Home Loan Balance Transfer

Existing home loan borrowers of banks and HFCs can transfer their existing home loans to other lenders offering lower interest rates, better terms, and offers. The interest rates offered to home loan balance transfer applicants are usually similar to regular home loans. Home loan balance transfer not only helps reduce the interest rates but also helps in reducing the overall EMI and interest cost.

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Home Loan Balance Transfer

Home Loan Balance Transfer Interest Rates

Banks and HFCs usually offer home loan balance transfer interest rates starting from 7.10% p.a. onwards. The lender sets its HLBT interest rates after factoring in the credit profile of applicants. Below-mentioned is the home loan interest rate comparison of the top lenders offering home loan balance transfer to their applicants.

Benefits of Home Loan Balance Transfer

Reduces EMI burden and eventually the interest cost.
Better loan terms and offers by the new lender.
Flexible loan tenure.
Top-up funds available along with a balance transfer.

When should You Choose a Home Loan Balance Transfer

Applicants should opt for a home loan balance transfer only when,

The current interest rate is higher than the market rate.
You want to reduce your EMI burden.
Your credit score has improved, and you are eligible for lower rates.
The new lender offers better offers and services.
The loan repayment is in the early stages.

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How Much can You Save with a Home Loan Balance Transfer

When you transfer your home loan to another lender, even a slight reduction in the interest rate can help you save substantially. Let us understand this with the help of an example.

Interest rate of the existing lender	7.90% p.a.
Loan amount	Rs. 50 lakh
Loan tenure	30 years
Existing EMI	Rs. 36,340
Existing interest cost	Rs. 80.82 lakh
Interest rate of the new lender after the balance transfer	7.10% p.a.
Outstanding loan amount transferred	Rs. 40 lakh
Remaining loan tenure	20 years
New EMI	Rs. 31,253
New interest cost	Rs. 35 lakh
Overall savings on EMI	Rs. 5,087
Overall savings on interest cost	Rs. 45.81 lakh

Eligibility Criteria for Applicants Availing Home Loan Balance Transfer

Minimum age of the applicant at the time of loan application should be 18 years, and maximum age at the time of loan maturity should be 70 years.
Existing home loan borrowers are eligible for a home loan balance transfer.
The EMI/NMI ratio of the applicant should be below 55%, including the existing EMIs and EMIs of the proposed home loan.
Most lenders prefer applicants to have a minimum credit score of 750 and above.
Salaried and self-employed individuals with a strong credit profile are eligible for a home loan balance transfer.
The outstanding balance should be high.

Documents Required During Home Loan Balance Transfer

Below is a list of documents that a lender may generally ask at the time of approving your home loan balance transfer application.

KYC Documents

PAN card
Aadhaar card
Passport
Driving license
Voter ID

Income Proof

Salary slip for the last 3 months
Bank account statement for the last 6 months
Form-16/ITR
Balance sheet and P&L statement for the last 2 years
Latest form 26AS

Property Documents

Allotment letter
Title deed
Proof of no encumbrance

Things to Consider Before Transferring a Home Loan

Compare interest rates and offers by multiple lenders.
Maintain a high credit score (preferably, 750 or above).
Check the other costs associated with the home loan (processing fees, foreclosure charges, etc.)
Calculate the total loan cost before transferring your loan to the new lender.
Negotiate with the existing lender.

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FAQs

What is a home loan balance transfer?

Existing home loan borrowers of banks and HFCs can transfer their existing home loan accounts to lenders offering lower interest rates.

What is the maximum tenure you can avail for a home loan balance transfer?

You can avail a home loan balance transfer for a maximum tenure of 30 years.

How many times can I transfer my home loan?

You can transfer your home loan multiple times. However, every time you transfer, you have to pay the processing fee charged by the lender. Therefore, transfer your home loan after taking into account all the rates and offers.

Can I avail a top-up on the home loan balance transfer?

Yes, some lenders offer additional funds on your home loan balance transfer in the form of a top-up to meet your personal financial requirements.

Am I eligible for tax benefits on a transferred home loan?

Yes, you can avail tax benefits on a transferred home loan under section 24(b) on interest repayment of up to Rs. 2 lakh and under section 80C on the principal repaid of up to Rs. 1.5 lakh.

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Written By

Sumit Kumar

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Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners

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