Is home loan transfer good? Is home loan transfer profitable? Is home loan balance transfer beneficial? are some common questions from home loan borrowers.
Many times the borrower is not aware of home loan transfer benefits and thereby misses the chance to reduce his EMI, by transferring his home loan to other bank. Highlighted below are the benefits of home loan balance transfer.
Home Loan Transfer Advantages
1) Home loan transfer will get you a low interest rate on home loan.
The change in the RBI’s repo rate also changes the lending rates of the bank. With the reduction in the repo rates, the bank’s lending rates are reduced. If your existing rate of interest doesn’t change with the change in the bank’s interest rates, or if the change is negligible, then it is probably the time to shift your loan. Home loan transfer from one bank to another will get you the low housing loan interest rate.
Additional Read: Know How To Deal With The Increasing Interest Rates Of Housing Loans
|Home Loan Transfer Lowest Interest Rate of 6.95%*p.a.|
2) Enjoy Reduced EMIs
Low interest rate means low per month repayment outgo i.e. reduced EMIs.
3) Total Interest Payable Is Less
Low interest rate means less total interest payable to the bank for the same principal amount.
|Home Loan Transfer Offers|
4) Opportunity To Enhance Your Loan Tenure
Home loan transfer will give you an opportunity to enhance your loan tenure. Enhancing the loan tenure saves money on your per month instalments, since the EMIs are reduced.
(Home loan transfer minimum tenure is 5 years)
5) Get Top-up At Home Loan Rate
Home loan transfer is beneficial to avail a home loan transfer and top-up loan at home loan interest rates.
|Home Loan Transfer With Top-up At Lowest Interest Rate Of 6.95*p.a.|
6) Transfer From Fixed To Floating Interest Rate
Home loan balance transfer also gives you an opportunity to transfer your fixed interest rate home loan to floating interest rate home loan and vice-a-versa.
7) Opportunity To Shift With The Bank With New Age Technology
Home loan transfer is beneficial when you are looking for a new age banking technology and ease of access which existing banks are not able to offer such as online requests for generating loan statements, online repayment or prepayment, documents retrieval request, interest rate reduction request, etc.
|Home Loan Transfer To ICICI Bank|
8) Home Loan Transfer Can Get You A Loan Saver Plan
Home loan transfer also gives you an opportunity to transfer your home loan from the standard plan to a saver plan / home loan with OD facility. The saver plan is where you can park your access funds in the saving account and pay less interest or EMI.
|Home Loan Transfer Schemes|
9) Enjoy Satisfactory Services With The New Bank
If you are frustrated with the services provided by your existing bank, home loan transfer will get you satisfactory services with the new bank such as timely response, generating loan statements, document requests and transferring the benefits of reduced rates, etc. which your existing bank might have failed.
|Home Loan Transfer To HDFC Bank|
10) Opportunity For Home Loan Transfer From NBFC To Bank
Interest rates with NBFCs are higher in comparison to banks. The home loan balance transfer option will give you an opportunity to transfer your high interest rate home loan with NBFC to a low interest rate home loan with the bank.
Additional Read: Why Home Loan Interest Rates Of NBFCs Higher Than Banks
|Click For Home Loan Transfer HDFC To ICICI Bank|
11) Home Loan Transfer To Another Person Is Possible
Home loan transfer by the applicant to the co-applicant or from co-applicant to the applicant is possible with the home loan balance transfer option, provided the transferer makes a release deed and transfers his ownership rights on the property to the other loan co-borrower subject to the income eligibility of the co-borrower. Home loan transfer from wife to husband and vice-a-versa, home loan transfer from parents to children (son & daughter) or vise-a-versa, home loan transfer from sister to brother or vice-a-versa, home loan transfer from brother to brother, are some of the examples of home loan transfer to another person.
|Home Loan Transfer Options|
12) Other Benefits
- Home loan transfer is beneficial when you are reallocating to another city.
- Home loan transfer is beneficial when you get a low interest rate on a housing loan along with zero home loan transfer processing fees.
- Home loan transfer is beneficial when you get a low interest rate on a housing loan along with concessions on the home loan transfer charges.
Home Loan Transfer Interest Rates
Below given is the home loan transfer rates of top banks.
|Bank||Rate Of Interest|
|ICICI Bank||7.10% p.a. For salaried. 7.25% p.a. For self-employed.|
|Canara Bank||6.95% p.a. For salaried & self-employed.|
|HDFC Ltd.||7.10% p.a. For salaried & self-employed.|
|Click For Home Loan Transfer To Canara Bank|
Home Loan Transfer Documents Required
1) KYC- Pan card, Adhar card, residential & office proof.
2) Financial Documents –
- For Self-Employed- 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No.
- For Salaried – 4 months Salary Slips, 6 months Bank Account Statement, 2 years From 16.
3) Property Documents – Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy, Property Tax.
4) LOD, Outstanding letter and 12-18months repayment track record.
Even though the home loan transfer is beneficial, the borrower at times is reluctant to take the benefits of the loan transfer because of the time consuming lengthy home loan processing and its tedious documentation. But Loanfasttrack has made it possible for the borrower to enjoy the benefits of the home loan balance transfer by its easy & smooth processing, minimum documentation, home services and fastest disbursement process of within 15-20 working days. Try services of Loanfasttrack, Loanfasttrack is ready to be your home loan transfer agent.
Loanfasttrack is the best online user friendly platform to compare and evaluate the best bank for home loan in India. Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers.
It also helps you:
√ To find the best bank for home loan
√ To get lowest home loan rates in Mumbai
√ To get an instant loan in Mumbai
√ To make you qualify for the maximum loan against property eligibility
√ To get a low cost home loan balance transfer
√ To get assured low interest rates for loan against property in Mumbai