Balance Transfer of Home Loan

Balance Transfer of Home Loan Overview

A Home Loans transfer (also known as refinancing or balance transfer) is an option that most individuals opt for to avail the benefit of lower interest rates prevalent in the market. Usually the existing borrower of a bank, who is about two or more years into his loan tenure, does not get the benefit of falling interest rates in the market. The Reserve Bank of India has been insisting on lower interest benefits to be passed on to the existing borrowers as well, but this seldom happens.

Balance transfer of Home Loans happens when the entire unpaid principal loan amount is transferred to another bank for a lower rate of interest. The bank that had originally extended the loan to you gets the unpaid amount and you have to, in turn, now pay your EMIs at the new rate to the bank that has taken up the loan. Almost every bank in the country has a facility for a balance transfer of Home Loans and if you have been paying your EMIs regularly, there is often no problem associated with it.

There is, however, a need to carry out a cost benefit analysis. Balance transfer of Home Loan will depend on the difference between the interest rates offered by the two banks, the amount of the loan left unpaid and the tenure remaining. If the unpaid amount is low or if only a few years remain in terms of tenure, balance transfer may not be ideal. This is also because banks often levy a processing fee for balance transfer of Home Loans and in the end it may not be all that beneficial.

This is a substantial amount and despite the processing fee that you may have to incur on the balance transfer of Home Loan process. There is, however, a considerable amount of work involved for balance transfer of Home Loan. The bank where your loan will be transferred will do a credit background check and if they are not satisfied with your credit worthiness, there is every chance of your balance transfer of Home Loans being refused

Creative Finserve will help you with the best deal in balance transfer of Home Loans with our professional team and give you personalized solution to your requirement.

Balance transfer of Home loan + top up features & benefits

• Our expertise to get u the right Banks / Institute to fulfill your requirement
• Loan tenor up to 30yrs
• Attractive Rate of Interest.
• Part Payment Facility.
• Additional top-up amount can be used as per your requirement.
• Minimum / Hassle free Documentation.
• Funds available for business expansion,working capital, child's education, home renovation.
• Convenience of doorstep service.

Home Loan BT+ TOP UP Process

There are several steps in the home loan BT+ TOP UP process. Here are the steps in brief:

•  Application form & Document Submission
•  Cibil report check
•  Residence verfication
•  Office verfication
•  Eligibility calculation
•  Technical & Valuation
•  Personal Discussion
•  Credit decision
•  Offer Letter
•  Submission of Property documents & legal check
•  Registration of property documents
•  Signing of agreements and submitting post-dated cheque
•  payment to existing Bank
•  Agreement Collection From Existing bank
•  Disbursement

Balance Transfer of Home Loan Eligibility

SELF EMPLOYED INDIVIDUAL

• An Indian Resident
• You should be in business for a minimum of 3 years.
• You should be self employed Minimum 24 to maximum 65 years of age.
• Your current place of residence should be occupied for a minimum of 3 years in the city.
• You should have residence.

SELF EMPLOYED PROFESSIONAL

• An Indian Resident
• You should be Practicing Doctor or CA business for a minimum of 3 years.
• You should be self employed Minimum 24 to maximum 65 years of age.
• Your current place of residence should be occupied for a minimum of 3 years in the city.
• You should have residence.

Salaried

• You should have 3 years work Experience.
• Your Minimum age should be 24
• Your maximum age should be 58/60 at the time of closer of the loan.
• You should have Minimum Rs 20000/- Net Salary

Contact Info :

Office No 35, Ground Floor,

Shiv Shambhu Chs (Seawoods), L.T. Road.

Borivali (West), Mumbai - 400092.

Telephone: 022 - 65662010 / 022 - 69000012 / 022 - 69000033

E-mail: info@cfplindia.com / cfpl@live.in