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Home Loan Balance Transfer

What is Home Loan Balance Transfer?

Home loan balance transfer takes place when the entire outstanding principal amount of home loan is transferred from an existing lender to a new one offering a lower rate of interest. In such cases, the lender who originally extended the loan gets the unpaid principal amount and the borrower is now required to pay EMIs at the rate offered by the new lender.

Why Should You Transfer Your Home Loan to Tata Capital?

The following are the compelling reasons why you should transfer your home loan to Tata Capital –

  • A Brand You can Trust 

Trust is the most solid foundation to build you home upon. And Tata Capital is a companion you can trust. Tata’s trust and legacy gives you the flexibility to build more, and build better.

  • Interest Rate 

Perhaps, the primary reason for home loan balance transfer is lower interest rates offered by the new lender. Because the lower the interest rate, lower will be the EMI that you need to pay for its repayment. Tata Capital’s home loans are one of the most lowest in the market, starting at just 9.25%!

  • Loan Amount 

You need to ensure that the new lender will extend you the amount you need to cover your needs. Tata Capital offers home loans that cover a wide range of Rs. 2 lakhs to Rs. 5 crores.

  • Loan Tenure 

Further, it is important to consider the loan tenure offered by the new lender so that you can pay off your EMIs comfortably. Tata Capital‘s home loans can be taken for a period as long as 30 years!

  • Processing Fee

Before opting for home loan balance transfer, consider processing fee involved lest the transfer ends up being costlier than before. At Tata Capital, the processing fee is a mere 0.5% of the loan amount!

  • Home Loan Top-Up 

Another thing to consider is whether or not your new lender offers top-up loans over and above your existing home loan that will help you in times of additional needs such as home renovation. Tata Capital provides home loan top-up at relatively lower interest rates to help you meet such additional needs with ease.

What are the Eligibility Criteria for Home Loan Balance Transfer?

To get a home loan balance transfer to Tata Capital, you must meet the following eligibility criteria –

  • Your property for which you have taken a home loan must either be occupied or at least ready to be occupied 

  • You should not have any outstanding dues on your existing home loan 

Note – The eligibility criteria may differ from case to case on the basis of the customer profile

There are other Home Loan eligibility criteria also involved for a Home Loan Balance Transfer with Tata Capital. For further details, please visit our home loan eligibility page.

What are the Documents Required for Home Loan Balance Transfer?

The following documents are required when you plan to transfer your home loan to Tata Capital –

  • Age Proof documents – valid Passport/Driving License/PAN Card/Birth Certificate/ Life Insurance Policy/School Leaving Certificate  

  • Identity Proof documents – Voter ID/Passport/Driving License/Aadhar Card/PAN Card 

  • Address Proof documents – Utility Bills/Bank Statements/Property Registration Documents/Property Tax Receipt/Voter ID Card

  • KYC Documents

  • Income Proof documents – Last six months’ operative current account statement/copy of the last three years’ P/L Projection Statement/Bank statements for the last six months of CC, OD facilities (if taken)

  • Foreclosure Letter/Latest Principal outstanding 

  • Home Loan Approval Letter 

  • Interest Certificates from the initial lender 

Note – The documents required may differ from case to case on the basis of the customer profile. 

Is it Possible to Get a Home Loan Balance Transfer with Top-Up?

Yes, several lenders offer the facility of top-up with home loan balance transfer. Using this unique facility, you can increase your loan limit. The amount of top-up you receive will be based on your eligibility.

What is a Home Loan Balance Transfer Calculator?

A home loan balance transfer calculator is a simple online tool using which you can easily find out the total monthly savings that you can make on transferring the principal balance on your home loan from one lender to the other. 

You can enter the relevant details either by adjusting the sliders or by simply entering in the details in the box given for each. 

  • Requested Loan Amount – This is the principal loan amount that you had borrowed from your original lender 

  • Requested Tenure – This is the period (in number of months or years) for which you need the loan from your new lender 

  • Net Salary/Income – In case of net salary, it is the amount of take-home pay left after deducting recoveries and deductions. Net income is the amount that remains after deducting the cost of goods sold from your sales total

  • Monthly Obligations – is the amount of money that you need to shelve aside to meet necessary commitments and requirements, including EMI payments for other loans 

  • Cost of Property – This is the cost of the home for which you took a loan plus all expenditures required to prepare it for its intended use 

  • Loan Principle Outstanding – refers to the remaining portion of the original loan principal amount plus any interest that accrues on the outstanding principal balance 

  • Existing EMI – refers to the amount of money you pay as monthly EMI for loan repayment with your original lender 

Once you enter in the above mentioned information, the home loan balance transfer calculator will display the Balance Transfer Amount and the Total Savings you will be making by getting a home loan balance transfer.