Home Loan Balance Transfer at @8.70% Interest

Name: Home Loan Balance Transfer
Brand: L&T Finance
Rating: 5 (10 reviews)

Take advantage of a Home Loan Balance Transfer with interest rates starting from 7.75%* p.a. Move your existing loan, ranging from ₹ 20 Lakh* to ₹ 10 Crore*, to secure better terms and lower EMIs. Also, benefit from a top up option that allows you to borrow additional funds over your current loan amount, giving you more financial freedom and flexibility.

Features & Benefits
EMI Calculator
Documentation
Eligibility
Fees & Charges
Frequently Asked Questions

Competitive Interest Rate

Transfer your Home Loan to an interest rate as low as starting from 7.75%* p.a.

Instant Digital Sanction

Check your Balance Transfer eligibility within 5 minutes*

Top up Facility

Add extra funds with the top up loan facility beyond your original loan

Debt Consolidation

Combine debts with Balance Transfer for easy payments and lower rates

Flexible EMI Tenure

Extend your loan tenure to decrease payable EMI as per affordability

Dedicated Relationship Manager

Enjoy personalised financial advice with a dedicated RM

EMI Calculator

Results generated by the calculator(s) are indicative in nature.

Preferred loan amount

₹

₹20,00,000

₹10,00,00,000

Interest rate (per annum)

13%

Loan tenure (months)

36 months

360 months

Estimated EMI

per month

₹ 36,690
Interest payable
₹52,41, 690

Apply Now

Eligibility & Documents

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

Documents

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

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, non-salaried and self-employed. List of required income documents

Fees And Charges

List of all fees and charges for Home Loan Balance Transfer

Processing Fees
Up to 3% of sanctioned amount + applicable taxes
Login Fees:
Up to Rs.5000 /- (inclusive of applicable taxes) (nonrefundable)
EMI Dishonour/Bounce Charge*
*A bounce charge is a charge for
(i) dishonour of any repayment instrument; or
(ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate
As shown in the table below

Loan sanction amount (in INR)

Charges in (in INR)

< 5 lacs

₹ 500

5 – 50 Lacs

₹ 1000

>50 Lacs – 2 Cr

₹ 1500

>2 Cr

₹ 2000

Penal Charge/Late Payment Charges (LPC)
Up to 2% per month (p.m.) on overdue EMI + applicable taxes
Annual Maintenance Charges:
NA
Document retrieval / Duplicate NOC charges
Duplicate NOC (charge is applicable for paper copy post 3 free copies per customer), list of documents, Photo copies of the documents (property & others) Up to Rs.1000/- + applicable taxes
Repayment instrument swap fee (per swap)
Up to Rs. 500/- + applicable taxes (applicable only for branch walk-ins)
Asset valuation and verification fee
Up to 1% of loan amount + applicable taxes
Documentation and repayment setup fee
Up to Rs. 2,000/- + applicable taxes
Interest conversion fee
Floating interest rate to floating interest rate: 0.5% of balance Loan Amt. or Rs. 10,000/- whichever is higher + applicable taxes
Floating interest rate to a fixed interest rate and vice versa: 1% of balance Loan Amt. or Rs. 10,000/- whichever is higher + applicable taxes
Charges incurred by LTF for initiating action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002:
- Issue of Loan Recall Notice = Up to Rs. 500/ –
- Issue of Demand Notice = Up to Rs. 1,000/ –
- Issue of Possession Notice = Up to Rs. 2,000/ –
- Applying District Magistrate Order = Up to Rs. 8,000/ –
- Taking Physical possession = Up to Rs. 20,000/ –
Actual cost incurred will be debited for expenses pertaining to Publication of Possession Notice/ Publication Demand Notice/Publication of Sale cum Auction Notice. All applicable taxes will be added.
Loan Cancellation Charges:
Up to Rs. 5000/ – + applicable taxes
Foreclosure / Full Prepayment Charges – Home Loan:
For Individual / Non-Individual Borrowers –
- Floating Rate – Nil Charge
- Fixed Interest Rate –
  i. Less than 1 year from disbursement – up to 3% principal outstanding + applicable taxes
  ii. Post 1 year of disbursement – up 2% on principal
  outstanding + applicable taxes
Pre-payment Charges – Home Loan:
For Individual / Non-Individual Borrowers –
- Floating Rate – Nil Charge
- Fixed Interest Rate –
  i. Less than 1 year from disbursement – up to 3% on Partial Prepayment amount + applicable taxes
  ii. Post 1 year of disbursement – up to 2% on Partial / Prepayment amount + applicable taxes
Non-Compliance Charges:
Up to 1% of principal outstanding + applicable taxes
Field collection service fee:
Up to Rs. 500/- per collection + applicable taxes
Legal fees and charges
As per actuals or Up to Rs. 50,000/- whichever is lower + applicable taxes
Recovery charges
As per actuals or Up to Rs. 1,00,000/- whichever is lower + applicable taxes
Auction fees
Up to 1% of auction sale amount + applicable taxes

Seamless Loans, Simplified Experience

Download the Planet app for a one stop loan solution with effortless management at your fingertips. Learn More

How to Apply

Apply for Home Loan Balance Transfer with these steps

1. Apply Online in Minutes:
Click on "Apply Now" and fill in the form with your personal details and other relevant information
2. Connect with our representative
Our representative will contact you with the details of the loan offer and collect your documents
3. Eligibility and Document check
Your eligibility will be checked and documents will be verified before processing the loan
4. Configure your mode of repayments
You can select your repayment mode and set up a convenient EMI payment schedule
5. Get Loan Disbursement:
Receive the loan amount directly into your account, ensuring convenient and smooth access to funds

FAQs & Support

View all

Can the borrower of an under-construction property avail of a balance transfer loan from L&T Finance?

Yes, borrowers of under-construction properties can avail of a balance transfer loan from L&T Finance, subject to approvals and other policies.

What is a Home Loan Balance Transfer?

A Home Loan balance transfer involves transferring the outstanding balance of your existing Home Loan from one lender to another. This is typically done to benefit from lower interest rates or better loan terms offered by the new lender.

Is there any tax benefit available on Home Loan Balance Transfers?

Tax advantages for Home Loan balance transfers are available under Sections 24(b) and 80C of the Income Tax Act.

Is balance transfer a good option for a Loan?

Certainly! A balance transfer allows you to benefit from reduced interest rates and lower EMIs while offering favorable loan terms.

Does a Home Loan Balance Transfer need a Guarantor?

The Home Loan balance transfer process usually doesn't need a guarantor if the borrower meets the eligibility requirements and has a good repayment history.

Explore all FAQs

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