What is Balance Transfer?
When it comes to managing housing finance or business expansion needs, you deserve nothing but the best. Our dedicated team of home loan and secured business loan experts guide and assist you with the refinancing needs that suit your requirements.
If you are already servicing a loan, you may have purchased at the best rate then. But the struggle to pay higher loan interest rates can put you in jeopardy and compel you to repay higher loan installments. If you have ended up relying on a lender who charges a high rate of interest, you can conveniently apply for Balance Transfer with IIFL Home Loans at competitive interest rates.
With a tenure of up to 20-30 years, you are bound to spend a large amount of your salary servicing it, and interest rates play a crucial role as it comprises more than 50% of the home loan EMI component. To diminish the interest burden, IIFL Home Loans offers an attractive interest rate of up to 8.90% on housing loans and 14.90% on business loans.
It lets you save extra bucks that you can invest at other places for a better return on investment (ROI). So, it’s time to re-examine your interest rate, and debt and reset your home loan and business loan at your convenience. IIFL Home Loans is here to help you in the best possible way.
Why opt for a Balance Transfer from IIFL Home Loans?- Your decision to transfer the 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 loan interest rate from IIFL Home Loans, you can easily choose to transfer your home/business loan
- Avail instant loan approval within 30 minutes*
Key Features
No hidden charges
We maintain transparency when it comes to home loan fees and charges. There are zero foreclosure or prepayment charges on the balance transfer facility.
Flexible loan tenure option
Home loans are offered for a maximum tenure of up to 20 years. As a borrower, you get the flexibility to choose the home loan tenure and accordingly adjust your EMIs.
Expert team & quick approval
To ensure that the home loan balance transfer process is seamless, our team provides end-to-end assistance so that you avail an instant sanction on transfer.
.svg)
Competitive interest rates
If the rates charged by your existing lender is high, the higher would be the EMI outflow. With the balance transfer, you get to switch your home loan outstanding balance to IIFL Home Loans, thereby saving money on interest.
Doorstep service
You can easily apply for Balance Transfer online and avail of our services at your doorstep
Balance Transfer Eligibility Criteria
To apply for the IIFL Home Loans’ Balance Transfer service, the applicant is required to meet the following eligibility criteria:
- The applicant should have an existing loan
- The applicant must have paid at least 12 months before opting for a balance transfer
- The applicant should not have defaulted on the loan EMIs
- In case the property is under construction, the applicant must possess a copy of the approved plan. If the loan is disbursed to the applicant and the registration of the property is pending, then the applicant will not be eligible for IIFL 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.
| Document Type | Salaried |
| Application Form |  |
Identity Proof
|
|
Address Proof
|
|
Income Proof
|
|
Property Documents
|
|
Other Documents
|
|
| Document Type | Salaried |
| Application Form | |
Identity Proof
|
|
Address Proof
|
|
Income Proof
|
|
Property Documents
|
|
Other Documents
|
|
A customer can avail balance transfer at a competitive rate starting from 8.90%. processing fees and other associated charges will be similar to home loans and secured business loans.
An additional charge of ₹ 2500 will be taken as part of transaction/legal handling services for loans up to ₹ 5 Lakh. For loans greater than ₹ 5 Lakh, ₹ 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, and 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 out an application form providing details such as income, employment, and existing property details
- Step 6: Once your 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 balance transfer facility with the help of this online balance transfer calculator. It is quick and convenient to use.
How to use the 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, and location of the property, and specify the rate of interest
- Click on “Calculate”
Benefits of using the Balance Transfer Calculator
- It is easy to use and can be used multiple times
- You get a clear idea about the expected EMIs payable if you avail 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
FAQs
Home Loan Balance Transfer allows you to transfer your outstanding home loan balance from your existing lender to IIFL Home Loans so that you can avail of lower interest rates and repay your loan term without any financial worries.
Yes. Balance transfer of a home loan makes sense if you are servicing your home loan at a far higher interest rate and unsatisfied with the services provided by your current lender.
At IIFL Home Loans, there is no maximum limit on the home loan transfer.
Borrowers can enjoy the following perks associated with the restructuring of home loans:
- IIFL Home Loans offers home loan interest rates starting from 8.90% p.a. onwards
- Borrowers can opt for a longer loan term extending up to 20 years
- Tax benefit and lesser processing fee
- Simple documentation & hassle-free loan application process
Yes. IIFL Home Loans lets you change the loan tenure at the time of transferring the home loan. However, it depends on the home loan amount.
Yes. You can transfer the loan if you are probably selling the property to another person.
Yes. A borrower can opt for a home loan balance transfer if he or she has an ongoing home loan under the PMAY scheme. However, PMAY benefits will not be re-provided to the customer
