{"id":383,"date":"2020-08-15T06:38:04","date_gmt":"2020-08-15T06:38:04","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=383"},"modified":"2020-08-15T06:38:04","modified_gmt":"2020-08-15T06:38:04","slug":"home-loan-balance-transfer-lowest-rate-for-6-95p-a","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-balance-transfer-lowest-rate-for-6-95p-a\/","title":{"rendered":"Home Loan Balance Transfer @ Lowest Rate For 6.95%*p.a."},"content":{"rendered":"\n
\"Home<\/figure>\n\n\n\n

(Janakidevi,\nMumbai, 35 years is a professional self-employed having a house loan with the\nbank since 12 months is paying a high housing loan interest rates. With the\nrecent reduction in the series of repo rates, Janakidevi also decides to\ncapitalize the opportunity of lowest home loan interest rates and decides to\napply for a home loan balance transfer with top-up. <\/p>\n\n\n\n

Janakidevi\nvisits the most trusted website of Loanfasttrack (trusted website for Home Loan\n& Mortgage Loan in Mumbai), makes following conversations with experts of\nLoanfasttrack)  <\/p>\n\n\n\n

Janakidevi\n(over telephonic conversation): Could you please help me to transfer my home\nloan to another bank?<\/p>\n\n\n\n

Loanfasttrack:\nYes madam, I am Madhav-Relationship Manager will help you. <\/p>\n\n\n\n

Q. Is home loan transferable? Can my housing\nloan be transferred? <\/strong><\/p>\n\n\n\n

Ans:-\nYes. A home loan can be transferred to another bank. You will have to apply\nwith the new bank as a fresh loan under the loan product \u201cHome Loan Balance\nTransfer\u201d. <\/p>\n\n\n\n

Q. Home loan transfer kaise kare?<\/strong> <\/p>\n\n\n\n

Ans:-\nYou can apply for home loan transfer through Loanfasttrack. Loanfasttrack is a\nfree service provider in Mumbai. It will help you in getting a low cost <\/a>home loan balance\ntransfer<\/strong><\/a>, <\/strong>in getting lowest <\/a>home loan rates in\nMumbai<\/strong><\/a> <\/strong>and will also find for you the best bank for home\nloan<\/strong><\/a>.<\/p>\n\n\n\n

Q. Can I get a housing loan transfer with\ntop-up?<\/strong><\/p>\n\n\n\n

Ans:-\nYes, you can apply for a home loan transfer plus top-up. <\/p>\n\n\n\n

Learn\nmore on top-up loan refer link Top-Up Loans –\nLoanfasttrack<\/a>.<\/p>\n\n\n\n

Q. After how many months home loan can be\ntransferred?<\/strong><\/p>\n\n\n\n

Ans:-\nAfter completing 6 months with the existing bank a home loan can be\ntransferred. However some banks may insist for 12 months repayment.<\/p>\n\n\n\n

Q. What is the current home loan balance\ntransfer rate of interest?<\/strong><\/p>\n\n\n\n

Ans:-\nHome loan transfer rates range from 6.95%p.a. – 10.50% p.a. The best home loan\ntransfer rate of interest is 6.95%p.a. provided by Canara Bank (for any loan\namount), ICICI Bank (for loan amount up-to 35 lakhs) and HDFC Bank (for women\napplicants for loan amount below 30 lakhs).<\/p>\n\n\n\n

For\ncomplete information you can refer our blog Home Loan Interest Rates\ua621Compare Rates Of Top Banks<\/strong><\/a><\/strong><\/p>\n\n\n\n

Q. What is the home loan transfer minimum\ntenure?<\/strong> <\/p>\n\n\n\n

Ans:-\nThe home loan is transferred for the period of outstanding loan tenure. However\nyou can alter, decrease or increase the loan tenure with home loan balance\ntransfer, subject to your age & income eligibility. Since tenure is\ninversely proportional to EMI a reduction in the loan tenure will increase your\nEMI. The minimum tenure for home loan is 5 years while the maximum tenure is\nfor 30 years. <\/p>\n\n\n\n

In case\nof home loan balance transfer with top-up loans, the maximum tenure for the\ntop-up loan will be for 15 years.<\/p>\n\n\n\n

Q. What is the home loan transfer cost?<\/strong> <\/p>\n\n\n\n

Ans:-\nSince home loan transfer is treated as a fresh loan by all lenders i.e. Banks\n& NBFCs, you are required to pay all the relevant home loan charges once\nagain with the new bank. Home loan transfer fees includes: <\/p>\n\n\n\n

i) Home\nloan transfer processing fees + applicable GST.<\/p>\n\n\n\n

ii)\nFranking & stamp duty cost of 0.20% on the loan amount + applicable GST.<\/p>\n\n\n\n

iii)\nAdministrative cost i.e. legal and technical charges which range from Rs.5000\/-\nto Rs.10,000\/- which varies between banks.<\/p>\n\n\n\n

iv)\nOther miscellaneous expenses such as CIBIL charge, CERSAI charge, title search\ncost, etc.<\/p>\n\n\n\n

For\ncomplete information on the transfer cost please refer to the link DON\u2019T GET FOOLED !!\nMUST KNOW ALL COSTS IN HOME LOAN<\/strong><\/a>.<\/p>\n\n\n\n

Q. What are home loan transfer terms and\nconditions? <\/strong><\/p>\n\n\n\n

Ans: –\nThe following are the home loan transfer conditions:<\/p>\n\n\n\n

1) Good\nCIBIL score of 750 and above.<\/p>\n\n\n\n

2)\nProper repayment history of the housing loan.<\/p>\n\n\n\n

3) The\nloan is not in the lock-in period. Especially in a fixed interest rate home\nloan. <\/p>\n\n\n\n

4) The\nloan is not a fixed rate home loan. (In fixed interest rate home loans, your\nexisting bank charges you with a foreclosure charge which varies between 2% to\n4% on your outstanding loan amount. It is therefore suggested to first transfer\nyour home loan from fixed to floating interest rate before applying for a home\nloan balance transfer, which will cost you nominal i.e. 0.20% to 0.50% on the\nloan amount. It is referred to as conversion cost.)<\/p>\n\n\n\n

5) An\nunder-construction property home loan cannot be transferred. For transfer you\nneed to have the possession of the property.<\/p>\n\n\n\n

6) The\ntop-up loans are subject to two important preconditions. <\/p>\n\n\n\n

  1. To your income eligibility.<\/li>
  2. To the market value of the\nproperty. <\/li><\/ol>\n\n\n\n

    The\ncumulative loan amount of the balance transfer along with the top-up amount\ndoes not exceed the LTV norms of the bank.<\/p>\n\n\n\n

    7) The\ntop-up amount cannot be used for trading and speculative purposes.<\/p>\n\n\n\n

    Q. What are the home loan transfer\nrequirements? <\/strong><\/p>\n\n\n\n

    Ans:-\nFor home loan transfer in other bank you must have:<\/p>\n\n\n\n

    1) A\ngood repayment track record for 12 months.<\/p>\n\n\n\n

    2) An\nuninterrupted regular flow of income.<\/p>\n\n\n\n

    3) Your\nloan must be at least 6 months old.<\/p>\n\n\n\n

    4) Your\nhome loan must be a floating rate home loan.<\/p>\n\n\n\n

    5) Have\nall relevant photo-copies of the required set of documents such as KYC, Income\ndocuments & Property papers.<\/p>\n\n\n\n

    Q. What are the available home loan transfer\nschemes?<\/strong><\/p>\n\n\n\n

    Ans: –\nThe following are the various home loan transfer deals:<\/p>\n\n\n\n

    1) Home\nloan balance transfer for women borrowers at special discounted rate of\ninterest.<\/p>\n\n\n\n

    2) Home\nloan balance transfer available with attractive interest rates.<\/p>\n\n\n\n

    3) Home\nloan balance transfer with top-up loans with attractive interest rates on\ntop-ups.<\/p>\n\n\n\n

    4) Home\nloan balance transfer available with O\/D facility\/ saver plan (park your access\nfunds in savings account and pay less interest).<\/p>\n\n\n\n

    5) Home\nLoan Transfer Zero Processing Fees.<\/p>\n\n\n\n

    Q. Current home loan transfer best offers?<\/strong><\/p>\n\n\n\n

    Ans:-\nBelow given are the best Home loan offers.<\/p>\n\n\n\n

    1) Canara\nBank – 6.90% p.a. for women borrowers, processing fees maximum up-to\nRs.10,000\/- plus applicable GST for any loan amount. <\/p>\n\n\n\n

    2)\nICICI Bank – 7.25% p.a. – 7.50% p.a. for self-employed, processing fees 0.30%\non loan amount plus applicable GST.<\/p>\n\n\n\n

    3) HDFC\nBank – 6.95% p.a. – 8% p.a. for self-employed, processing fees 0.50% of the\nloan amount plus applicable GST.<\/p>\n\n\n\n

    4)  Home loan balance transfer with zero\nprocessing fees with ICICI bank for home loan above Rs. 1 crore.<\/p>\n\n\n\n
    \n Click To Get Updated Home Loan Transfer Options<\/strong><\/a><\/strong>\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

    Q. What will be my home loan balance transfer\neligibility?<\/strong><\/p>\n\n\n\n

    Ans:-\nHome loan transfer eligibility is subject to your age, income eligibility and\nmarket value of the property. Your eligibility also depends on other factors\nsuch as CIBIL score, profile, business & employment details, property\ndetails (location, age, project approved, etc), etc. <\/p>\n\n\n\n

    Q. Is a home loan transfer for NRI possible? <\/strong><\/p>\n\n\n\n

    Ans:-\nYes. NRI home loan balance transfer is possible. According to many private\nbanks such as ICICI Bank, HDFC Ltd., Axis Bank, etc. the NRI has to be present\nin India for the loan process. The NRI in the countries such as Iran, North\nKorea (Democratic People\u2019s Republic of Korea), Cuba, Syria, Sudan, and Cremia\nRegion of Ukraine, Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Nepal,\nMacau, Hongkong or Bhutan will not be considered for housing loans. <\/p>\n\n\n\n

    For\nadditional information on NRI home loans please refer to the link Everything You Must Know About NRI Home Loans<\/strong><\/a>. <\/strong><\/p>\n\n\n\n

    Click to get NRI List Of Documents For Applying Home Loan<\/strong><\/a>, <\/strong>NRI List Of Documents For Applying Mortgage Loan<\/strong><\/a>.<\/strong><\/p>\n\n\n\n

    Q. Does home loan transfer from wife to\nhusband possible?<\/strong> <\/p>\n\n\n\n

    Ans:-\nYes, but it is a rare ratio. Home loan transfer from wife to husband is\npossible provided the wife transfers the ownership rights on the property to\nhusband, which means she will no longer be the owner of the property subject to\nthe income eligibility of the husband.<\/p>\n\n\n\n

    Q. Is home loan balance transfer eligible for\nPMAY subsidy?<\/strong> <\/p>\n\n\n\n

    Ans:-\nIf you have already taken the PMAY subsidy from the existing bank, you cannot\nclaim the same again with the new bank. <\/p>\n\n\n\n

    Q. Does home loan transfer before possession\npossible?<\/strong><\/p>\n\n\n\n

    Ans:-\nNo. A home loan cannot be transferred before taking possession of the property.\n<\/p>\n\n\n\n

    Q. What is home loan transfer from seller to\nbuyer?<\/strong> <\/p>\n\n\n\n

    Ans:-\nThe banking language is home loan seller BT (balance transfer). It is a\nterminology for resale purchase of the property where the seller of the\nproperty has already taken a loan to purchase the property. When the property\nis sold to a buyer who also applies for a housing loan to purchase the same\nproperty, the home loan of the seller is transferred to the buyer. According to\nthe banking process, the bank first closes the seller\u2019s home loan with the buyer\u2019s\nhousing loan and the remaining funds will be transferred to the seller\u2019s\naccount.  <\/p>\n\n\n\n

    Q. How does home loan transfer work?<\/strong> <\/p>\n\n\n\n

    Ans:-\nThe home loan balance transfer works as follows:<\/p>\n\n\n\n

    Home\nloan transfer process:<\/p>\n\n\n\n

    1) The\nhome loan transfer process starts by applying with the best bank for home loan,\nby submitting the required set of documents along with the home loan transfer\napplication forms. <\/p>\n\n\n\n

    2)\nDocuments are checked for any queries.<\/p>\n\n\n\n

    3) FI\n(Field Investigation) visits will be arranged at your residence as well as\noffice.<\/p>\n\n\n\n

    4)\nProperty technical will be conducted. Property market value is ascertained\nthrough the technical visits.<\/p>\n\n\n\n

    5) The\nfile is then forwarded for the sanction process.<\/p>\n\n\n\n

    6) The\nremaining processing fees will be collected after the loan is sanctioned. <\/p>\n\n\n\n

    7)\nLegal for the property is conducted to be sure the property is a freehold\nproperty and has a clear and marketable title.<\/p>\n\n\n\n

    8) On\nsuccessful sanction, technical & legal of the case the file is undertaken\nfor the disbursement. Disbursement is the final process of the transfer. You\nare required to submit the duly signed disbursement kit along with the\nphotocopies of property papers. The submitted documents are once again\nscrutinized. <\/p>\n\n\n\n

    9) You\nwill have to pay the relevant loan charges which includes the administrative\nlegal and technical charge & stamp duty charges on the loan.<\/p>\n\n\n\n

    10) The\ncheque-cut is done in the name of the bank from which your loan is being\ntransferred.<\/p>\n\n\n\n

    Your\nloan is now transferred to a new bank with low interest rates on housing loans.\nThe inter-bank transfer will be undertaken for transferring your original\ndocuments from the existing bank to the new bank.  <\/p>\n\n\n\n

    Q. Is home loan transfer profitable?<\/strong><\/p>\n\n\n\n

    Ans:-\nDefinitely yes. A home loan transferred to a new bank with a low interest rate\nis definitely profitable. It saves your amount in lakhs as it reduces the total\ninterest payable to the bank. The reduced rate also benefits you with reduced\nEMIs.<\/p>\n\n\n\n

    Q. What are the home loan transfer pros and\ncons?<\/strong> <\/p>\n\n\n\n

    Ans:-\nHome loan transfer advantages and disadvantages<\/p>\n\n\n\n
    \n Home\n Loan Transfer Advantages\n <\/td>\n Home\n Loan Transfer Disadvantages \n <\/td><\/tr>
    \n 1) Advantage over low interest rates.\n 2) Reduces the total interest payable.\n 3) Loan tenure can be enhanced.\n 4) EMI outgo can be reduced.\n 5) Top-up loans can be availed at the\n housing loan interest rates.\n 6) Change from fixed rate to floating\n interest rate.\n 7) Get a housing loan saver plan. \n 8) Get satisfactory services with the new\n bank such as generating loan statements, document requests and transferring\n the benefits of reduced rates, etc.\n 9) Get a new age banking technology and ease\n of access which existing banks are not able to offer.\n <\/td>\n 1) The process to switch a home loan can be\n lengthy.\n 2) The loan approval process is to be\n initiated all over again, which is sanction, FI visit, legal & technical,\n disbursement, etc.\n 3)All relevant housing loan charges are to be paid\n including the processing fees, legal & technical, stamp duty, etc.\n 4) If outstanding loan or tenure are more, you may\n not save much from a balance transfer\n 5) Interest component increases when the\n loan tenure is enhanced.\n  \n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

    Q. What is a home loan balance transfer EMI\ncalculator?<\/strong> <\/p>\n\n\n\n

    Ans:-\nHome loan transfer eligibility calculator is an online tool that helps you to\ncalculate your EMI instantly by feeding just three simple figures, loan amount,\ntenure and the rate of interest. <\/p>\n\n\n\n

    Calculator\nfor home loan transfer is beneficial as you can also compare multiple EMIs with\ndifferent loan tenures and interest rates.<\/p>\n\n\n\n
    \n Home\n Loan Transfer EMI Calculator<\/strong><\/a> <\/strong>\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

    Q. Where do I place my home loan transfer\nrequest?<\/strong><\/p>\n\n\n\n

    Ans:-\nLoanfasttrack will assist you with the loan transfer. You may select the\nbeneficial bank scheme, and Loanfasttrack will do the rest.   <\/p>\n\n\n\n

    Q. How to get home loan transfer?<\/strong><\/p>\n\n\n\n

    Ans:-\nOur executive will visit you in person for documentation along with the\napplication form of the selected bank for balance transfer.<\/p>\n\n\n\n

    Q. What are the documents for home loan\ntransfer? <\/strong><\/p>\n\n\n\n

    Ans:-\nHome loan transfer documents include: <\/p>\n\n\n\n

    1) KYC-\nPan card, Adhar card, residential & office proof.<\/p>\n\n\n\n

    2)\nFinancial Documents – <\/p>\n\n\n\n

    1. For Self-Employed- 3 years ITR with Saral\nCopy, Balance Sheet, P&L Account, Capital Account \u2013 CA certified with\nmembership no. and UDIN No. <\/li>
    2. For Salaried – 4 months Salary Slips, 6 months Bank Account\nStatement, 2 years From 16.<\/li><\/ol>\n\n\n\n

      3)\nProperty Documents – Prior Chain of Agreement, OC\/CC + approved plans, Index 2, Share\nCertificate, Society Registration Copy, Property Tax.<\/p>\n\n\n\n

      4)\nLOD, Outstanding letter and 12-18months repayment track record. <\/p>\n\n\n\n

      Click\nfor Home Loan Balance Transfer <\/strong>documentations\n– For Salaried<\/strong><\/a>, For Self-Employed- Proprietorship Firm<\/strong><\/a>, <\/a>Private Limited Company<\/strong><\/a>, Partnership Firm<\/strong><\/a>.<\/p>\n\n\n\n
      \n Click To Switch Your High Interest Rate Home Loan @\n 6.95*p.a.<\/strong><\/a>\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

      Q. What is LOD for home loan transfer?<\/strong> <\/p>\n\n\n\n

      Ans:-\nLOD stands for list of documents. It is provided by the bank on its letterhead\n& mentions the list of documents you submitted with the bank for availing\nthe housing loan. <\/p>\n\n\n\n

      (Satisfied\nwith customer services of Loanfasttrack, Janakidevi opts for home loan balance\ntransfer along with top-up loan with Loanfasttrack and still continues to\nremain the esteem customer of Loanfasttrack, through them she also fulfilled\nher other loan requirements such as mortgage loan, personal loan, business loan\nand as well as commercial loan.)<\/p>\n\n\n\n

      You\ndon\u2019t miss your chance to become an esteem customer with Loanfasttack.\nLoanfasttrack can be your home loan transfer agent.<\/p>\n\n\n\n

      For\nhome loan transfer from ICICI Bank to HDFC, home loan transfer from HDFC to\nICICI Bank, home loan transfer to HDFC Bank<\/strong><\/a>,home loan transfer to ICICI Bank<\/strong><\/a>, home loan transfer to Canara Bank<\/strong><\/a> visit https:\/\/www.loanfasttrack.com\/<\/strong><\/a>. You can also email us on info@loanfasttrack.com<\/strong><\/a> or directly speak to our\nexperts on 9321020476<\/strong>. <\/p>\n\n\n\n

      Loanfasttrack <\/strong><\/a>is the best online user friendly\nplatform to compare and evaluate the best bank for home loan in India<\/strong><\/a>. Loanfasttrack is a Mumbai based loan provider company since 2015\noffering loan\nservices in Mumbai on– housing loan in\nMumbai<\/strong><\/a>, mortgage loan in\nMumbai<\/strong><\/a>, personal loan in\nMumbai<\/strong><\/a>,<\/a> <\/a>business Loan in\nmumbai<\/strong><\/a>, unsecured\nbusiness loans<\/strong><\/a>,home loan transfe<\/strong><\/a>r<\/strong><\/a>, top-up loans, car loans<\/strong><\/a> and loan transfers<\/strong><\/a>. <\/p>\n\n\n\n

      It also helps you:<\/p>\n\n\n\n

      \u221a To find the <\/a>best bank for home loan<\/strong><\/a><\/strong><\/p>\n\n\n\n

      \u221a To get lowest <\/a>home loan rates in\nMumbai<\/strong><\/a><\/strong><\/p>\n\n\n\n

      \u221a To get an <\/a>instant loan in\nMumbai<\/strong><\/a><\/strong><\/p>\n\n\n\n

      \u221a To get instant personal loan in Mumbai<\/strong><\/a> & <\/a>business loan in\nMumbai<\/strong><\/a><\/strong><\/p>\n\n\n\n

      \u221a To make you\nqualify for the maximum <\/a>loan against\nproperty eligibility<\/strong><\/a><\/strong><\/p>\n\n\n\n

      \u221a To get a low\ncost <\/a>home loan balance\ntransfer<\/strong><\/a><\/strong><\/p>\n\n\n\n

      \u221a To get assured\nlow interest rates for <\/a>loan against\nproperty in Mumbai<\/strong><\/a><\/p>\n\n\n\n

      Additional\nRead:<\/p>\n\n\n\n