Home loans come with extended tenor which means an individual has to pay a substantial amount as total interest payable. Consequently, they can opt for a home loan transfer if they find another lender offering more affordable interest rates on the loan or other beneficial terms and features.
Go through the below-mentioned steps to understand how you can transfer your home loan form your existing lender to another–
- Refer to your current lender’s website and submit an application letter to inform them regarding the closure of your credit. In this letter, you have to state your reasons for closing the loan.
- After you have submitted the application letter, your lender will send you a NOC or no objection certificate. Make sure you have this consent letter since your new lender will ask for it.
- Next, you have to fill out an application form to your new lender for home loan transfer where you are required to provide information regarding your personal, financial, property, and employment details. You will also have to furnish your property details along with the application form.
- After submitting the application form, make the fee payment, and upload other required documents.
- Aside from NOC and property documents, the applicant needs to provide address and identity proof via documents like Aadhaar, Voter’s ID, PAN, passport, etc. Individuals should also submit documents for income proof which includes bank account statements, latest salary slips; IT return statement, profit and loss statement etc.
After completing the above steps, your old lender will contact you to confirm the closure of your account. Make sure to avail the NOC and also to consider the associated charges with the loan transfer before opting for it. Refer to leading lenders to avail the loan at the most beneficial terms and features.
