Availing a Home Loan involves considerable time and effort before one finalises the right loan deal. However, while servicing the loan it is quite possible that another lender might offer you a better scheme at lower rates of interest. In such a scenario, you may consider shifting your outstanding loan balance to this new lender who grants you more competitive terms. This process is known as a Home Loan Balance Transfer or Home Loan refinancing.
How Does a Home Loan Transfer Work?
Lenders usually try to retain customers by offering them preferential rates and terms. But in case, an attractive deal from another financial institution comes your way, you can renegotiate the existing terms with your current lender based on your repayment track record and credit score.
It is fairly easy to switch lenders and secure favourable deals as a borrower if one has the required eligibility. Typically, the process of balance transfer involves the following steps:
1. First, you need to submit an application for a balance transfer to your existing lender.
2. They will then, issue a letter of consent, no-objection certificate (NOC), foreclosure letter, list of property documents (LOD) and loan statement that indicates your EMI payment history.
3. Now you can apply with the new lender. You will have to furnish the requisite paperwork, which is quite similar to that for a new Home Loan. This normally includes:
- The loan application form along with your passport-sized photograph
- Proofs of identity, date of birth, address and signature
- Documents that prove ownership of the property pledged for the loan
- NOC from the builder or society as well as relevant documentation from the previous lender
- The latest salary slips for three months; and income tax returns or Form 16 for the past two years as proof of income
- An appointment letter or business continuity proof
- Bank statements for the last three months
4. Once your new lender receives the necessary documents, they will begin processing your loan application. They will evaluate your financial history and documentation to examine your eligibility for the loan transfer.
5. Upon approval of your transfer request, the new lender will issue a cheque to the old lender for the principal balance amount.
6. The previous lender will now initiate the transfer of your loan papers after receiving the cheque from the new lending institution.
7. Finally, any post-dated cheques lying with the previous lender will be cancelled to complete the balance transfer process.
8. Your EMI payments, thereafter, will be payable to the new lender as per the agreed terms and conditions.
Additional Read: All You Need to Know About Home Loan Balance Transfers
Important Considerations Before a Home Loan Balance Transfer
A loan balance switch gives borrowers an opportunity to restructure their Home Loans at lower interest rates with suitable terms. It can be a sensible decision if done at the right time. Here are a few things one should keep in mind to obtain optimal benefits from a loan transfer:
Reduced Interest Rates and EMIs
Individuals can consider shifting loans if they find a lender who offers them lower interest rates than the existing one. A drop in interest rates will result in comfortable loan EMIs, making your Home Loan cheaper while significantly reducing the debt burden.
Better Repayment Terms
Every lender extends different terms and conditions on a housing loan. Refinancing your loan can be advantageous if you can grab the best deal in the market with ideal repayment options.
Top-Up Loans
Loan refinancing is tendered with various direct advantages, chief among them being decreased credit cost; and indirect benefits like a top-up loan, which assures you of additional loan funds. Thus, a top-up presents a more affordable and faster financing solution as compared to other lending alternatives.
Pre-Approved Offers
Lenders occasionally introduce numerous offers and schemes that prospective borrowers should watch out for. Furthermore, see if you qualify for pre-approved loan offers, which can facilitate a swifter loan approval process.
Additional Read: Factors You Need to Consider Before Foreclosing Your Home Loan
The Final Word
Your EMI comprises the principal and interest variables of a Home Loan. In the initial years, the interest forms a major portion of your EMIs, which gradually recedes over time as the principal component increases. This feature proves profitable in the initial years of borrowing. But at a later stage of loan repayments, you may not gain any benefits as you would have already paid off a fair amount of your loan by then.
Remember, one shouldn’t opt for a balance transfer simply because of low-interest rates. It is imperative that you run a cost-benefit and risk analysis using a Home Loan Balance Transfer Calculator to ensure that a loan switch justifies the associated costs. Hence, weigh the pros and cons carefully before you decide to shift your housing loan to another lender.
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?