To buy a house is a dream in every person’s life and the best way to fulfil this dream is to opt for home loans. However, home loans are a substantial financial commitment which is why you require proper budget planning so that you can pay your home loan EMIs without disrupting your lifestyle. To make better-informed decisions, always check your home loan eligibility before applying for a housing loan.

The loan tenure, monthly instalments, and the home loan interest rates differ from lender to lender. This is why it is best to compare different loan providers before making your final decision. To help you sort your finances better, you can even take the help of a home loan EMI calculator. This home loan calculator is usually available on the lender’s website. It can help you in understanding your housing needs and help you in making appropriate monthly budget allocations. 

Nevertheless, even after proper planning, you might feel that you are paying a huge interest rate on your loanwith your current lender. In such a case, the best thing to do is to find a new lender who has a more favourable interest rate and use the home loan balance transfer facility. 

Additional Read:- Process of Balance Transfer Explained

What is a home loan balance transfer?

The home loan balance transfer is a process through which you can transfer your entire outstanding home loan amount from your current lender to a new one offering you a better rate of interest. In these cases, the lender who initially provided you with the loan gets the unpaid principal amount, whereas, you will now be required to pay your EMIs at the interest rate that is offered by your new lender. A home loan balance transfer makes your home loan more budget-friendly and also lets you avail various benefits that are offered by your new lender. 

Documents Required for a Home Loan Balance Transfer

Most lending institutions will ask for the following documents for a home loan balance transfer –

  • Age Proof documents-Valid Passport or Driving License or PAN Card or Birth Certificate or Life Insurance Policy or School Leaving Certificate  
  • Identity Proof documents- Voter ID or Passport or Driving License or Aadhar Card or PAN Card 
  • Address Proof documents- Utility bills or Bank Statements or Property Registration Documents or Property Tax Receipt or Voter ID Card
  • KYC documents
  • Home loan approval letter 
  • Interest certificates from the initial lender 
  • Foreclosure letter or the latest principal outstanding 
  • Income Proof documents- Your last six months’ operative current account statement or the copy of the last three years’ P/L Projection Statement or Bank statements for the last six months of CC, OD facilities (if taken)

An important note to remember is that the documents required may vary from case to case based on your profile.

Additional Read:- Top Benefits of Home Loan Balance Transfer

Why Should You Choose Tata Capital?

The interest rate is the primary reason behind you wanting to move to a new lender. Tata Capital’s home loan interest rates are one of the lowest, starting at just 9.25%! While transferring your home loan, you should always find out whether your new lender can extend you the loan amount that you need or not. Tata Capital provides home loans that range from Rs. 2 lakhs to Rs. 5 crores. Moreover, at Tata Capital, you also get loan tenure up to 30 years. 

Contact us or visit our website today to know more about home loan balance transfer!

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