How to Transfer Your Home Loan in 5 Steps

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How to Transfer Your Home Loan in 5 Steps
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• Home loan balance transfer is the process of
  transferring an existing loan to another bank or
  NBFC, because the borrower is getting better
  rates or services there.
• People usually go for home loan transfer when
  they find that other banks or NBFCs are providing
  a better rate of interest on their loans than
  their existing provider is.
• Home loan balance transfer is the best option for
  saving on EMIs.

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• With the banks slashing their home loan interest
  rates due to the recent in flow of cash during
  demonetisation, more and more people are choosing
  to transfer their home loans to a provider who is
  offering them better and lower interest rates.
• Banks offer attractive packages to those who want
  to opt for home loan balance transfer, with perks
  and benefits.

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• So if you are considering transferring your home
  loan to another provider, here are the five
  crucial steps that you need to know about.

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Step 1- Analysis of Home Loan Transfer
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• Analyse and understand why you really need to
  transfer your home loan.
• It could be because your bank is offering really
  high floating interest rates, theyre unwilling
  to negotiate better terms with you or youre
  unhappy with the service of your provider.
• You also need to research about which provider
  you want to transfer your loan to.
• All this should take you very little time with
  the right research of course. To know more, click
  here - Home Loan Balance Transfer

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Step 2- Acquiring all Necessary Document
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• Firstly, you will need to get an NOC (No
  Objection Certificate) from your current bank.
• The other documents you will require are, a
  foreclosure letter, a payment history statement
  and some more documents based on the requirements
  of the lender youre transferring your loan to.
• The acquiring of all these documents can easily
  take up to three week, your current bank may try
  to negotiate better terms with you during this
  process, seeing that youre trying to transfer
  your home loan. Click here Your Checklist for
  Home Loan Balance Transfer

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Step 3- Applying for the New Loan
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• On receiving all the necessary documents, you
  will approach your new bank for your new loan.
• You will require an NOC from your builder or
  housing society to do the same. Click here to
  apply for home loan.

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Step 4- Credit Approval
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• Your new bank will review all your documents and
  after studying your credit score and eligibility
  sanction your balance transfer. Click here to
  know more Importance of a Good Credit Score For
  a Home Loan.

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Step 5- Time to Decide
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• On approval, your new bank will send your new
  home loan interest rates, along with the terms
  and conditions.
• You have to decide whether the new rates are
  worth transferring your home loan for, or you
  want to stick to your existing home loan. View
  Home Loan Interest Rates page to know more.

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