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Balance Transfer

When it comes to managing housing finance needs, your home deserves nothing but the best. Our dedicated team of home loan experts guide and assist you with the refinancing needs that suit your requirements.

If you are already servicing a home loan, you may have purchased at the best rate then. But the struggle to pay higher home loan interest rates can put you in jeopardy and compel you to repay higher loan instalments. If you have ended up relying on a lender who charges a high rate of interest, you can conveniently apply for Home Loan 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 home loan 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 8.25% on housing loans.

It lets you save extra bucks that you can invest at some other places for a better return on investment (ROI). So, it’s time to re-examine your interest rate, debt and reset your home loan at your convenience. IIFL Home Loans is here to help you in the best possible way.

Home Loan Balance Transfer Features :

Following are some of the features of the IIFL Home Loans’ Home Loan Balance Transfer that set us apart from the other housing finance companies:

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No hidden charges

We maintain transparency when it comes to home loan fees and charges. There are zero foreclosure or prepayment charges on the home loan balance transfer facility.

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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.

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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 home loan transfer.

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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.

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Doorstep service

You can easily apply for Home Loan Balance Transfer online and avail of our services at your doorstep

Home Loan Balance Transfer Benefits

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Lower interest rates

One of the primary reasons why borrowers opt for home loan refinancing is the lower interest rates. Transfer home loan balance to IIFL Home Loans to enjoy reduced home loan repayments.

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Savings for the future

By saving on interest, you accumulate funds that you can utilize for future investment or fulfil other dreams. With the help of lower interest-based loans, you can pay off the debt faster

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Longer tenure

You can choose a longer repayment cycle based on the loan amount. IIFL Home Loans lets you transfer your existing home loan at lower rates and select a repayment tenure so that monthly instalments complement your financial situation.

Why opt for a home loan balance transfer from IIFL Home Loans?

  • 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*

Home Balance Transfer Eligibility Criteria

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 Documentation

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:

Document type Salaried Self-employed
Application Form Yes Yes
Identity Proof
  • P.A.N. Card (mandatory)
  • Voter Card
  • Aadhar Card
  • Valid Passport
  • Driving License
Yes Yes
Address Proof (Any one of the below)
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Driving Licence
Yes Yes
Income Proof
  • Latest 3 months’ salary slips
  • Last 6 months bank statement
  • Latest Form 16 & IT Returns document
Yes Yes
Property Documents
  • Copy of complete chain of property documents (as applicable)
  • Copy of approved property plan (if available)
Yes Yes
Other Documents
  • List of paperwork from a lending institution for a balance transfer
  • Foreclosure Letter from the previous lender
  • Documents related to running loans along with the last 6 months bank statements
Yes Yes

Balance Transfer Interest Rates and Other Charges

A customer can avail balance transfer at a competitive rate starting from 8.25%. 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.

How to Apply for Home Loan Balance Transfer?

  • 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

Home Loan Balance Transfer Calculator:

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.”

Benefits of using the Home Loan 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 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

Home Loan Balance Transfer 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 8.2% 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
A home loan balance transfer has no impact on your credit score. However, borrowers must note that IIFL Home Loans does consider credit rating as one of the factors for approving the balance transfer. If there are instances where the EMIs are inconsistent, the loan balance transfer will be difficult.
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

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(Disclaimer: This is a sponsored page. IIFL Home Finance Ltd. holds no responsibility of the products or offerings mentioned on this page. Please exercise discretion while making any purchase.)

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