Home Loan Transfer is basically taking a home loan, to pay off existing home loan(s). Future payments are made to any other Bank. Typically, the choice to transfer is made when interest rates are lower than the original loan. A Top-up over the existing loan can provide you with ready cash for any of your needs.
You should go for Home Loan Transfer if:
You are trying to reduce your interest rate and lower your payments.
You are trying to reduce your home loan term to pay off your loan faster.
You want to use the equity in your house to get money for any of your needs. You can take a top-up over the existing loan to get the much needed cash to fulfill your needs.
Our Home Loan Transfer is based on your convenience. The procedure of acquiring the loan is made easy, and the amount payable for your installments are designed to make you feel comfortable.
Eligibility
Loans can be applied by individuals, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, the co-applicants need not be co-owners. Specific eligibility criteria are as follows:
For self-employed professionals:
Minimum annual income should be Rs.1.44 lakh as per the P&L.
Minimum gross annual income should be Rs.1.44 lakh.
Minimum 21 years of age.
Maximum 65 years of age at the time of loan maturity.
Firm/company should have been in operation for the last 3 years.
Firm/company should be making cash profits for the last two years.
For self-employed non-professionals:
Minimum annual income should be Rs.1.44 lakh as per the P&L.
Minimum 21 years of age.
Maximum 65 years of age at the time of loan maturity.
Firm/company should have been in operation for the last 3 years.
Firm/company should be making cash profits for the last two years.
Quick check
Even a 1.0% reduction in the interest rate can save you more than Rs.1.5 lakh on a loan of 10 lakh over a 20 yr period. The exact figure will depend on the rate on the existing loan, balance tenure etc.
Call us now (+91 9653776214)to know your savings under the Home Loan Transfer and find out how We can meet you needs.
Documentation
The following documents are required for the purpose of credit appraisal: