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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.
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.
In addition to KYC and income documents, you may need to submit valuation reports, encumbrance certificates and proof of property insurance for refinancing.
If your current loan has a high interest rate and another lender offers better rates or lower charges, a Home Loan balance transfer is a wise choice.
Yes, a higher credit score improves your eligibility for a balance transfer and helps lenders offer you better terms.
Yes, you can opt for a longer or shorter loan tenure with a balance transfer based on your financial goals.
A Home Loan transfer to another person is only possible in certain cases, such as property inheritance or resale, subject to lender approval.
Ownership transfer requires a legal agreement with approval from the lending institution.
Anyone with an existing Home Loan, a stable income, and a good credit score is eligible.
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.
