Posted On: 16-June-2022
Who would not enjoy lowered interest rates and a reduced EMI amount when it comes to home loans. If you already have an ongoing home loan with a bank or a financial institution you can still transfer the outstanding hone loan amount to another home loan company. This medium through which you are allowed to transfer the home loan from one lender to another is known as Home Loan Balance Transfer.
Home loan bt exists because there may be other banks or financial institutions that may be offering you a lower interest rate. Lower interest rates means lower EMI amount which lets you save the overall repayment amount.
Now that you know what is a home loan balance transfer now let us find out the list of documents required for home loan balance transfer.
You must write a formal letter addressing your prevailing lender about your home loan transfer idea, seeking his consent for the same. Your lender then has to issue you a No Objection Certificate which would state that your present lender or finance company has no problem in transferring your home loan to the new lender. A sanction letter or a loan agreement from your current lender is necessary for the home loan balance transfer. These two are very important documents required for home loan balance transfer eligibility. The other documents that are required to be submitted to your new lender are your identification proof, pan card, adhaae card, Voter ID, driving license, address proof, salary slips, employment documents and a few more. These documents are an integral part of home loan balance transfer process.
To know the benefits of home loan balance transfer you must read on. Some of the basic beneficial features of home loan balance transfer is
Lower interest rates
Considered interest rates for women applicants
Affordable without hidden charges
Easy online access to manage your account
Customized repayment options
At home service
A home loan balance transfer is a wise choice and a win win situation but make sure to make an informed choice as well as decision and not fall into the trap of short term offers as wisely advertised by new lenders.