Lower Your EMI with Home Loan Balance Transfer

Benefits of Home Loan Balance Transfer

• Lower Interest Rate: Take advantage of lower interest rates offered by other banks, reducing your EMI burden.
• Reduced EMI: With a lower interest rate, your EMI amount may decrease, making it easier to manage your finances.
• Savings: Save money on interest payments over the loan tenure.
• Flexibility: Choose a lender that offers better loan terms, such as longer repayment tenure or more flexible repayment options.

Standard Documents Required

• Identity Proof: PAN card, Aadhaar card, or other government-issued ID.
• Address Proof: Aadhaar card/VoterID/passport/driving license or utility bills, rental agreement, or other address proof documents.
• Income Proof: Salary slips, Form 16 for the last 2 years, bank statement or last 3 years of ITR, Form 26 AS last 3 years, and bank statement for 1 year.
• Property Documents: Legal & Technical Documents

Process

• Research: Compare interest rates and terms offered by different banks.
• Apply: Submit your application with required documents.
• Verification: The new lender will verify your documents and property valuation.
• Loan transfer:The new lender will transfer the outstanding loan amount to the existing lender.

By transferring your home loan balance to a bank with a lower interest rate, you can save money and reduce your EMI burden. Research and compare options carefully to make an informed decision.