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Balance transfer or balance transfer loan means switching the existing loan to the new lender (Bank/NBFC) in order to enjoy the benefits of lower interest rates & longer repayment tenure. It thus helps to save on the monthly EMI outgo. A loan that has completed a minimum duration of 6 months gets eligible for a transfer. Eligible balance transfers are:-
|1||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)|
|2||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)|
|3||Latest Salary-slips for 4 months||Certificate & Proof of business existence along with Business Profile|
|4||Form 16 for last 2 years||Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant|
|5||Last 6 months Bank Statements(salary account)||Last 12 months Bank Account Statements (self & business)|
|6||Processing Fee Cheque in favour of bank.||Processing Fee Cheque in favour of bank.|
|7||Photocopy of Title Documents of the Property, Approved Plan Copy etc.||Photocopy of Title Documents of the Property, Approved Plan Copy etc.|
|8||Any other documents as requested for by the respective Financial Institution||Any other documents as requested for by the respective Financial Institution|
|9||LOD Copy||LOD Copy|
|10||18 months repayment track record||18 months repayment track record|
|10||Latest outstanding letter copy||Latest outstanding letter copy|
Just like home loan, the interest payable on home loan balance transfer/home loan refinance is also subject to tax deductions.
Loanfasttrack is a free service provider. It is one of the best loan provider companies to assist in the home loan transfers and top-up as well as with mortgage loan transfers and top-up. Loanfasttrack has a dedicated professional and expert team which provides personalized services throughout the loan process. It finds the best offer and rates of top banks to help switch home loan, switch mortgage loan and switch personal loan.It is the best online platform that helps to compare home loan interest rates & mortgage loan interest rates & apply instantly for a takeover loan just at a single click.
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