Process of transferring your loan from one bank to another is popularly known as Home Loan Balance Transfer.
Interest rates and charges are as per the prevailing home loan rates and charges.
Home Loan Balance Transfer Process
- Check if you are eligible to transfer the loan
- Decide if you want to transfer your loan; Calculate net savings
- Initiate and complete the home loan transfer process
Step 1:- Who is eligible for Home Loan Transfer?
- Individuals within the age of 21 to 65 years
- Borrowers with a running home loan, on which 6-12 EMIs have already been paid
- Borrowers with no history of default or delays in EMI payments on existing home loan
Step 2 :- How to calculate the savings on Home Loan Balance Transfer?
Calculate net savings on home loan transfer using MyLoanCare’s Balance Transfer Calculator
Benefits – Savings on interest expense by switching to lower interest rate loan
- Prepayment charges, if applicable, to be paid to existing bank
- Processing fees and other legal/technical charges to be paid to new bank
Net Savings = Benefits – Cost of loan transfer
Net Savings = Low or Negative, Don’t Transfer
Net Savings = Positive, Transfer Your Loan Today
Step 3 :- How to transfer your Home Loan?
- Compare and select the best home loan bank offer at www.myloancare.in.
- Apply online for home loan transfer to the new bank at www.myloancare.in.
- Request for a No Objection Certificate (NOC) and foreclosure letter to your existing bank.
- Submit KYC, income, property and loan statement to the new bank for appraisal.
- Sign loan agreement and pay processing charges after receiving sanction from new bank.
- New Bank to disburse the outstanding loan amount to your existing bank.
- Existing Bank to transfer the custody of your original property documents to new bank.