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Balance transfer calculator

Calculate your overall savings with home loan balance transfer calculator

Principal outstanding loan amount
New Interest Rate 8.25
Monthly EMI Saved
Total amount saved

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.

Existing Home loan 9.25%
Principal loan amount for20 years
Balance Transfer 8.25%
Interest Payable
Total Interest Saved 11,48,423
EMI / Month Saved 4,785

For every 5,00,000 of home loan balance transfer, you could save upto 1,00,000* in interest

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Eligibility for a home loan balance transfer

Curious whether you meet the eligibility criteria for a Home Loan Balance Transfer?
Keep reading and find out!

Must be an Indian between
21-60 yrs. of age
Salaried, self-employed
Should meet minimum
salary criteria
Should have a healthy
credit score
Has not delayed payments on any
Home Loan EMIs
Home Loan has been going on since
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.

Transfer your loan at zero*
processing fees
Avail a top-up loan on your
home loan
Restructure your home loan
Get customized repayment
Reduce your monthly EMI
Lower the amount of money
to be paid as loan interest
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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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Application Documents

Identity proof

  • Passport
  • Driver’s license
  • Voter’s ID
  • PAN Card
  • Aadhaar Card
Property Documents

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.

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.

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).

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.

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.

Most banks don’t require the applicant to have a guarantor while transferring the loan.

Transferring to another bank can take 15-20 days. This is because the new bank treats the transfer like buying a fresh home loan.