Paisa Express, with its strong and experienced team of consumer finance experts is here to help and assist you make personal finance decisions easy, transparent and convenient. We intend to simplify your decisions through technology and data innovations and information at your fingertips.
We at Paisa Express believe in an open and friendly environment and encourage free-flowing ideas, teamwork, and assistance at all steps. If you are looking for a Home loan Balance Transfer, we will help you choose the best lender.
Home loan Balance Transfer/ Loan Against Property Balance Transfer:
No one enjoys paying high interest EMIs on Home Loans. So, here's a straightforward and convenient solution to reduce the debt through refinancing, an optimal way to save money on monthly instalments. The Balance Transfer loan lets you enjoy reduced interest rates, and consequently lowers the Home Loan EMIs.
Banks offer an Instant Balance Transfer option, for customers who are servicing Home Loan or Loan Against Property (LAP) from any other bank / financial institution, at a high interest rate. You get swift Home Loan Balance Transfer and can repay the loan at lower interest rates, starting at 6.50% p.a onwards. Apply for the Home Loan Balance Transfer with Top up and experience Longer Loan Tenure, Quick Processing and Instant Balance Transfer, Avail Top up on the same property. You can use the Top-Up Loan amount for multiple purposes such as construction of residential / commercial property, personal requirements or for business purposes.
Key Features of Loan for Balance Transfer:
- Low -Interest Rates – Competitive interest rate that is the lowest in the industry
- Low Processing Fee – Don’t lose out on your loan amount in the form of the processing fee.
- No Pre-Payment Penalty – For all individual loans, you can complete the loan whenever you want without any penalty.
- No Hidden Charges – All the charges will be communicated upfront hence no hidden charges
- Interest charges on Reducing Balance – Interest charged only on Principal outstanding amount.
- The maximum repayment period could range between 10 to 15 years depending on the age.
- Some banks provide concession for women borrowers.
Loan Eligibility Check
Before a person applies for a loan it is always good to do an eligibility check which is available at Paisaexpress.com This way your credit score will not be affected as we will only soft pull your credit score and check with other internal criteria to make sure you are eligible.
Eligibility Criteria
- The following are the eligibility criteria for Balance Transfer Loans
- Age: The minimum age requirement is 18 years while the maximum age at the time of loan completion is 70 years
- Loan Tenure: Most banks provide maximum tenures of 20 years but there are some banks that provide loan tenure of 30 years
- Loan Amount: You can get loans as per your income eligibility or max up to 85% of the property value.
- Interest Rate: The loan starts at 6.50%
- Processing Fees: It varies from bank to bank. In general, the processing fee will be 0.5% to 1%.
- Pre-Payment Charges: Nil
Documents Required for Balance Transfer Loan
ID & Address Proof (Any One Required)
- Aadhaar card
- PAN card (Mandatory, if income is considered for loan eligibility calculation)
- Valid Passport
- Voter ID card
- Driving license
- Utility Bill: Electricity, Telephone, Post-paid mobile, water bill, etc.
- Ration card
Property Documents Required:
- Copy of Sale Deed
- Last 15 years link documents
- Last 15 years Encumbrance Certificate
- Copy of Approved Lay out/ Municipal Sanction Plan
- Land Regularization Certificate
- Latest Property Tax Receipt
Additional Documents required for Salaried Individuals
· Salary slips for the latest 6 months
· Cash Salary – Income details on Company Letterhead (Salary up to Rs.30, 000 p.m.)
· Copy of all bank statements for the latest 6 months. Salary credit bank statement is mandatory.
· Copy of Form-16 for latest 2 yrs.
· Copy of Home Loan/Loan Against Property Sanction letter
· List of original documents receipt
Additional Documents required for Self-Employed Professional
· Certificate of qualification for professionals: CA, Doctors or Architects
· Copy of latest three years’ income tax returns, along with computation of income
· Copy of latest three years’ P/L account with all schedules and audited balance sheet, wherever applicable.
· GSTR returns or TDS Certificate
· Bank statement for the latest 1year (Savings account, current account, and O/D account)
· Copy of Home Loan/Loan Against Property Sanction letter
· List of original documents receipt
Additional Documents required for Self-Employed Non-Professional
· Copy of latest three years’ income tax returns, along with computation of income
· Copy of latest three years’ P/L account with all schedules and audited balance sheet, wherever applicable
· GST returns or TDS Certificate
· Bank statement for the latest 1year (Savings account, current account or an O/D account)
· Copy of Home Loan/Loan Against Property Sanction letter
· List of original documents receipt