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Home Loan

Housing is one of the most basic needs for humans along with food and clothing. Every youngster strives to build a house and makes it the first priority. This is preferred over other expenditure in household and basic needs. Housing is a major investment that allows a family to cut down on much other expenditure. The potential homeowner must first look out for the family’s monthly income and then look out for a loan which is generous so that he need not spend his entire life repaying the loan.

It is much known thing that if you own can land, then it is easy to build a space for yourself which is comfortable and unique. Several home loans are now available from various banks in order to fulfill your dreams. Loans that are provided are of a varied range like loans for plot, construction, renovation etc. it provides robust service which includes fast approval of loans. They make sure that they provide high standards of principles, integrity and simplicity.

Revised rates as of 01st January 2017 in different banks are listed below. This information will help you in comparing the rates between different banks before applying for a home loan. Grab the opportunity to enjoy the benefit for the whole year 2017. Slash in home loan rates will definitely give opportunity for those who were waiting for the right time to take a home loan.

Current Home Loan Interest Rates – September, 2017

Banks/NBFC

Institution Type

Minimum Loan Amount

Maximum Loan Amount

Tenor

Interest Rates

Fees & Charges

AXIS Bank

Bank

₹ 300,000

Depends on the combined income.

Maximum 30 years

8.35% to 10.35% p.a.

Minimum ₹ 2,500 to maximum ₹ 5,000

HDFC Bank

Bank

 

Up to ₹ 3,000,000.

Maximum 20 years.

8.35% to 8.50%(for women) 8.40%  to8.75% (for others)

 

ICICI Bank

Bank

   

Maximum 30 years.

8.35%-9.45%

1% of the loan amount

SBI

Bank

-

-

1 year to maximum 30 years

8.30%to 8.45(for women) 8.40% to 8.70% for general.

0.35%

Minimum 1000 to max ₹ 10,000

PNB

Bank

   

1 year to maximum 30 years

8.60% to 11.00%

Up to 1%

Maximum ₹ 10,000

Bajaj Finserv

NBFC

 ₹ 3,000,000  ₹ 15,00,00,000

Maximum 25 years

8.85%

1% of the loan amount.

TATA Capital

NBFC

₹ 2,00,000 ₹ 10,00,00,000

Maximum 30 years

8.75% - 9.05%

0.5% of the loan amount.

Check out Our Guide for First Time Home Buyers

Types of Home Loans Available in India

Owning a plot or home is the dream of every man. It also provides financial stability as well as emotional security. In India, there has been great demand for loans from the very start. Several companies that work under many banking sectors are helpful in providing faster approval of loans. When it comes to loans there are many categories that includes:

House Construction Loan:

Home loans are given to those people who are likely to build a new house in the way they desire instead of buying a property that has been already constructed. The process in which home construction loans are obtained is slightly different from that of the common loans provided for housing. When applying for home construction loans the borrower must have an idea of the cost that will incur and apply for the loan accordingly. House construction loans in most cases are easy to obtain once the borrower provides the necessary documents to support his claim.

House Purchase Loan:

One of the most popular and commonly availed loans would be home purchase loans. These loans are used when a person buys a property from another owner. It is also necessary to take adequate care in buying properties from another owner. The loans are given on both fixed and floating interests or even as hybrid loans. These kinds of hybrid loans are the ones which include floating interests and fixed interests combined in an ideal way. Almost all the banks give out home purchase loans. This loan includes a little elaborate process when compared to home construction loans.

House Improvement Loan:

House improvement loans are those that are provided when a property has to undergo renovations and other repair works. The kind of expenses that are covered under this includes painting works, repair works both internally and externally, electrical work, plumbing works, waterproofing the house and also when constructing underground tanks or overhead tanks.

NRI Home Loan:

For the application of NRI loans the applicant must be of a minimum age of 25 years and the age limit would 60 years. The applicant must be working abroad at least for a period of 1-3 years. Only a person holding a degree of diploma, graduate, post graduate or any kind of professional degree is eligible. The loan is provided for a maximum of 20 years of tenure and no loans will be provided for office premises.

House Extension/Expansion Loan:

Expansion or extension loans for homes are given out when people tend to expand or extend their present house. This includes addition of an extra bedroom, living room, a bigger bathroom or a new floor or a space for balcony. It is nothing but the modification in the structure of a house.

House Conversion Loan:

These are the loans that are provided to such people who wish to move into another home with the existing loan. If incase the person wants to move into a new place they have an option of moving by paying some extra amount or pre-payment on the prior loan. When this is done there is no need of paying loan for the previous home.

Bridged Loan:

These loans are otherwise called as short term goals which are taken up by owners of a residential property. Bridge loans help people to bridge the space between an old house and a newly purchased plot. These kinds of loans are extended for not less than 2 years which will later require finance documents of the new house.

Stamp Duty Loan:

When a property is bought, it is necessary to pay the stamp duty as well, apart from the price of the house. A specific amount of registration fee must also be paid, if the property’s value comes to ten lakhs.

Land Purchase Loan:

As the name itself mentions, land purchase loans are provided in order to buy lands or plots. These loans are provided for both investment purpose and also residential or housing purpose. The banks provide upto 85% loans when purchasing a plot or land. These loans are mostly taken in order to build a house.

Features and Benefits of a Home Loan

Home loan features are unique as compared to other loans. Few basic features are listed here:

  • Purpose: For resale or construction, purchase of fully constructed house from builders, extension or renovation of existing house.
  • Loan Amount: Home loans amount totally depends on the requirement; however there is limit is loan amount which is ranging from Rs.2 lac to Rs.200 lac, and this is calculated on applicant’s eligibility, repayment capacity and income.
  • Security: All home loans are secured wherein collateral is a must.
  • Loan Tenor: 20 years is the maximum loan tenure offered for home loan.
    Of course, there are a lot of benefits in availing a home loan:
  • Increases the probability of acquiring a house. Many, especially in India will not be able to buy a house will full cash readily available. This is where home loan creates an opportunity for low-class and middle-class community to have a home of their own.
  • This helps in capital appreciation; there is no doubt property prices have boomed in the past 5 years. Investment in home is always a safe and smart move. The value of land always increases and thus appreciation for your investment can be visibly seen within few years.
  • Applicants can avail tax benefit from home loans. Under Section 80CCE of the Income Tax Act, 1961 repayment of principal up to Rs 100,000 on home loan is subject for tax deduction. Once all prescribed conditions are met, this benefit can be availed.

Top Banks for Home Loans in India

All those who are looking for a home loan will be looking for the list of best banks that offer home loan. We have furnished this list to make things easier for you.

  • State Bank of India: Nearly 50% of home loan market is captured by this bank
  • HDFC: This bank is known as a home loan banker
  • PNB Housing Finance: A subsidiary of the Punjab National Bank.
  • ICICI Bank: Very fast in processing and friendly approach
  • Axis Bank: Very catchy home loan provider with attractive interest rates

What is Khata?

Khata is one of the essential legal revenue documents. It is required while authorizing any property for trade. Khata is basically an account of a person who is having a property in Bangalore which contains the tax details of the property. This Khata i.e. account is basically with Municipal Corporation.

Khata (account) contains all the details related to the property which includes the property’s owner name, property size, location of the property and all the other details which are required for filling the property tax. In Bangalore, Khata decides evaluation of the property’s owner. In Khata the nature of property is also mentioned like whether the property is commercial or residential in nature. As when this is mentioned in the Khata it becomes easy in Licensing and for using it for trade purpose and to acquire Loan on it.

Details which a Khata contain are:-

  • Name of the owner.
  • Location of the property.
  • Plot number.
  • The number of the floors.
  • Area and size of the Property.
  • The day of establishment and some more.

All the above mentioned details are very important for filling the Property tax. Overall khata is the document which licence the property and ensure that your property is eligible for paying the property tax. There are two types of Khata in Bangalore one is A Khata and the second is B Khata. These two are different in nature having their own significance.  

What is A Khata?

A Khata is a register which contains the details of the property like, its name and their other tax details too. A Khata is basically the Khata which was being talked about above.

If a property is in khata A that means that for that property the property taxes are being paid. And they are having no outstanding tax amount on them.

There are two elements of A Khata those are:-

The Khata Certificate

The Khata Certificate is fundamentally a document that a property proprietor/owner requires to enlist his/her property or for the exchange of the ownership that basically happens when a property is sold or even if an owner wants to transfer his/her property to any other. With a specific end goal to make a demand for the khata authentication the proprietor of the property needs to compose a letter to the BBMP (Bruhat Bangalore Mahanagara Palike ) and furthermore join their most recent paid assessment receipt to it. These reports should be submitted with the board alongside a standard cost of Rs. 25 for every property they present the letter for. It is this permit or declaration issues by Khata that will empower the property proprietors to apply for water and power associations or so far as that is concerned getting their hands on a business permit.

The Khata Extract

The Khata extract is the document which contains all the documents regarding the property details. Those details are name of the owner, area of the property, tax details, plot number and mainly such details.

What is B Khata?

B Khata is totally different from the A Khata. B Khata contains the Name of properties which have outstanding taxes on them. And the taxes are yet to be given. Those properties which are in B Khata have yet not received their Khata certificate or any legal status.

How to apply for a Khata?

If you have not applied for Khata of your Property don’t delay this as from the above details now it would be clear to you that how important is khata.

For applying for a Khata all you need is to take an application form from the BBMP, fill that complete from and submit it to the revenue officer of the concerned area along with the tax details paper of the property.

Why is Khata important?

It is very important to have Khata of a property because you will need a Khata for taking electricity connection, water connection and even for any kind of loan.

Shall I use my savings to pre-pay my home loan?

Is there an option to get excess fund, then it’s time to check if the home loan is actually life a sword in your life. If the monthly EMI amount is huge, then without any doubt pre-close the loan amount. However, on the other hand if the EMI is a very minimal amount, then it’s fine to retain the home loan to avail tax benefits and make use of the surplus fund for other investments. Also if you interest amount is more than INR 200,000 per annum, there will be no tax exemption, thus it’s wise to pre-close the home loan amount as early as possible. Another available option will be to pre-pay the loan to the extent such that the annual interest will be less than INR 200,000, this was your EMI amount will drop, the interest will be tax free and you will have sufficient surplus of fund for any other type of small investment. On the whole it is advisable to pre-close the loan as early as possible as there is lot of changes in a span of 10-15 years. In case of any emergency situations, it is good to not have huge EMI commitments. Thus consider job security, health issues and any such serious aspects before making any decision.

What is the process to pre-close a home loan in India?

The whole process of pre-closure of home loan can be put into 7 simple steps. If the loan is pre-closed through these steps, the processing will be easy and fast.

  • Firstly make a list of all the documents that should be received back from the bank in order to complete the process.
  • Then obtain the no objection certificate, this is commonly known as NOC from the bank. This certificate is a clearance certificate from the bank stating you have cleared all the outstanding payments related to the home loan and there is no objection to transfer the ownership. Through this the bank confirms that it has no more interest on the property.
  • The third step is to remove lien on property from the registrar office, in case of no lien is created, then it’s not an issue at all.
  • Fourth step is to get the CIBIL score updated. The score will shoot up if the loan is repaid without any default.
  • Fifth is to get a certificate for legal clearance from a lawyer.
  • Then make sure you have a copy of the detailed tracking of loan repayment. This can either be taken through online bank website or directly from the bank officials.
  • Finally get a new Encumbrance certificate from Registrar.

Can I get Home Loan Tax Rebate on 2 separate Home Loans in India?

Yes, you can still get a home loan tax loan rebate even if you have two separate properties both registered in your name. Even if the property is in two different cities of India, it is still possible to get home loan tax rebate. However, the limit for both together will be only upto INR 200,000 for the owner of the property. However, only one house can be claimed as self-occupied and the other should be claimed as rented or let-out. Any rent from the let-out property will be considered as part of your income for income tax evaluation for a particular assessment year. If you really want to save tax and not show as let-out then buy the other property on your spouse’s name.

What are the Documents that I should get after closing a home loan?

Basically there are just 5 documents to be received once you close your existing home loan and the list of these documents are below:

  1. No Objection Certificate (NOC): This is an authorization certificate confirming there is no outstanding due and it is issued by the lending bank assuring that all payments have been settled. It is considered as the important documents to acquire during closure of home loan.
  2. Retrieve original property documents: Take back all documents from the bank that was submitted while applying for home loan. Check for misplaced or missing pages and documents. If possible, go the bank and personally retrieve your loan documents thus courier delays and problems can be avoided.
  3. Retrieve Security Cheques: Everyone would have submitted 3-4 security cheques at the time of applying loan to the lending bank. Make sure to take these back after filing necessary documents for the same. This was just shared with the bank for security reasons in case if you default the payments.
  4. Encumbrance Certificate (EC): An EC is a certificate listing all monetary transactions on your house. Once the home loan is closed, it must reflect in the EC. This is necessary to complete the home-loan closure procedure.
  5. Get Legal Clearance: Though this is optional, it is advisable to get a legal clearance certificate from a lawyer. In this way, you can be sure that all necessary formalities are completed from a legal stand-point. Also in case of any issues, a lawyer is the best person to make any decision on the same.

Can Siblings take Joint Home Loans in India?

Yes, siblings are allowed to take joint loan from any bank for home loan. And with the help of this both can avail tax benefits under Income Tax Act section 80C. However, here are some of the points to be kept in mind while taking a joint loan with a sibling.

  1. Joint home loan means both will be the owner of the property thus both has rights on the property however if the sibling is just a borrowers then he/she has the right of liability. A sibling can be a co-owner of the property only if you share the liability of the property as co-borrowers, else banks will not consider you as a co-owner. Loan liability and co-ownership percentage can be altered as per each applicant’s requirements.
  2. In case if siblings are taking a home loan, usually banks will approve the loan amount upto 10 years of tenure. This is the maximum tenure that is offered if siblings are the applicants.
  3. Under section 24 (interest repayment) and 80C (principal repayment) both the applicants have the right to claim tax benefits on their home loan.
  4. If you have an option to apply for a joint loan, this option is the best if you are in need of huge amount. As the income and CIBIL scoring of both together will be considered by the bank, thus huge amount will be approved. This way you can be the owner of huge property.
  5. Pre-EMI option is available even if it is a joint loan. This means both the applicants/ borrowers just have to pay the interest on the loan amount as a pre-EMI until the possession of the property. This works in cases when the property is still under construction, the applicant have the benefit of avoiding the actual benefit until the construction is completed and possession of the property is taken.
  6. Do a complete research on the joint home loan for siblings as not every bank will allow this. In cases of disputes bank will have to suffer any delayed payments or failure to pay.

Home Loan Balance Transfer:

A house is the basic requirement of every person in this world. It is the place where we live with our loved ones whom we call as our family. Home is not just a shelter but it is the place where we make memories for life time. Nowadays many people in big cities like Chennai, Bangalore, and Delhi etc. live in rented house, but somewhere in their heart there is a dream of living in their own home. But many are not able to change their dream into reality because they lack financially. Some people spend years to save money to purchase their own dream house.

Home loan is the best option available nowadays to go with and purchase one’s own house. Many Banks and NBFC provide home loan at different interest rates. Getting a home through home loan is such a hassle. And that too if the lender turns out to be bad, the entire home loan experience is spoiled. Also if the interest rate is high, the borrower gets overburdened with high EMIs. In such a case, Home Loan Balance Transfer helps to switch the loan account to another FI where there are better facilities available at lower interest rates.

Home loan balance transfer includes the way towards exchanging your current ongoing Home loan to another Bank or NBFCS. Individuals for the most part select a Balance transfer on the off chance that they are able to find or get a Bank or NBFC which are offering them a lower interest rate and better administration of the loan account.

Home loan balance transfer involves the fore-closing of the current home loan with the original lender and shifting the loan account with the remaining balance to another lender, be it a Bank or a NBFC, at a lower interest rate. Hence the overall outcome is that the interest rate and hence the EMI gets reduced significantly and this is realized from the first month itself.

So as to decide on this all you have to do is simply to fill the Home Loan Balance Transfer application frame alongside computing investment funds on top up and home advance adjust exchange. Parity exchange alternative is picked by a great many people as it will bring down the regularly scheduled payments by paying lower repayment sum. This saving can be utilized on other valuable things. It offers alluring financing costs that will turn your home credit to be substantially less demanding to the pocket and reasonable. 

Comparison of Home Loan Balance Transfer from Top Banks/NBFCs

Criteria PNB Housing Finance Ltd. Citibank SCB SBI Axis Bank HDFC Bank ICICI Bank IDFC Bank

Max. Tenor

30

20 Yrs

20 Yrs

30

20 Yrs

20 Yrs

20 Yrs

30 Yrs

Men(Salaried)

8.50%

8.60%

8.95%

8.65%

8.50%

8.40%(below30lacs) /8.50%(above 30lac and below 75lacs) 

8.55% above 75

8.40% below 30lacs/30-75lac@8.70%

 

75lac and above8.75%

8.65%

Women (salaried)

8.50%

8.60%

8.95%

8.65%

8.50%

8.35%(below 30lacs)

Same as above

No offer

Self Employed

8.75%

8.60%

8.95%

8.65%

 

 

 

 

Fee

10K+Service Tax

Nil

5700/-

10,000 + Service Tax

10,000+ Service Tax

10,000 + Service Tax

10,000 + Service Tax

   5750/-

Franking

1350/-, Plus TPA Franking- 340/-

0.2% of the total loan amount

Nil

0.3% of the total loan amount

0.2% of the total loan amount

0.2% of the total loan amount

Nil

0.2% of the total loan amount

Home Credit facility

Not Available

Available/8.80%

Available/9.10%

Available

Not Available

Not Available

Not Available

9.30%

Legal and technical charges

Nil

Nil

Nil

4500

Nil

Nil

5750

Nil

Co Applicant/Guarantor

Co-applicant

Guarantor

Co-applicant

Co-applicant/Guarantor

Co-applicant

Co-applicant

Co-applicant

Co-applicant

Differences between Home Loan and Home Loan Balance Transfer:

Home Loan:

When a person borrows sum amount of money from any bank or any NBFC to purchase either a constructed house or to construct a house then this borrowing of money from these kinds of institutions are referred as Home loan. When you take a home loan you have to give or keep something as a security to the bank. Like you can give your land papers or any kind of property papers whose price is worth as that you are taking as a credit from the bank. This kind of loan is called as mortgage loan.

Home Loan Balance Transfer:

This is a choice accessible to the individuals who have been paying home advance EMIs with a bank for over 12 months. It offers them to move the current credit to an alternate bank that offers bring down loan cost and better administrations. There is no possession exchanging included. It just moves the home advance starting with one bank or NBFC then onto the next one for more appealing advantages. Lower loan fees will help in expanding the funds on a person.

Benefits of Home Loan Balance Transfer:

Home loan has many benefits. If there have been no benefits then no one would have opted for home loan balance transfer.

The benefits are mentioned below:

  • This offers cut down financing costs i.e. lower rate of interest: As there is security accommodated the advance as home loan, the hazard for the bank is low, because of this reason a similar reason rate of interest on advance is low.
  • Offers pre-payment: Many have the inquiry whether the balance transfer will hinder the shot of advance pre-payment. The appropriate response is no, regardless of the possibility that you did an adjust exchange of your home credit, it can be pre-shut at your watchfulness.
  • Smooth and hassle free process: Moving home advance starting with one bank then onto the next is not an intense and tedious assignment; this can be effectively finished with the assistance of least documentation.
  • Top-up scheme offered will be higher in contrast to what is offered from home advance bank: The credit reimbursement will be speedier with less sums towards intrigue; this will help in getting tremendous measure of advance for top-up necessities.
  • Money Saver: Money saving as your Interest sparing apply to your current EMI, exceptional chief sum, and existing rate of premium charged by your bank.
  • Reduced EMIs: Reduction in month to month EMI installment up to 5% relying upon the bank you exchange home credit.
  • No extra charges separated from conditional preparing expense: Only expense banks charge handling charge on home advance adjust exchange in addition to no extra cost will be included in the exchange.
  • Safeguard CIBIL score: There is no need of CIBIL necessities for an adjusted exchange or you can say simply for balance transfer. This will help you to have the CIBIL scoring in place.
  • Option from multiple FIs: Lot of choices is accessible to pick the best banks that offer great offices.

When should you go for balance transfer?

One should go for a home loan balance transfer whenever you find that your lots of money is being spent on the home loan EMI because the rate of interest of your home loan is quite high. and you find another bank or NBFC which is giving home loan at lower interest rates as compared to your interest rate, then you should definitely switch your home loan from the original lender bank to the another bank whose interest rate is lower.

You should avail balance transfer when:

  • Lower interest rate is offered by other Bank.
  • Enthusiasm on your credit, by considering the correct reimbursement history and for the most part lovely connection between both.
  • A good reputation of around 12 to 18 months of regular payments of home loan EMI’s.
  • Bring home credit to clear a current home advance
  • Any remaining installments will be made to the new bank to which the adjust is exchanged
  • Transfer the current ongoing home-advance at the lower rate of interest that are not as much as the original advance.
  • Easy and high top-ups available.
  • The procedure of obtaining a home advance is presently peaceful and the sum due for the portions is computed on an individual premise.

Home Loan Balance Transfer Eligibility Criteria

  • Annual or Monthly income: whether you are salaried or self-employ you should have decent salary so that you can pay your monthly EMIS.
  • Savings and credit history: you should provide your last few months bank statements.
  • Work experience: when you are salaried person you should be working from certain years or the organization in which you are working should be an authorized or well know.  
  • Qualifications: how much you are qualified can also be asked by some of the banks.
  • Age: for salaried person your age should be 21 to 60 years. Whereas for the self-employed the age limit is up to 65 years.
  • Job Stability: Probability of borrower continuing in same occupation
  • Number of dependents: many Banks need to know how many dependents you are having in your family and they even ask for your Gross family income.

When you are applying for Home loan balance transfer you can either apply alone or you can go with a co-borrower, for example with your spouse or father. It is not essential that the co-borrower should be the co-owner of the Property.

Salient Features of Home Loan Balance Transfer when you apply with Finance Buddha:

  • You can transfer your current Home loan from the original lender Bank/ NBFC to another Bank or non-banking financial company and you can get an additional amount as top-up.  
  • Easier Repayment options which you can choose according to your needs and comfort.
  • Lower Interest Rates that are affordable to you and which are easier on you and your pocket.
  • There are No hidden charges.
  • You have many banks as an option with Finance Buddha from which you can choose according to your eligibility.

Documents Required for Home Loan Balance Transfer:

Documents required by all the Banks regarding balance transfer are:

  • Age proof along with address proof.
  • Income proof.
  • Bank statements.
  • Identity proof.
  • Educational Qualification proof i.e. mark sheets or certificates
  • Scanned copy of signature.

 

Purpose Documents

Proof of both identity and residence (any 1)

  • Valid Passport
  • Voter ID Card
  • Aadhaar Card
  • Valid Driving Licence

Proof of income

  • Last 3 months' Salary Slips
  • Last 6 months' Bank Statements, showing salary credits
  • Latest Form-16 and IT returns

Other documents

  • Employment Contract / Appointment Letter in case current employment is less than 1 year old
  • Last 6 months' Bank Statements showing repayment of any ongoing loans
  • Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  • Cheque for processing fee favoring ‘The New bank’

Documents for a Balance Transfer Loan

  • A letter on the letter head of the existing lender stating the list of property documents held by them
  • Latest outstanding balance letter from your existing financial institution on their letter head
  • Photocopy of the property documents (including Own Contribution Proof)

Ability to reimburse the credit takes factors, for example, age, capabilities, pay, and life partner's salary, number of dependents, resources, reserve funds history, liabilities, dependability and persistence in occupation in thought. The candidate is called as the individual and the co-candidates can be candidate's mate, guardians, or even real youngsters. The co-candidate requires not be co-proprietor of house, but rather co-proprietor of property should be the co-candidate. In Floating-rate of intrigue credits any adjustment in the base rate will be directly affecting financing cost of the Home Loan.

Additional Documents for Loan Takeover / Transfer Salaried Self Employed
Loan statement (loan track) and list of property documents (LOD) in possession of existing lender Yes Yes
Last 12 months' statement of bank account from which loan EMI is paid Yes Yes
     
Application Form and KYC Salaried strong>Self Employed
Application Form with photo and signed by Primary Borrower and Co-borrower(s) Yes Yes
Identity Proof of Primary Borrower and Co-borrower(s) Yes Yes
Residential Address proof of Primary Borrower and Co-borrower(s) Yes Yes
Age Proof of Primary Borrower and Co-borrower(s) Yes Yes
Office address – ownership/ lease / rent agreement/ utility bill   Yes
     
Income Proof Salaried Self Employed
Last 3 years’ Form 16, last 6 months salary slip, last 6 months’ bank account statement showing salary credit Yes  
Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA. Last 12 months bank account statement (self and business)   Yes
Certificate and Proof of Business Existence   Yes
Business Profile   Yes

Top Banks/NBFCs for Home Loan Balance Transfer

HDFC Bank Home Loan Balance Transfer

HDFC offers Home Loan Balance Transfer option to all the eligible salaried employees and self-employed professionals in India. HDFC offers one of the lowest interest rates and high top-ups on home loan transfers with multiple repayment options which one can choose as per their needs and convenience. HDFC Bank also provides special offers on Home Loan Balance Transfer for those who are employed with the Indian Army.

Features of HDFC Home Loan Balance Transfer

  • HDFC offers you top-up up to 35 lakhs when you go for a Home Loan balance transfer with HDFC.
  • It offers you attractive interest rates.
  • No hidden charges.
  • Provides you repayment options which suits your need.

Eligibility Criteria for HDFC Home Loan Balance Transfer

This can be applied by an individual individually or this can be even jointly applied by two person. That person who is jointly applying is the co-applicant. It is not necessary that the co-applicant should be the co-owner.

Interest Rates, Fees & Charges for HDFC Home Loan Balance Transfer

Maximum Tenure

20 Years

Men(Salaried)

  • 8.40% (below Rs. 30 Lakhs) /8.50%(above Rs. 30 Lakhs and below Rs. 75 Lakhs)
  • 8.55% above Rs. 75 Lakhs

women(salaried)

8.35%(below Rs. 30 Lakhs)>

Fee

₹ 10,000 + Service Tax

Franking

0.2% of the total loan amount

Home Credit facility

Not Available

Legal and technical charges

Nil

Co Applicant/Guarantor

Co-applicant

Documents Required for HDFC Home Loan Balance Transfer

Purpose Documents

For Identity proof and residential proof

  • Aadhaar card
  • Voter ID card
  • Driving License
  • Passport

Income proof

  • Salary slip of last 3 months
  • IT returns and form 16
  • Last 6 months Bank statement

Other documents

  • Bank statement of last 6 months which should show re-payment of any ongoing loans
  • Passport size photograph
  • Employment contract
  • Cheque for processing price favoring HDFC.

Documents of Balance Transfer

  • Letter from the original lender stating the list of all the property documents with them.
  • Photocopy of the property documents.
  • Current outstanding balance letter.

HDFC Home Loan Repayment Options

Set up repayment facility (SURF)

SURF offers a choice where the reimbursement plan is connected to the normal development in your wage. You can benefit a higher measure of credit and pay bring down EMIs in the underlying years. Along these lines, the reimbursement is quickened proportionately with the accepted increment in your pay.

Flexible loan installment plans (FLIP)

FLIP offers a tweaked answer for suit your reimbursement limit which is probably going to adjust amid the term of the credit. The advance is organized such that the EMI is higher amid the underlying years and in this manner diminishes in extent to the pay.

Tranche Based EMI

On the off chance that you buy an under development property you are for the most part required to benefit just the enthusiasm on the credit sum drawn till the last payment of the advance and pay EMIs from that point. In the event that you wish to begin key reimbursement promptly you may pick to tranche the credit and begin paying EMIs on the combined sums dispensed.

Accelerated Repayment Scheme

This alternative gives you the adaptability to expand the EMIs consistently in extent to the expansion in your pay which will bring about you reimbursing the advance considerably speedier.

Telescopic Repayment Option

With this alternative you get a more drawn out reimbursement residency of up to 30 years. This implies an improved credit sum qualification and littler EMIs.

ICICI Bank Home Loan Balance Transfer

ICICI Bank offers you to transfer your existing home loan to ICICI at comparatively lower and attractive interest rates. Their documentation process is simplified enough so that you have not to face any kind of difficulty in completing the process.  

Features of ICICI Home Loan Balance Transfer

  • Go with this balance transfer facility and transfer your outstanding loan amount to ICICI and avail additional top-ups.
  • Attractive interest rates
  • Doorstep service
  • Simplified documentation process.

ICICI Home Loan Balance Transfer Interest Rates, Fees & Charges

Maximum Tenor 20 Years
Men (Salaried)
  • 8.40% below ₹ 30 Lakhs
  • 8.70% for ₹ 30 Lakhs - ₹ 75 Lakhs
  • 8.75% for above ₹ 75 Lakhs
Women (Salaried) Same as above
Fee ₹ 10,000 + Service Tax
Franking Nil
Home Credit Facility Not Available
Legal And Technical Charges ₹ 5,750
Co Applicant/Guarantor Co-applicant

ICICI Home Loan Balance Transfer Documents Required

Documents Salaried Self Employed Professional Self Employed Non Professional
Application form with photograph duly signed Yes Yes Yes

Identity, Residence and Age Proof

Yes

Yes

Yes

Last 6 months bank statements

Yes

Yes

Yes

Last 3 months Salary-slips

Yes

Yes

Yes

Processing Fee Cheque

Yes

Yes

Yes

Form 16 / Income Tax Returns

Yes

Yes

Yes

Proof of Business Existence

 No

 No

Yes

Business Profile

 No

 No

Yes

Education qualification certificate and proof of business existence

 No

Yes

Yes

Last 3 years Income Tax Returns with computation of Income

 No

Yes

Yes

Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

 No

Yes

Yes

Some of the other documents required are:-

  • Letter from the original lender stating the list of all the property documents with them.
  • Current outstanding balance letter.
  • Photocopy of the property documents.

ICICI Home Loan Balance Transfer Eligibility Criteria

Your fantasy home is currently inside your scope with ICICI Bank Home Loans. We offer higher advance sum on your pay. Your home advance qualification can be additionally upgraded by including pay of the co-applicant(s) of your Home Loan.

Home Loan qualification is computed in the wake of considering different components including month to month wage, settled month to month commitment, current age, and retirement age and so on. Your home credit qualification can likewise be viewed as a marker of your home Loan affordability.

SBI Home Loan Balance Transfer

SBI is the INDIA’S largest bank which offers you Home loan balance transfer. By opting SBI Home Loan balance transfer you can save a large amount of money which was earlier spent in paying EMI’S as the interest rate offered by SBI is lower than any other bank.

Features of SBI Home Loan Balance Transfer

  • Low interest rates.
  • Interest calculation is done on the daily reducing balance.
  • Package which includes exclusive benefits.
  • Low processing charges.
  • No hidden charges.
  • No prepayment penalties.
  • SBI Supports empowerment of women, so they provide Home loan to women at reduced (lower) interest rate – HER GHAR YOJANA.
  • Home loan EMIs that matches your income today as well as tomorrow – SBI Flexi pay Home Loan.
  • SBI offers you to transfer your outstanding loan to SBI which will reduce your interest burden. Takeover of Home Loan.

SBI Home Loan Balance Transfer Interest rates, Fees & Charges

Maximum Tenor

30 years

Men (Salaried)

8.65%

Women (salaried)

8.65%

Self employed

8.65%

Fee

₹ 10,000 + Service Tax

Franking

0.3% of the total loan amount

Home Credit Facility

Available

Legal and Technical Charges

₹ 4,500

Co Applicant/Guarantor

Co-applicant/Guarantor

SBI Home Loan Balance Transfer Documents Required

Purpose Document

Proof of Identification

  • Voter Id card
  • Pan card
  • Driving license
  • Employee ID
  • Ration card
  • Bank pass book

Age Proof

  • Pan card
  • Birth certificate
  • 10th passing certificate
  • Voter id card

Address Proof

  • Bank passbook
  • Voter id
  • Passport
  • Ration card
  • Bills like- electricity, water, telephone, gas( less than 2 months old)

Income Documents

  • Form16
  • Employment letter
  • Pay slip of last 2 months
  • IT return of last 3 years

Property Documents

  •  Original receipts of the advance payments that are made towards the purchase of flat
  •  An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
  • Original No objection certificate (NOC) from the housing society or builder.
  • Detailed estimate of the cost of construction of house

Some of the other documents required are:-

  • Passport size photograph
  • Complete loan application form
  • Allotment letter which is given by the builder, society or housing board.
  • NOC ( no objection certificate from the original lender bank)
  • List of the property documents submitted to the existing bank.
  • Photocopy of the documents submitted to the previous ban.

SBI Home Loan Balance Transfer Eligibility Criteria

  • You should be matured 21 years or above.
  • Any salaried, independently employed or specialist with Indian nationality can apply for a home you ought to have a standard wellspring of pay for auspicious reimbursement of the credit.
  • Your expert steadiness and reserve funds history will help in speedy advance endorsement.
  • Guarantee that you don't have terrible financial record for in any event the three months preceding applying for a home credit.
  • In the event that you are a salaried employee, around 40% of your month to month net salary can be benefited as advance sum.
  • For independently employed people, benefit earned by you significantly decides the credit esteem you are qualified for.

PNB Home Loan Balance Transfer

Punjab National Bank is one of the most trusted banks from past many years. You can avail the PNB home loan balance transfer at lower rates. PNB offers you loans at less documentation and comparatively lower EMIs which will definitely suit your pocket. PNB home loan balance takeover options start at 8.50% only.  

Features of PNB Home Loan Balance Transfer

  • Home loan balance transfer rate of PNB housing Finance is 8.50% only.
  • It offers you maximum tenure of 30 years.
  • Comparatively lower interest rates for women.
  • No hidden charges.
  • You can save on monthly basis by opting for PNB home loan balance transfer.
  • Provides Facility of enhancement in loan amount in the event of escalations in costing of the house.
  • High standards of integrity and transparency.
  • Various repayment options are available.

PNB Home Loan Balance Transfer Interest Rates, Fees & Charges

Maximum Tenor

30 years

Men (Salaried)

8.50%

Women (Salaried)

8.50%

Self Employed

8.75%

Fee

₹ 10,000 + Service Tax

Franking

₹ 1350/-, Plus TPA Franking ₹ 340/-

Home Credit Facility

Not Available

Legal And Technical Charges

Nil

Co Applicant/Guarantor

Co-applicant

PNB Home Loan Balance Transfer Documents Required

Purpose Document

Proof of Identification

  • Voter Id card
  • Pan card
  • Driving license
  • Employee ID
  • Ration card
  • Bank pass book

Age Proof

  • Pan card
  • Birth certificate
  • 10th passing certificate
  • Voter id card

Address Proof

  • Bank passbook
  • Voter id
  • Passport
  • Ration card
  • Bills like- electricity, water, telephone, gas( less than 2 months old)

Income Documents

  • Form16
  • Employment letter
  • Pay slip of last 2 months
  • IT return of last 3 years

Property Documents

  • Original receipts of the advance payments that are made towards the purchase of flat
  • An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
  • Original No objection certificate (NOC) from the housing society or builder.
  • Detailed estimate of the cost of construction of house

Educational Qualification

Latest degree, applicable to both salaried & self-employed.

Some of the other documents required:-

  • No objection certificate from the existing bank.
  • List of documents submitted to the previous bank.
  • Photo copy of the documents submitted to the existing bank.
  • Letter from the original lender bank mentioning the outstanding amount.
  • Complete loan transfer application form.
  • Scanned copy of signature.
  • 3 passport size photograph.

PNB Home Loan Balance Transfer Eligibility Criteria

  • At the time of loan maturity your age should not be more than 70 years.
  • Your age should be more than 21 years.
  • You should have a particular source of monthly earning either salaried or self-employed.

AXIS Bank Home Loan Balance Transfer

AXIS Bank offers you affordable Housing loans to fulfil your dream of self-owned home. Why to pay more when you are having smarter options to go with, so move your current outstanding loan amount to axis bank and save as much as you can and invest your savings on the lifestyle and other necessities of our life.

Features of AXIS Bank Home Loan Balance Transfer

  • Up to 100% top-up available.
  • Your balance transfer will be based on your income.
  • Your balance transfer will be fully dependent on the track record of repayments done to your existing bank.
  • No hidden charges will be taken.
  • Easy documentation process.

AXIS Bank Home Loan Balance Transfer Interest Rates, Fees & Charges

Maximum Tenor

20 Years

Men (Salaried)

8.50%

Women (Salaried)

8.50%

Fee

₹ 10,000 + Service Tax

Franking

0.2% of the total loan amount

Home Credit Facility

Not Available

Legal And Technical Charges

Nil

Co Applicant/Guarantor

Co-applicant

AXIS Bank Home Loan Balance Transfer Documents Required

Document Required Salaried Employees Self-employed Individuals

Proof of identity

  • Valid passport
  • Voter’s ID
  • Valid Driving license with photo graph
  • Pan card
  • Aadhar card

Same as that of salaried Employee.

Proof of Income

  • Latest 3 months’ salary slip
  • certificate for fixed salary
  • Latest Form 16
    Last 6 month’s bank statement.
  • Passbook of the salary account
  • IT- returns for the last 2 years along with computation of income certified by CA
  • Last 6 months Bank statement of account both personal and business.

Proof of Residence

  • Latest Electricity Bill/utility bill/ gas bill/ telephone bill (Not more than 2 months old)
  • Passport/Aadhar card/ Voter Id
  • Driving License.

Same as that of salaried Employee.

Some other documents required are:-

  • No objection letter from the previous bank.
  • Letter from the original lender bank mentioning the outstanding amount of the loan.
  • Document of property.

AXIS Bank Home Loan Balance Transfer Eligibility Criteria

  • Salaried people qualified for home advance: - People in lasting administration in the Government or presumed organizations .Candidates ought to be over 21 years old at the season of credit initiation and up to the age of 60 or superannuation, whichever is prior at the season of advance development.
  • Any individual filing income tax return can apply for this.
  • For self-employed:- That individual should be above 21 years and at the time of loan maturity he should be less than 65 years.

Things You Should consider before going for a Home Loan Balance Transfer:

  • Do an exhaustive comprehension on your current home credit to comprehend the financing cost and different advantages advertised.
  • Do a comparison with different banks that offer home credit for same advance sum. The advantages and components will vary as per the credit sum, in this manner think about for the remarkable advance sum that is yet to be reimbursed.
  • Go through the new bank's survey to comprehend its elements and level of client benefit
  • Post all these on the off chance that despite everything you feel there is benefits offered by different banks when contrasted with what you are getting from the current bank, begin the home advance adjust exchange techniques.
  • It is critical to know that NOC-No Objection Certificate and other applicable reports are required from the current bank alongside different archives.
  • Identify the explanation behind decrease in FICO assessment, it could be mostly a result generally installments of Visas, advance EMIs and so on. Defaulting and late installment is the center factor for awful FICO assessments along these lines guarantee to have a decent reputation constantly.
  • Keep as a primary concern to never default any installments in the coming years. Make all installments on time additionally keep adequate supports in your record for ECS.
  • If you have excessively numerous dismissals from Credit cards and individual or home advances, enjoy a reprieve and quit applying. This will help in raising the score and after that apply however Credit scoring doesn't have much part in home advance adjust exchange it regards keep a decent record regardless.
  • Loans drawing near to residency fulfillment are incredible news! Be that as it may, don't make utilization of this opportunity to apply for another one. It is prudent to give no less than 3-6 months break before applying for a new one.
  • Remember to dependably keep adequate adjust in your Visas; this will help in investigating appropriate credit use. Utilizing excessively or too less of credits is not an awesome sign.
  • Check which rate important to pick amongst settled and coasting loan cost. Sadly just couple of banks offers this alternative, while most banks offer simply skimming rate of premium.

The distinction amongst settled and gliding rate of intrigue is specified underneath:

Factors Floating Interest Fixed Interest

Flexibility

Flexible according to market volatility

No flexibility

Risk of uncertainty

High

Low

Protection against cash rate fluctuations

No

Yes

Cheaper

Comparatively cheaper

Not as cheaper as floating interest rate

Pre-Payment Penalty 

Not applicable

Applicable

Option to lower interest rate in future

Available

Not available

Transparency on interest calculation

High

Low

During inflation

Not beneficial

Beneficial

Hedging against market volatility

Not possible

Possible

Suitable for risk averse customers

No

Yes

Stability

Not stable EMI amount and Loan Tenure

Stable EMI amount and Loan Tenure

Aside from all the above recorded ones, the bank will consider the area of the borrower, advance sum necessity, FICO rating, advance term, credit sort and in particular the age of the candidate. The more youthful you are, more advantages can be profited and getting credit will be simpler for longer residency. On the off chance that you have a decent reputation of existing bank's EMI installment, it will enable you to return home credit adjust move in a bother free and basic way.

 

Top Rated FAQs

How is my loan eligibility calculated?
Loan eligibility is dependent on primarily the following factors: Cumulative net monthly salary of the applicant and co-applicant.Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI o read more Loan eligibility is dependent on primarily the following factors:
  1. Cumulative net monthly salary of the applicant and co-applicant.
  2. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current home loan that your are trying to apply for) exceeds 50-60% of your total net take home salary.
  3. Loan to asset Value (LTV) ratio of 75% which means that the customer has to fund the remaining 25% through his savings or any other source.
My loan got rejected even though I have a decent salary package?
The final decision to grant a loan lies with the credit department of a bank. Some of the reasons why a loan can be rejected are: Possible Issue: Already running several loans and hence a bank may not be comfortable with your existing leverage lev read more The final decision to grant a loan lies with the credit department of a bank. Some of the reasons why a loan can be rejected are:

Possible Issue:
Already running several loans and hence a bank may not be comfortable with your existing leverage levels vis-a-vis your salary level.
Possible Way Out:
a)If you have a spouse who is also working, you can add her as a co-applicant to boost the combined salary levels or
b) Try to pay off some of your debt so that your leverage levels can come down or
c) Do a balance transfer/debt consolidation/re-financing of your existing loans such that the rate of interest on loans can also come down and additional loan can also be provided
Possible Issue:
Issues in your credit history as reflected in your CIBIL, Equifax reports.
Possible way out:
a) If the issue is a minor one like some delay in payment of credit card due then we can try your application in some other bank who can possibly take a lenient view on the deviation.
b) If you think that the credit report is erroneous and you have sufficient documentary proof we will represent the case to the bank and try to convince the credit team.
c) If the issue is a major one like write off, settlement of any past dues etc then it might be difficult to obtain a loan. Certain mitigation factor like if you/your spouse/your parents have an own house in India can give comfort to certain banks to give you a loan.
Possible Issue:
Most banks have certain internal credit parameters to evaluate a loan which is kept confidential and not shared with us. Several demographic, financial and credit aspects go into these internal evaluation. You might not have met the minimum cut off for obtaining a loan.
Possible way out:
Finance Buddha can re-apply for your loan in one of the other 10 plus lenders that we are affiliated to

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