Home loan balance transfer helps one to reduce the EMIs by transferring an existing loan from his/her present lender to another lender offering better home loan benefits. Before performing a balance transfer, check the new lender’s housing loan eligibility criteria. Also, use a calculator to compute your home loan balance transfer savings.
To perform home loan balance transfer, follow these steps –
Step 1: Fill up the application form with personal details like name, address, date of birth, etc.
Step 2: Fill in with the financial details like income to find the best deal that caters to your financial portfolio.
Step 3: Enter the employment details.
Step 4: Submit all the details of the property you are about to purchase. Share the details of the property – location, size, etc. to get the best deal.
Step 5: Now, you can use a home loan eligibility calculator to know the kind of offers your new lender has in store for you.
Step 6: Pay the balance transfer fees and wait for the home loan transfer process. Once the process is complete, you will get to know of all the information about your new housing loan such as payment schedule, repayment track, interest certificate, etc.
Step 7: Now, upload all the copies of your documents – ID, signature proof, address proof, passport-sized photographs, and income and employment details on the lender’s official website.
You can view all the key information related to your new home loan on the website.
