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Low interest rate and easy EMIs with IIFL Home Loans Balance Transfer

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Credit at the sole discretion of IIFL Home Finance Ltd.

The texts on this website have been translated using an automated translation tool and its accuracy cannot be guaranteed. We recommend referring to the English version of the content for the most precise information. In the event of any disputes or inconsistencies, the contents in the English language shall be considered final and binding. IIFL HFL disclaims any liability or responsibility in this matter.

What is Home Loan Balance Transfer?

A balance transfer is a facility where a borrower can transfer his existing loan to another bank or financial institution. The loan transfer is typically driven by three main reasons: obtaining a lower interest rate, availing a top-up of the loan amount, or extending the tenure to repay the loan. However, there are not many home loan customers who are aware that this option can be beneficial to them.

With a tenure of up to 20 to 30 years, a significant portion of your earnings is allotted to servicing the loan, particularly the interest payments, which constitute a big chunk of the EMI payments. A balance transfer with IIFL Home Loans can help you save money by reducing your interest payments. Here, you can avail of a home loan at interest rates starting from just 8.90% per annum!

Consider revisiting your existing home loan and evaluate if you are charged a higher interest rate. If you find that you are paying more, it might be time to consider a home loan balance transfer. By doing so, you can potentially get a better return on your investment.

Home Loan Balance Transfer Benefits

  • Expert team and quick approval: We have a dedicated team to ensure you get a seamless loan balance transfer experience. Our team provides you with end-to-end assistance to get instant approval on your home loan transfer.

  • Doorstep service: We strive to offer you maximum ease when it comes to a balance transfer. With our user-friendly online application process and convenient doorstep services, you can make the most out of our offerings without any hassles.

  • Minimal documentation: IIFL Home Loans understands that the thought of a loan transfer process might raise concerns about its length and the need for endless documents. However, our efficient procedures and digital solutions require minimal documentation, to ensure you enjoy a delightful experience.

  • Online account management: When you apply for a home loan transfer, you can conveniently use our portal to check the status of your home loan and get information on your EMI schedule. You can even access documents like your account statement, etc. online.

Why opt for IIFL Home Loans for Balance Transfer?

IIFL Home Finance Ltd. is a leading financial institution that provides comprehensive home loan options to meet your financial needs. It also allows you to transfer your existing home loan to IIFL Home Loans to get all the major benefits like better home loan balance transfer interest rates, top-up of the loan balance, and extension on the loan tenure. We also provide additional benefits like minimal documentation, quicker approvals, and lesser processing fees, among others.

IIFL Home Loans provides loan transfers with minimal documentation and quick disbursals. You can easily apply for a home loan transfer online with IIFL Home Loans to avail all these benefits.

Key Features of Home Loan Balance Transfer

No hidden charges

You will get complete transparency in home loan transfer charges and associated fees. There are no foreclosure or prepayment charges involved when opting for a loan balance transfer facility.

Flexible loan tenures of up to 20 years

If you want to extend your home loan repayment tenure but your lender does not offer this option, IIFL Home Loans is the right place for you. Here you can get a home loan for a loan tenure of up to 20 years. You get the flexibility to choose a home loan tenure and the EMI payments that best suit your needs and preferences.

Competitive interest rates

The higher the interest rate charged by your lender on your home loan, the higher your outflow in terms of repayment. With a home loan balance transfer, you can easily transfer the existing balance of your loan to IIFL Home Loans, helping you save on home loan balance transfer interest rates by availing attractive and low interest.

Home Loan Balance Transfer Eligibility

Eligibility Details

You can apply for a balance transfer with us if you meet the eligibility criteria based on various factors. Here they are:

  • You should have an existing loan

  • You should have at least paid EMIs for 12 months

  • You should not have defaulted on any of the EMI payments

  • In case the property is under construction, you should have a copy of the approved plan. If the loan is disbursed to you and the property registration is pending then you will not be eligible for a Home Loan Balance Transfer.

  • If you want to apply for a loan against a ready-to-move-in house, having the property registered in your name is a mandatory requirement.

Home Loan Balance Transfer Calculator

In today’s age, where technology has become an integral part of life, borrowers find it easy to understand the benefits they receive with a loan transfer from one bank to another.

With IIFL Home Loans EMI Calculator, you can easily calculate the savings you would make on a loan balance transfer. It is an algorithm-based tool that offers accurate results that help you understand if a balance transfer is the right choice for you. Here’s how you can use this quick and easy-to-use tool:

  • Enter the name of your existing home loan provider.
  • Fill in the details about the outstanding loan amount, current outstanding loan tenure, and property location, and specify the interest rate.
  • Click on “Calculate”
Calculate

Calculate your monthly EMI

When you opt for a home loan balance transfer from one bank or financial institution to another, you are required to submit some documents to determine your financial stability and creditworthiness. Here is a snapshot:

Document Type Salaried
Application Form
Identity Proof
  • PAN (Mandatory)
  • Voter ID
  • Passport
  • Driving Licence
  • Aadhar Card
Address Proof
  • Passport
  • Voter ID
  • Driving Licence
  • Aadhar Card
Income Proof
  • Salary Slip/Certificate
  • Form 16/ITR
  • Bank Statement
Property Documents
  • Copy of complete chain of property documents (as applicable)
  • Copy of approved property plan (if available)
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
Document Type Salaried
Application Form
Identity Proof
  • PAN (Mandatory)
  • Voter ID
  • Passport
  • Driving Licence
  • Aadhar Card
Address Proof
  • Passport
  • Voter ID
  • Driving Licence
  • Aadhar Card
Income Proof
  • Salary Slip/Certificate
  • Form 16/ITR
  • Bank Statement
Property Documents
  • Copy of complete chain of property documents (as applicable)
  • Copy of approved property plan (if available)
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

Interest rates play a crucial role when evaluating a loan. Higher interest rates on home loans can increase monthly expenditures in EMI payments. Therefore, it becomes essential to choose a lender that offers reasonable and cost-effective interest charges to ensure a more manageable financial burden.

A borrower can avail of the home loan balance transfer at attractive and low-interest rates.

Fees & Charges For Home Loan Balance Transfer

The home loan balance transfer charges include a processing fee and other associated charges applicable to home loans and secured business loans. For loans up to ₹5 Lakh, an additional charge of ₹2500 is taken as part of transaction/legal handling services.

Before you apply for a balance transfer, here is an easy checklist for you to follow:

  • Negotiate: Before changing your lender, try negotiating with your existing lender for the interest rates.

  • Check credentials: Make sure to do a thorough check on the attractive interests offered.

  • Calculate the cost of home loan balance transfer: Take note of all the fees involved and then evaluate the final costs.

  • Credit rating: Keep a check on your credit rating to know if you are eligible.

  • Terms and conditions: Read the T&C thoroughly.

The process to apply for a balance transfer is simple, quick and convenient. All you have to do is follow the below-mentioned simple steps:

  • Step 1: Apply here to start the process

  • Step 2: Fill in your details carefully, including your name, mobile number and property location

  • Step 3: Once you fill out this form and submit it, a dedicated representative from IIFL Home Loans will get in touch with you in no time

  • Step 4: Once contact is initiated, the representative will assist you with the product information and the detailed application form

  • Step 5: After this, you will be required to submit the detailed application form providing your details such as income, employment and existing property details

  • Step 6: Once you do this and we receive your application, your application will be processed without delay. Post-approval, you will be required to pay your processing fees online

  • Step 7: Once you are done with this, you will be required to submit the required documents online

Your repayment schedule plays an important role in your loan. Therefore, it is important to make the right decision and not be hasty about it. Here are the few modes via which you can settle your loan repayment:

Step-up repayment

This method involves borrowers starting payments with a smaller amount and gradually increasing them, as your career progresses.

Step-down repayment

This mode of repayment involves larger EMI payments, to begin with, that gradually become smaller over time. This approach directs more of the payments allocated towards the principal, enabling borrowers to pay down the loan faster as they progress through the repayment period.

Prepayment

This method allows the borrower to repay the entire loan, either partially or fully before the loan tenure. This reduces the EMI payments but might entail some prepayment penalties depending on the lender’s policies.

Late repayment

Some lenders might allow you an EMI holiday, giving you a temporary break from paying the EMIs. This allows financial relief during the initial stage. However, the deferred interest and EMI need to be paid later on.

Fixed and flexible installment plan

In a fixed EMI plan, your EMI remains constant for a fixed period. This ensures you are safe from market fluctuations if the interest is likely to rise. At the same time, in a floating EMI plan, the EMI fluctuates as per the market.

Lump sum repayment

This method is handy if you have a large chunk of cash and want to get rid of your debt as early as possible. Your payment will first be adjusted for the interest and then go toward the loan principal.

Balloon repayment

This is a lump sum repayment method, but your installments are scheduled at fixed intervals during the tenure.

Linking your loan and savings account

It is a good way to reduce the interest liability. The higher the funds in your account, the lower the interest you owe.

FAQs

If you are being offered a lower interest rate on your home loan, a top up facility, and an extended repayment period, you can go for a home loan transfer.

Yes, since a home loan balance transfer works similarly to applying for a new loan, your credit score is very significant during the loan trans process.

Yes, you can change your tenure during the transfer. However, it depends on your outstanding loan amount.

Yes, in instances where you are selling the property to someone, you can opt for a transfer.

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