Home Loan Balance Transfer

Get your high-interest home loan transferred into a lower interest rate with Home Loan Transfer on magicbanks.in also known as Balance Transfer home loan, you also get the option of “Top-up Loan” in addition to the balance you transfer. Home loan transfer is particularly availed to pay off the existing home loans, at a lower interest rate than the existing one. The Top-up amount provides cash at your disposal for any need that might arise in the way.

The standard eligibility criteria for getting a home loan transfer are:

• Minimum age of 18 or 21 years as different for different banks
• Maximum age of 60 or 65 years
• Minimum annual income should be approximately INR 1.44 LAC, less or more
• For self-employed professionals or self-employed non-professionals, the company or firm should be in operation for 3 years or more
• For self-employed professionals or self-employed non-professionals, the company or firm should make cash profits for the last 2 years

The standard documents that you need to submit for home loan transfer are:

• Duly filled application form with passport sized photographs
• Photocopy of PAN Card as identity proof
• Driving license or voter’s ID as residential proof
• Salary slips for last 4 to 6 months
• Form -16 A for last 3 years
• Bank statement for the last one year
• Repayment track record from the existing home loan lender
• List of documents with the current lender
• Foreclosure statement
• Photocopy of property document
• Marriage certificate if the co-applicant is your spouse

In addition to these, other documents that might be essential for getting a home loan transfer are No Objection Certificate from the society, proof of outstanding loans if any, copy of share certificates issued by society, credit card statement if any, and lease deed agreement between town planning authority and the builder.