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Balance transfer calculator
Calculate your overall savings with home loan balance transfer calculator
What is a home loan balance transfer?
Want to reduce your home loan EMIs? Start by switching your home loan to a lesser interest rate. So you save on EMI, total interest payments, and reduce the duration of your home loan.
For every 5,00,000 of home loan balance transfer, you could save upto 1,00,000* in interest
Apply NowEligibility for a home loan balance transfer
Curious whether you meet the eligibility criteria for a Home Loan Balance Transfer?
Keep reading and find out!
21-60 yrs. of age
professional/businessman
salary criteria
credit score
Home Loan EMIs
last 6 months
Advantages of a home loan balance transfer
Shift your home loan to a lower interest rate – the easy and hassle-free way! Take advantage of customized
recommendations and affordable EMI options.
processing fees
home loan
options
to be paid as loan interest
List of documents
Transferring your home loan is a fast & hassle-free experience. Shared is the list of required documents for your home loan balance transfer.
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Identity proof
- Passport
- Driver’s license
- Voter’s ID
- PAN Card
- Aadhaar Card
Income proof
For salaried
- Last 6 months’ bank statements
- 3 months’ salary slips
- Form 16 for the last 2 yrs
For self-employed
- Bank statements
- Passbooks
- IT returns certificate for the last 3 yrs
- Last 3 yrs. audit balance sheet
Address proof
- Passport copy
- Electricity, water, telephone ,other utility bills
- Registered rent agreement
- Ration card/voter’s id
- Driver’s license
- Domicile certificate from the municipality
Property & existing loan documents
- List of documents (from existing borrower/ bank)
- Foreclosure letter
- Outstanding loan statement as on date
- Copy of complete chain of agreements
Frequently Asked Questions
What’s the maximum limit for the amount transfer?
The maximum balance transfer amount is equal to the outstanding home loan amount. The applicant can even avail top-up so that the total loan including home loan and top-up are not more than 75% of the property’s value.
What’s the best time to avail a home loan balance transfer?
Within 10 yrs. of the starting of the home loan is the right time to apply for a home loan balance transfer. The first 3-4 years are more favorable compared to the remaining ten years.
What are the home loan transfer charges?
The applicant needs to be applying for a fresh home loan while transferring the housing loan to a new bank. Charges include the processing fees (unless waived by the bank), stamp duty (ranging from 0-0.5% of the loan amount. This stamp duty depends on the state in which the property is located, valuation charges (charged by certain banks) & lawyer’s fees (applied by specific banks).
Can the repayment period be extended/reduced during the home loan balance transfer process?
Yes. The repayment term can be extended to the maximum tenure determined by the new bank. This depends on conditions placed by the new bank like for salaried employees, the borrower’s age shouldn’t be more than 58-60 yrs. For self-employed professionals, the age should not exceed 65 or 75 yrs.
Is it possible to get a top-up loan during a home loan balance transfer process?
The lender can provide the borrower with a top-up on the home loan if they meet the eligibility criteria. But processing fees and legal charges might apply.
Does the applicant need a guarantor for a Home Loan Balance Transfer?
Most banks don’t require the applicant to have a guarantor while transferring the loan.
How much time does it take to transfer a home loan to another bank?
Transferring to another bank can take 15-20 days. This is because the new bank treats the transfer like buying a fresh home loan.
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