Balance Transfer

Money Mantram

Refinance Existing Loan Lower EMIs, Higher Savings!!

Paying your Loan EMIs regularly? Time for a reward. Transfer your outstanding Mortgage loan, Refinance housing loan, Business loan, Personal loan, Car loan, CC/OD limit, Project loan, Gold loan, Hotel/Restaurant loan, Commercial loan, etc... to a new bank & lock the lowest loan interest rate. Check eligibility & get instant approval for this attractive offer.

Mortgage Loan Transfer

Mortgage Loan Transfer
Housing Loan Transfer

Housing Loan Transfer
Business Loan Transfer

Business Loan Transfer
Project Loan Transfer

Project Loan Transfer
Personal Loan Transfer

Personal Loan Transfer
Gold Loan Transfer

Gold Loan Transfer

Documents Required for

Loan Balance Transfers

KYC documents (identity and address proofs)
Photographs
Form 16 or latest salary slips (for salaried individuals)
TR document and P&L statement (self-employed)
Previous six months’ bank account statements
Business proof documents (for self-employed individuals only)

+919913397155

Refinance Existing Loan to Pay Lower Interest Rate

Apply for Loan Balance Transfer online instantly and get lower interest rate. You can also avail instant top up loan facility during balance transfer.
Mortgage loan, Refinance housing loan, Business loan, Personal loan, Car loan, CC/OD limit, Project loan, Gold loan, Hotel/Restaurant loan, Commercial loan, etc...

Apply Now

01. Enter Basic Details

Provide your basic details to help us know you better.

02. Check Eligibility

Determine your eligibility to get a Home Loan.

03. Submit Documents

Documents such as residential proof, income and, employment details.

Loan Balance Transfer

Learn More About Loan Balance Transfer

Let’s dig deep into the process of a Loan Balance Transfer and understand how it works.

The takeover of the outstanding Home Loan balance from the existing lender is treated as a fresh loan by the new lender.
Like a new loan, the lender will assess income stability, credit score, and KYC verification. A prescribed application for the balance transfer should be submitted to the existing lender.
The panel advocate and the new lender’s panel valuer will scrutinize property documents and property valuation.
The transfer of balance will be allowed by the existing lender only after the loan has run for a minimum period as prescribed at the time of loan approval. Until then, the No Objection Certificate (NOC) will not be issued by the lender.
The new lender will treat the balance transfer like a new loan and hence processing charges will be collected at the prescribed rate, which ranges vary case to case and depends on the loan amount.
On transfer of the outstanding balance subsequent EMI becomes payable to the new lender.

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Best Home Loan Transfer Offer

Money Mantram

Lower rate of interest

In maximum cases, people opt for balance transfer for lower interest rate. You may consider negotiating with the existing bank for refinancing your loan or opt for a new lender who is willing to offer a lower rate. Make sure the difference in rate after the switch is at least 50 bps. The higher is the difference, higher will be the saving.

Better post disbursal service

If your existing bank has rigid terms and you are seeking better customer service and ease of loan repayment, make sure you read new lender’s terms carefully besides reading customer reviews.

Repayment flexibility

There is no foreclosure charge on Home Loan prepayment. However sometimes, there could be lock-in or limit on the amount that can be pre-paid for free. So make sure you carefully assess what kind of repayment flexibility you are seeking for from the new lender.

Top Up

If top is what you are looking for, do explore the top-up option with your current lender. Compare the offer with a new lender and only make a decision after a thoughtful comparison.

Lower EMIs

Discuss the new EMI plan and calculate the saving. Make sure you do not increase overall interest burden on your Home Loan.

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+919913397155

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Tips & Advice

When to go for Loan Balance Transfer?

16

Years of
Experience

Opt for balance transfer in following situations:

When interest rates are falling & you are eligible to get lower rate by switching your Home Loan Scheme. Eg. from MCLR to repo linked Home Loan.
When you have a financial crunch, and/or you want to avail of a Top Up and/ or want to adjust EMIs or Tenor as per your current cash flows.
When you are looking for some specific features which your present lender is not offering.

+919913397155

Call to Our Experts

WE ALWAYS HELP

They frequently asked
questions

? How does Home Loan Balance Transfer work?

A Home Loan Balance Transfer (HLBT) account works like a regular Home Loan Account only. You only switch your lender, but other obligations such as interest rate payment and EMI burden will continue as per the new terms. First you should share HLBT application to the current lender and obtain an NOC. Submit Consent letter to the new lender to begin the balance transfer. The new lender will take over the loan and property documents. The Home Loan Balance Transfer process is simple, fast and pocket friendly.

? Do I require a guarantor for Home Loan Transfer?

No, guarantor is not required to apply for a Home Loan Transfer. In a Mortgage, Home Loan, or LAP, the property in concern serves as the loan collateral and thus bank do not ask for a guarantor.

? When is a Home Loan Balance Transfer a good idea?

It is good to apply for Balance Transfer of Home Loan when you have a lower rate Home Loan offer from another lender. The difference in interest rate should be at least 60-100 bps for substantial savings. It is mostly beneficial for MCLR linked loans to switch to repo linked loans, especially in falling rate market. However, if you already you have a repo linked home loan, your lending rate will be revised as per the benchmark rate in next three months. However if you have improved your profile and the lenders are willing to offer you better rates, you should opt for Balance Transfer. Other benefits could be revised EMI plans, repayment flexibility, post disbursal facilities etc.

? How much time will it take to transfer my Home Loan from the existing bank?

It may take 1 to 2 weeks to complete the Home Loan Transfer Process. The transfer requires communication with two different lenders and thus the process would not be as fast as a new Home Loan. You should use professional loan service like Money Mantram to get the shortest possible turnaround time & the best offer.

? What is the maximum limit for the transfer of amount?

There is no limit placed on balance transfer. However, the final terms always vary as per the bank’s credit policy. The amount of loan transfer will be approved basis your income, previous repayment history, credit score and LTV.

? What are the documents required for balance transfer?

You require to furnish basic KYC documents—identity and address, Income Proof and Property Documents. A quick list would include: Aadhar card, Passport/ Voters ID/ Driver’s License, last 3 months’ Salary slips, past months bank statements showing salary credits, Form 16 and IT returns, property documents, Outstanding balance letter and No objection certificate from previous lender.

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