Home Loan Balance Transfer
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What is a Home Loan Balance Transfer?
A home loan balance transfer, or simply a home loan transfer, takes place when you transfer your outstanding home loan amount to a new lender from your existing lender. In such a case, the lender who has originally extended the home loan gets the unpaid principal amount, and the borrower is required to pay EMIs at the home loan balance transfer interest rate offered by the new lender.
With Tata Capital Home Loan Balance Transfer, you can transfer your outstanding home loan balance to affordable interest rates. Our home loan interest rates start from just 8.75% per annum*.
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What are the Eligibility Criteria for Home Loan Balance Transfer?
The eligibility criteria for home loan balance transfer may vary from lender to lender. For transferring your home loan balance to Tata Capital, you need to fulfill the following eligibility requirements:
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The property for which you have taken a home loan should either be occupied or at least ready to be occupied
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You should not have any outstanding dues on your existing home loan
Note - The eligibility criteria may differ from case to case based on the customer’s profile. There can be some other eligibility requirements for a home loan balance transfer with Tata Capital.
Is it Possible to Get a Home Loan Balance Transfer with Top-Up?
With Tata Capital, you can avail of the home loan balance transfer with a top-up facility. Your home loan top-up amount and your home loan balance transfer interest rate will be calculated based on your eligibility. You can use our home loan balance transfer and top-up calculator to know your home loan top-up amount instantly.
What is a Home Loan Balance Transfer Calculator?
A home loan balance transfer and top-up calculator is a simple online tool that can help you determine your eligibility for transferring your home loan balance to us. You can also evaluate the monthly savings that you can make on transferring your home loan balance to us.
To use our home loan balance transfer calculator, you will need to input the following details in it:
Once you enter these details in our home loan balance transfer calculator, it will display the maximum balance transfer amount you’re eligible for and the total savings you can make every month by choosing to transfer your outstanding home loan balance to us.
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Popular FAQs
Yes, the home loan balance transfer facility allows you to move the remaining money on your home loan from one bank or financial institution to another lender.
Yes, we charge a processing fee for the home loan balance transfer facility to TCHFL (Tata Capital Home Finance Limited). The fee can differ based on the home loan amount and other factors. You can find the exact charge in the MITC (Most Important Terms and Conditions) document that will be shared with you when you apply for refinancing to Tata Capital.
We offer competitive rates for a home loan balance transfer. The interest rate is decided in line with the prevailing market rates and may be subject to periodic revisions based on changing market dynamics.
Yes, you can bargain and negotiate the interest rate for a home loan balance transfer with Tata Capital. You can reach out to your sourcing Relationship Manager (RM) to discuss the costs involved, get the best rates based on your credit risk profile, and proceed as you see fit.
You can generally transfer your home loan when the lock-in period for the same is over. However, different individuals may be subjected to specific terms and conditions. Therefore, it is advisable to reach out to Tata Capital Home Loan Customer Care to know more.
Yes, the transfer of your home loan balance to Tata Capital requires some processing time. Tata Capital offers a quick and hassle-free home loan balance transfer facility that typically takes anywhere between 3 and 5 days. The processing time begins after you have correctly submitted all the required documentation. In the case of incomplete or faulty information, the process may be extended a bit. Therefore, it is advised to submit all your documents promptly and accurately.
At Tata Capital, you can avail of our home loan balance transfer facility with minimal documentation, including the following:
Age proof: You can provide any of the following valid documents as proof of age: passport, driving license, PAN card, birth certificate, life insurance policy, or school leaving certificate
Identity proof: You can submit any of the following documents as proof of identity: voter ID, passport, driving license, Aadhaar card, or PAN card
Address proof: You can provide any of the following documents as proof of address: utility bills, bank statements, property registration documents, property tax receipts, or voter ID card
KYC documents: Please provide the necessary Know Your Customer (KYC) documents as per the requirements of Tata Capital
Home loan approval letter: You will need to submit the approval letter or documentation related to your existing home loan
Interest certificates from the initial lender: Provide the interest certificates or statements from your current lender showing the interest paid on your home loan
Foreclosure letter or the latest principal outstanding: You will need to provide a foreclosure letter or a statement indicating the latest outstanding principal amount on your home loan
Income proof: Submit the following income proof documents: Your last six months' operative current account statement or copies of the previous three years' Profit/Loss projection statement, or bank statements for the last six months of any CC (Cash Credit) or OD (Overdraft) facilities, if applicable
We encourage applicants to apply for a home loan balance transfer with a CIBIL score starting from 700 and above. If your credit score is lower than 700, it may affect your eligibility and approval. It is advised to maintain a high CIBIL score at all times.
Yes, you can choose to avail of a top-up loan when transferring your existing home loan to Tata Capital. A home loan top-up is only offered to existing Tata Capital home loan customers. So, once you get approval for the home loan balance transfer facility, you will also qualify for the top-up loan option.
Tata Capital's sourcing Relationship Manager (RM) will frequently update you on the status of your application for a home loan balance transfer. In the case of any urgent requirement or query, you can also write to <xyz email> and inquire about the status of your application. Alternatively, you can click here and track your application.
If your request for a home loan balance transfer is denied due to whatever reasons, you may need to wait for 12 months before reapplying for any future loan facility. You can contact Tata Capital directly for further information or clarification on the rejection of your application and how to proceed.
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