Home Loan Transfer Details
| Home Loan With Lowest Interest Rates In India @ 6.95%*p.a. Home Loan Transfer With Zero Processing Fee Offer With Selected Banks. |
Home Loan Transfer Definition:
A home loan transfer from one bank to another bank is referred to as Home Loan Transfer OR Home Loan Balance Transfer.
Home Loan Balance Transfer Meaning:
A Home loan transfer to other bank is usually done in order to enjoy the benefits of the low interest rates of home loans, to apply for a top-up loan and to enhance the housing loan tenure.
Home Loan Balance Transfer And Top-up
To avail top loan at the home loan interest rate, an home loan balance transfer with top-up is applied with the best bank for home loan in India. A top-up is the additional loan taken on an already existing home loan to meet various professional and personal needs. The top-up loan eligibility is subject to the income of the borrower and to the market value of the property. The cumulative amount of the home loan and the top up loan cannot exceed the banking LTV (Loan To Value) norms which is 80% of the market value of the property. The top up interest rates of leading lenders for home loan range from 7.35%p.a. – 11.15%p.a.
HDFC & ICICI bank home loan top up interest rate starts from 7.10% p.a. onwards
| ICICI Bank Home Loan Balance Transfer With Top Up @ Lowest Rate Of 7.10%p.a. |
Home Loan Transfer Tenure
The home loan tenure is subject to the age of the borrower and to the income eligibility of the borrower. Provided the fulfilment of the age and income criteria the home loan tenure can be altered for the borrower. The loan tenure is inversely proportional to the EMI. An enhancement in the loan tenure will decrease the EMI and vice-a-versa.
Maximum tenure for home loan transfer is 30 years.
Home loan transfer minimum tenure is 5 years.
Home Loan Transfer Interest Rate
Home loan transfer lowest interest rate is available with Canara Bank which is 6.95%p.a. for any loan amount available for both salaried and self-employed borrowers.
The top-up loan is charged at a mortgage loan interest rates for the top-up amount exceeding the original home loan amount. For example, if the original home loan taken by the borrower is Rs.50lakhs and the outstanding loan amount at the time of home loan balance transfer is Rs.35lakhs, then the interest rate calculation for the top up loan will be as under:
For top-up loan upto Rs.15lakhs (50lakhs-35lakhs) – housing loan interest rate.
For top-up loan more than Rs.15lakhs – mortgage loan interest rate.
The Home Loan Transfer Rates Of Top Banks
| Bank | Home Loan Rate Of Interest | Top-Up Rate Of Interest |
| ICICI Bank | 7.10% p.a. For Salaried. 7.25% p.a. For Self-Employed. | Starts from 7.10% p.a to 9.50% p.a. |
| Canara Bank | 6.95% p.a. For Salaried & Self-Employed | – |
| HDFC Ltd. | 7.10% p.a. For Salaried & Self-Employed | Starts from 7.10% p.a to 9.90% p.a. |
Note: Interest rates are subject to change without prior notice.
Top-up loan with Canara bank is not available with home loan balance transfer. Top-up loan can be availed only by the existing home loan borrowers of Canara Bank after completing 1 year with Canara Bank.
Charges For Home Loan Transfer
Since home loan transfer is treated as a fresh loan all relevant home loan charges will be applicable for the loan transfer. The home loan transfer charges includes,
i) Home loan transfer processing fees + applicable GST.
ii) Franking & stamp duty cost of 0.20% on the loan amount + applicable GST.
iii) Administrative cost i.e. legal and technical charges which range from Rs.5000/- to Rs.10,000/- which varies between banks.
iv) Other miscellaneous expenses such as CIBIL charge, CERSAI charge, title search cost, etc.
Home Loan Balance Transfer Charges Rbi Guidelines – As per the RBI guidelines NIL Pre-closure/Foreclosure Charges are applicable on a floating interest rate home loan.
Home Loan Transfer Calculator
Home loan EMI calculator is important since it helps to compare the EMI difference for transferring the home loan. The calculator gives the exact idea on the per month savings on EMI and the savings on the total interest payable on the same home loan amount. The calculator is easy to use, it instantly calculates the EMI and also provides the amortization chart showing the ratio of the principal amount to the interest due, based on the loan tenure and interest rates.
Compare multiple EMIs with different loan tenures and interest rates with Loanfasttrack’s EMI Calculator.
(For complete details, read: Home Loan EMI Calculator.)
Home Loan Transfer Terms & Conditions
- Must have a good repayment track record for 12months.
- Must have a regular flow of income.
- Home loan transfer grampanchayat property is not possible.
- The property possession is taken.
- Under-construction property home loan is not transferable.
- Top-up loan is subject to income eligibility and to the LTV norms.
- Top-up amount cannot be used for trading and speculative purposes.
Home Loan Transfer Documents Required
Home loan transfer documents include, KYC, Income Documents, Property papers and LOD + O/S letter + Repayment track record.
1) KYC- Pan card, Adhar card, residential & office proof.
2) Income Documents –
- For Self-Employed- 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership 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.
Click for Home Loan Balance Transfer documentations – For Salaried, For Self-Employed- Proprietorship Firm, Private Limited Company, Partnership Firm.
For ICICI bank home loan transfer, ICICI bank home loan balance transfer with top up, home loan transfer from ICICI Bank to HDFC, home loan transfer from HDFC to ICICI Bank, home loan transfer to HDFC Bank,home loan transfer to ICICI Bank, home loan transfer to Canara Bank visit https://www.loanfasttrack.com/. You can also email us on info@loanfasttrack.com or directly speak to our experts on 9321020476.
Loanfasttrack promises to get you a best home loan in India, best home loan tenure, best home loan bank, best home loan interest rates in India, best home loan offers along with home loan transfer best offers.
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 get instant personal loan in Mumbai & business 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
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