{"id":392,"date":"2020-08-22T06:25:22","date_gmt":"2020-08-22T06:25:22","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=392"},"modified":"2020-08-22T06:25:22","modified_gmt":"2020-08-22T06:25:22","slug":"home-loan-transfer-requirements","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-transfer-requirements\/","title":{"rendered":"Home Loan Transfer Requirements"},"content":{"rendered":"\n
\"Home<\/figure>\n\n\n\n
Home Loan Balance Transfer @ 6.95%*p.a. With Zero Processing Fees*<\/strong> <\/td><\/tr><\/tbody><\/table>\n\n\n\n

You\nchoose for a home loan transfer from one bank to another in order to enjoy the\nbenefits of home loan transfer mainly the lowest interest rates for housing\nloan & enhancement in the housing loan tenure (subject to maximum tenure on\nhome loan which is 30years). <\/p>\n\n\n\n

In\norder to opt for the home loan transfer to other bank, it is important that you\nfulfill all the home loan transfer terms and conditions of the banks. The\ntransfer terms and conditions may vary among the lenders i.e. Banks &\nNBFCS, say for instance Pvt. Banks like ICICI & NBFCs like HDFC Ltd. can\ntransfer your home loan which is 6 months old, while the nationalized Banks\nlike Canara need a 12 months repayment track record in order to process the\nhome loan transfer request. Given below are some of the important aspects to be\nconsidered to transfer your home loan.<\/p>\n\n\n\n

Home Loan Transfer Requirements<\/strong> <\/h2>\n\n\n\n

1) Timely Repayment Of Loan EMIs<\/strong><\/p>\n\n\n\n

In home\nloan balance transfer requests the banks basically and mainly looks for a clear\ntrack history for housing loan repayment by the borrowers. The housing loan repayment\nschedule<\/a> \/ track record must be clear of any EMI bounces, EMI late payments &\nundue EMIs. Timely repayment of home loan EMIs<\/a> will also earn a lowest\ninterest on home loan. A good repayment track record for 12-18 months is\nrequired in order to transfer your high interest rate home loan to a new bank\nwith low interest rate home loan. A 6 months old home loan can also be\ntransferred with selected banks, namely ICICI & HDFC.<\/p>\n\n\n\n

2) Must Have Uninterrupted Flow Of Income<\/strong><\/p>\n\n\n\n

You\nneed to have a regular flow of income per month if you wish to switch home loan\nto another bank. Bank ascertains your repayment capacity on the basis of your\nincome eligibility. A borrower with interrupted flow of income cannot enjoy the\nbenefits of home loan transfer. Even if you have uninterrupted income flow of\nincome but you maintain an account balance for the EMIs, home loan balance\ntransfer is possible. <\/p>\n\n\n\n

 3) The\nProperty Should Be Within The City Approved Corporation Limits<\/strong><\/p>\n\n\n\n

A home\nloan transfer grampanchayat property is not approved. The property has to be\nwithin the approved corporation limits of the authority and must be approved by\nBMC, TMC, MHADA, CIDCO, KDMC, VVCMC, MMRDA etc. for the properties in the\nmetropolitan city of Mumbai. Grampanchayat properties are usually not\ntransferable by the leading home loan Banks and NBFCs. <\/p>\n\n\n\n

Additional\nRead: Why Is It Difficult To Get A Loan On Grampanchayat\nProperty?<\/strong><\/a><\/p>\n\n\n\n

4) Possession Of The Property Has Been\nReceived<\/strong><\/p>\n\n\n\n

(Home Loan Transfer Under\nConstruction Property<\/strong> Is Not Possible)<\/strong><\/p>\n\n\n\n

A home\nloan taken on under construction property cannot be transferred unless the\nborrower has taken the possession of the property. In under-construction home\nloans you pay only the interest amount to the bank or the loan is partially\ndisbursed, therefore, unless you get the possession of the property and start\npaying the full EMIs for atleast 6 months the home loan cannot be transferred.\n(CLICK to know <\/a>If Pre EMI is better\nthan full EMI<\/a>). You are required to provide a copy of the possession letter\nalong with other home loan transfer documents when opting for the home loan\nswitch. <\/p>\n\n\n\n

Additional\nRead: What Is Advantageous? Purchasing A Resale Property Or Investing\nIn A Builder Property<\/strong><\/a><\/p>\n\n\n\n

Quick Guide To Difference Between Home Loan Builder Case\n& Resale Case<\/strong><\/a><\/p>\n\n\n\n

5) The Loan Is Not In The Lock-In Period<\/strong><\/p>\n\n\n\n

Ensure\nthat your loan is not in the lock-in period while switching the bank for lowest\nhome loan rate. Such is the preferable circumstance for fixed interest rate\nhome loans. In fixed interest rate home loans your rate of interest remains\nfixed for a fixed tenure say for 1year, 3years, 5years, 10years or 15years\naccording to the banking agreement. Under fixed interest rate home loans you\nare charged a penalty for preclosure of your home loan which may range from\n2%-5% on the outstanding loan amount depending upon the Bank\/NBFC.<\/p>\n\n\n\n
If you are looking to transfer your high interest rate home loan i.e. a fixed interest rate home loan and pay a nominal penalty, speak to experts of <\/em><\/strong>Loanfasttrack<\/em><\/strong><\/a> on <\/em><\/strong>9321020476<\/em><\/strong> for guaranteed solution. <\/em><\/strong> <\/td><\/tr><\/tbody><\/table>\n\n\n\n

6) All Co-Borrowers & Co-Owners Of\nProperty Must Sign The Home Loan Application Forms.<\/strong>  <\/p>\n\n\n\n

All\nco-owners of the property have to be co-applicants on the loan. For home loan\nbalance transfer all co-applicants must give their consent to transfer the\nloan. Especially when a home loan is availed in the name of two or more\nsiblings. On the contract if the home loan is to be transferred on a single\nname or an applicant while applying for a balance transfer, the other\nco-applicants must give up their property ownership rights by signing a release\ndeed. <\/p>\n\n\n\n

Home\nloan transfer from wife to husband and vice-a-versa, home loan transfer from\nparents to children (son & daughter), home loan transfer from sister to\nbrother or vice-a-versa, home loan transfer from brother to brother, are some\nof the examples of home loan transfer to another person.<\/p>\n\n\n\n

7) Good CIBIL Score<\/strong><\/p>\n\n\n\n

A CIBIL\nscore of 750 above is considered a good CIBIL score for all types of loan\nrequirements. Banks scrutinize your repayment capacity by pulling out your\nCIBIL report. Low\/poor CIBIL score puts question to your repayment capacity and\nbanks avoid funding on the grounds of high risk of defaults. However a low\nCIBIL score housing loan may be considered for balance transfers by Banks\/NBFCs\nbut such transfers necessarily may not earn you a lowest interest rate for\nhousing loan.<\/p>\n\n\n\n

Additional\nRead: CIBIL And Its Significance In Home Loan<\/strong><\/a><\/p>\n\n\n\n

Know How Your Home Loan Inquiry Impacts Your CIBIL Scores<\/strong><\/a><\/p>\n\n\n\n

8) Top-Up Restrictions For Home Loan Balance\nTransfer With Top Up<\/strong><\/p>\n\n\n\n

A top\nup applied to meet your professional and personal needs is subject to the\nfulfilment of the following conditions:-<\/p>\n\n\n\n

i) Income\nEligibility – You must be eligible to pay additional top-up EMI towards your\ntop-up loan.<\/p>\n\n\n\n

ii) LTV\nNorms – The cumulative loan amount of the balance transfer and top-up amount\ndoes not exceed the LTV norms of the bank which is 80% of the market value of\nthe property.<\/p>\n\n\n\n

iii)\nThe top-up amount cannot be used for trading and speculative purposes.<\/p>\n\n\n\n

iv) The\ntop-up loan<\/a> is charged at a mortgage\nloan interest rates for the top-up amount exceeding the original home loan\namount.<\/p>\n\n\n\n
\n Apply\n For ICICI Bank Housing Loan Transfer With Top Up @ Lowest Rate Of 7.10%p.a.<\/strong><\/a><\/strong>\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Additional\nRead: What Do You Mean By Loan Eligibility In Home Loan?<\/strong><\/a><\/strong><\/p>\n\n\n\n

9) Should Have Necessary Documents For Home\nLoan Transfer<\/strong><\/p>\n\n\n\n

Home\nloan transfer documents must have 3 important documents along with your KYC,\nincome & property papers, which are: <\/p>\n\n\n\n

i) LOD\n– List Of Documents. (List of original documents submitted to the bank provided\non the bank\u2019s letterhead)<\/p>\n\n\n\n

ii)\nLoan Outstanding Letter.<\/p>\n\n\n\n

iii)\n12-18months SOA (Statement Of Account) of repayment track record. <\/p>\n\n\n\n

Click\nfor home loan transfer documents required – 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

Home Loan Transfer Details:<\/strong> <\/strong><\/h2>\n\n\n\n
  1. Home Loan Transfer Interest Rates <\/strong>
    Starts from 6.95% p.a.
    <\/li>
  2. Best Home Loan Tenure: <\/strong>
    Home Loan Transfer Minimum Tenure – 5 years
    Home Loan transfer Maximum Tenure – 30 years
    <\/li>
  3. Processing Fees – <\/strong>Upto 0.30% on the loan amount + applicable GST.To know complete list of charges – CLICK <\/strong><\/a>
    <\/li>
  4. Home Loan Balance Transfer Charges Rbi Guidelines<\/strong>
    As per the RBI guidelines NIL Pre-closure\/Foreclosure Charges <\/strong>are applicable on a floating interest rate home loan.
    <\/li>
  5. Home Loan With Lowest Interest Rates In India<\/strong>
    Minimum home loan interest rate available is 6.95% with Canara Bank (For any loan amount), ICICI Bank (For any loan amount-builder property purchase) and HDFC Bank (For loan amount below 30lacs for women borrowers). <\/li><\/ol>\n\n\n\n

    The Home Loan Transfer Rates Of Top\nBanks<\/strong><\/p>\n\n\n\n
    \n Bank<\/strong>\n <\/td>\n Home\n Loan Rate Of Interest<\/strong>\n <\/td>\n Top-Up\n Rate Of Interest<\/strong>\n <\/td><\/tr>
    \n ICICI Bank\n <\/td>\n 7.10% p.a. For Salaried.\n 7.25% p.a. For Self-Employed.\n <\/td>\n Starts from 7.10% p.a to 9.50% p.a.\n <\/td><\/tr>
    \n Canara Bank\n <\/td>\n 6.95% p.a. For Salaried & Self-Employed\n <\/td>\n –\n <\/td><\/tr>
    \n HDFC Ltd.\n <\/td>\n 7.10% p.a. For Salaried & Self-Employed \n <\/td>\n Starts from 7.10% p.a to 9.90% p.a.\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

    Note:\nInterest rates are subject to change without prior notice.<\/em><\/strong> <\/strong><\/p>\n\n\n\n

    Additional\nRead:Why Home Loan Interest\nRates Of NBFCs Higher Than Banks<\/strong><\/a><\/p>\n\n\n\n

    For\nICICI bank home loan transfer, ICICI bank home loan balance transfer with top\nup, home 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
    Home Loan Balance Transfer Offers With Loanfasttrack<\/strong> \u00a0

    Home Loan Transfer Zero Processing Fee With ICICI Bank @ 7.10% p.a. (For Cases Above 1Crore)<\/strong><\/a> \u00a0<\/strong>

    Home Loan Transfer Without Processing Fee With Canara Bank @ 6.95% p.a. (For Cases Above 75Lakhs)<\/strong><\/a> \u00a0 \u00a0

    Home Loan Balance Transfer With Zero Processing Fee With HDFC Bank @ 7.10% p.a. (For Cases Above 1 Crore)<\/strong><\/a> <\/td><\/tr><\/tbody><\/table>\n\n\n\n

    Online Process For Home Loan Transfer<\/strong><\/h2>\n\n\n\n

    Home\nloan transfer has now become easier with the online processing of the loan.\nSelected banks such as ICICI & HDFC have started home loan transfer online.\nAll you have to do is place your request for the transfer, select the product,\nupload your documents alongwith the duly signed loan application form and\nsubmit for the online processing of home loan balance transfer. <\/p>\n\n\n\n

    For\nadditional details on online processing feel free to call our experts on 9321020476<\/strong>\nor alternately email Loanfasttrack on  info@loanfasttrack.com<\/strong><\/a>.<\/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