfer requires a legal agreement with approval from the lending institution.

Who is eligible for a Home Loan balance transfer?

Anyone with an existing Home Loan, a stable income, and a good credit score is eligible.

What is a Home Loan balance transfer?

A Home Loan balance transfer lets you transfer your existing Home Loan to another lender offering a lower interest rate or better terms, helping you save on interest and reduce your EMIs.

How do I check the eligibility for a Home Loan balance transfer?

You can check eligibility online by providing your outstanding loan details, income, and repayment history.

How long does it take to process a Home Loan balance transfer?

Typically, it takes around 7 to 15 working days, provided all documentation is in place.

What is the document checklist required for a Home Loan balance transfer?

For a Home Loan balance transfer, you’ll need age proof, address proof, photo ID, income proof, existing loan documents, and additional income details for enhanced eligibility.