Home Loan Balance Transfer: Housing Loan Transfer at Affordable Rates

Home Loan Balance Transfer Benefits

Expert support & quick approval

Dedicated team ensures a smooth process with end-to-end assistance for faster approvals.

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Doorstep
service

Easy online application with doorstep support for a hassle-free experience.

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Minimal
documentation

Efficient processes and digital solutions keep paperwork to a minimum.

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Online account
management

Track loan status, EMI schedule, and download statements anytime.

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What is Home Loan Balance Transfer?

A balance transfer is a facility where a borrower can transfer his existing loan to another bank or financial institution. The loan transfer is typically driven by three main reasons: obtaining a lower interest rate, availing a top-up of the loan amount, or extending the tenure to repay the loan. However, there are not many home loan customers who are aware that this option can be beneficial to them.

With a tenure of up to 20 to 30 years, a significant portion of your earnings is allotted to servicing the loan, particularly the interest payments, which constitute a big chunk of the EMI payments. A balance transfer with IIFL Home Loans can help you save money by reducing your interest payments. Here, you can avail of a home loan at interest rates starting from just 8.90% per annum!

Consider revisiting your existinghome loan and evaluate if you are charged a higher interest rate. If you find that you are paying more, it might be time to consider a home loan balance transfer. By doing so, you can potentially get a better return on your investment.

Why opt for IIFL Home Loans for Balance Transfer?

IIFL Home Finance Ltd. is a leading financial institution that provides comprehensive home loan options to meet your financial needs. It also allows you to transfer your existing home loan to IIFL Home Loans to get all the major benefits like better home loan balance transfer interest rates, top-up of the loan balance, and extension on the loan tenure. We also provide additional benefits like minimal documentation, quicker approvals, and lesser processing fees, among others.

IIFL Home Loans provides loan transfers with minimal documentation and quick disbursals. You can easily apply for a home loan transfer online with IIFL Home Loans to avail all these benefits.

Key Features of Home Loan Balance Transfer

No hidden
charges

Transparent charges with no hidden costs

No hidden charges

Transparent charges with no hidden costs
Zero foreclosure or prepayment charges

Flexible loan tenures
of up to 20 years

Repayment tenure of up to 20 years

Flexible loan tenures of up to 20 years

Repayment tenure of up to 20 years
Flexible EMI options based on your needs

Competitive interest
rates

Attractive interest rates on balance transfer

Competitive interest rates

Attractive interest rates on balance transfer
Reduce your overall repayment burden

Calculate Your Home Loan Balance Transfer Savings

Total Sanction Loan

₹

Enter a value between ₹10,000 and ₹5 Crore.

₹ 10,000₹ 5 Crore

Existing Loan Tenure (months)

months

Enter a tenure between 12 and 360 months.

12 months360 months

Previous Lender ROI

%

Enter a rate between 4% and 24%.

4%24%

Employment Type

IIFL Rate of Interest

–

Simple Interest Applicable: –

Loan Amount

–

Top-up Loan Transfer

–

Monthly EMI

–

Interest

–

Principal Amount

–

Total Amount Payable

–

Home Loan Balance Transfer Interest Rates

Interest rates play a crucial role when evaluating a loan. Higher interest rates on home loans can increase monthly expenditures in EMI payments. Therefore, it becomes essential to choose a lender that offers reasonable and cost-effective interest charges to ensure a more manageable financial burden.

A borrower can avail of the home loan balance transfer at attractive and low-interest rates.

Fees & Charges for Home Loan Balance Transfer

The home loan balance transfer charges include a processing fee and other associated charges applicable to home loans and secured business loans. For loans up to ₹5 Lakh, an additional charge of ₹2500 is taken as part of transaction/legal handling services.

Documents required for Home Loan Balance Transfer

Salaried

Self Employed

Identity Proof

PAN (Mandatory)
Voter ID
Passport
Driving License
Aadhaar Card

Address Proof

Passport
Voter ID
Driving License
Aadhaar Card

Income Proof

Salary Slip/Certificate
Form 16/ITR
Bank Statement

Property Documents (Collateral)

Copy of complete chain of property documents (as applicable)
Copy of approved property plan (if available)

Home Loan Balance Transfer Eligibility

You can apply for a balance transfer with us if you meet the eligibility criteria based on various factors. Here they are:

Who Can Apply for Balance Transfer

You should have an existing loan

You should have at least paid EMIs for 12 months

You should not have defaulted on any of the EMI payments

In case the property is under construction, you should have a copy of the approved plan. If the loan is disbursed to you and the property registration is pending, then you will not be eligible for a Home Loan Balance Transfer.

If you want to apply for a loan against a ready-to-move-in house, having the property registered in your name is a mandatory requirement.

Before applying, it is advisable to check your documents and repayment capacity to ensure a smooth application process and avoid delays.

Checklist Before Applying for a Home Loan Balance Transfer

Before you apply for a balance transfer, here is an easy checklist for you to follow:

01

Negotiate

Before changing your lender, try negotiating with your existing lender for the interest rates.

02

Check credentials

Make sure to do a thorough check on the attractive interests offered.

03

Calculate the cost of home loan balance transfer

Take note of all the fees involved and then evaluate the final costs.

04

Credit rating

Keep a check on your credit rating to know if you are eligible.

05

Terms and conditions

Read the T&C thoroughly.

Home Loan Balance Transfer Repayment Options

Your repayment schedule plays an important role in your loan. Therefore, it is important to make the right decision and not be hasty about it. Here are the few modes via which you can settle your loan repayment:

Step-up repayment

This method involves borrowers starting payments with a smaller amount and gradually increasing them, as your career progresses.

Step-down repayment

This mode of repayment involves larger EMI payments, to begin with, that gradually become smaller over time. This approach directs more of the payments allocated towards the principal, enabling borrowers to pay down the loan faster as they progress through the repayment period.

Prepayment

This method allows the borrower to repay the entire loan, either partially or fully before the loan tenure. This reduces the EMI payments but might entail some prepayment penalties depending on the lender’s policies.

Late repayment

Some lenders might allow you an EMI holiday, giving you a temporary break from paying the EMIs. This allows financial relief during the initial stage. However, the deferred interest and EMI need to be paid later.

Fixed & flexible installment plan

In a fixed EMI plan, your EMI remains constant for a fixed period. This ensures you are safe from market fluctuations if the interest is likely to rise. At the same time, in a floating EMI plan, the EMI fluctuates as per the market.

Lump sum repayment

This method is handy if you have a large chunk of cash and want to get rid of your debt as early as possible. Your payment will first be adjusted for the interest and then go toward the loan principal.

Balloon repayment

This is a lump sum repayment method, but your installments are scheduled at fixed intervals during the tenure.

Linking your loan and savings account

It is a good way to reduce the interest liability. The higher the funds in your account, the lower the interest you owe.

Frequently Asked Questions (FAQ’s)

When is it a good idea to opt for a home loan balance transfer?

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If you are being offered a lower interest rate on your home loan, a top up facility, and an extended repayment period, you can go for a home loan transfer.

Does my credit score play any role in the home loan balance transfer process?

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Yes, since a home loan balance transfer works similarly to applying for a new loan, your credit score is very significant during the loan trans process.

Can the loan tenure be changed during a home loan balance transfer?

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Yes, you can change your tenure during the transfer. However, it depends on your outstanding loan amount.

Can the home loan be transferred to another person?

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Yes, in instances where you are selling the property to someone, you can opt for a transfer.