Balance Transfer

• Your decision to transfer the home loan balance to IIFL Home Loans will help to save on the interest cost.
• With an improved credit profile, you get to pay reduced EMIs
• If a major portion of your loan is unpaid and you are getting a lower home loan interest rate from IIFL Home Loans, you can easily choose to transfer your home loan.
• Avail instant home loan approval within 25 minutes*

To apply for the IIFL Home Loans’ Home Loan Balance Transfer service, the applicant is required to meet the following eligibility criteria:

• The applicant should have an existing home loan
• The applicant must have paid at least 12 months of home loan before opting for a balance transfer
• The applicant should not have defaulted on the home loan EMIs
• In case the property is under construction, the applicant must possess a copy of the approved plan. If the home loan is disbursed to the applicant and the registration of the property is pending, then the applicant will not be eligible for IIFL Home Loans Balance Transfer
• In case of ready-to-move-in property and the applicant wants to opt for a home loan balance transfer, the registration of the property is a mandatory requirement.

Home loan balance transfer at IIFL Home Loans is a simple process. To avail of a home loan at lower interest rates, apply for the IIFL Home Loans Balance Transfer facility and get the advantage of repaying the loan at reduced EMIs. The home loan transfer process documentation is similar to that of availing a home loan, including KYC and other additional paperwork for the transfer facility.

Below is the list of documents for both salaried and self-employed individuals:

A customer can avail balance transfer at a competitive rate starting from 8.20%. Processing fees and other associated charges will be similar to home loans.

An additional charge of Rs. 2500 will be taken as part of transaction/legal handling services for loans up to Rs.5 Lakh. For loans greater than Rs. 5 lakhs, Rs.100 will be charged as a transaction/legal handling fee.

• Step 1: Visit https://bit.ly/3DhJPp1
• Step 2: Fill in your details, including Name, Mobile Number & Property City
• Step 3: Once the form is submitted, the IIFL Home Loans representative will get in touch with you immediately
• Step 4: The representative will assist you regarding the product information and application form.
• Step 5: Next, you need to fill an application form providing details such as income, employment, and existing property details.
• Step 6: Once your home loan application is approved, you need to submit your pay the processing fee online
• Step 7: Upload the necessary documents online

Calculate savings on your home loan balance transfer facility with the help of this online balance transfer calculator. It is quick and convenient to use.

How to use the home loan balance transfer calculator?

The algorithm-based online tool provides accurate results. Using the calculator is crucial to assess whether a balance transfer is useful for you. Here’s how you can use the calculator:

• Enter the name of the existing lender
• Fill in the details related to the outstanding loan amount, current outstanding tenure, location of the property and specify the rate of interest
• Click on “Calculate.”

• It is easy to use and can be used multiple times
• You get a clear idea about the expected EMIs payable if you avail home loan balance transfer
• The calculator helps you understand how much funds you can save right after the switchover to a new lender
• You only need to input the required details as per the online tool and get the results instantly