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Home loan balance transfer refers to the process of transferring your existing home loan to another lender who offers better interest rates or other benefits. This can help you reduce your monthly EMI payments or the overall cost of your loan. However, the process of transferring your home loan balance requires certain documentation, which needs to be provided to the new lender. In this article, we will discuss the documents required for a home loan balance transfer.
Identity proof: This includes documents such as a PAN card, Aadhaar card, passport, driving license, or voter ID card. You will need to submit a self-attested copy of any one of these documents to the new lender.
Address proof: This includes documents such as an Aadhaar card, passport, driving license, utility bills (electricity, water, gas, telephone), or bank account statement. You will need to submit a self-attested copy of any one of these documents to the new lender.
Income proof: This includes documents such as salary slips, Form 16, Income Tax returns, bank statements, or audited financial statements (in the case of self-employed individuals). You will need to submit these documents to the new lender to verify your income and repayment capacity.
Property documents: This includes documents such as the sale deed, conveyance deed, or agreement for sale (in case of an under-construction property). You will need to provide the original property documents to the new lender for verification.
Loan account statement: You will need to provide a copy of your existing home loan account statement to the new lender. This will help the new lender understand your current loan status, outstanding balance, and repayment history.
Loan repayment track record: You will need to provide a track record of your loan repayment to the new lender. This will include details such as the number of EMI payments made, the amount paid, and the remaining balance.
NOC from the existing lender: You will need to obtain a no-objection certificate (NOC) from your existing lender, which will state that there are no outstanding dues on your existing home loan. This NOC needs to be submitted to the new lender.
Processing fee cheque: You will need to provide a cheque for the processing fee charged by the new lender. This fee is usually a percentage of the outstanding loan amount.
Other documents: The new lender may also ask for other documents such as photographs, signature verification, or any other document deemed necessary.
Home loan balance transfer can help you save a significant amount of money on your home loan by reducing your monthly EMI payments or the overall cost of the loan. However, the process of transferring your home loan balance requires certain documentation, which needs to be provided to the new lender. It is essential to ensure that you have all the necessary documents in place before applying for a home loan balance transfer. This will help you avoid any delays or rejections in the process and ensure a smooth transfer of your home loan balance.