Indiabulls Home Loan Balance Transfer: Home Loan Balance Transfer is the process that allows you to avail of the lower interest rates provided by other lenders. This process is also known as refinancing or simply Balance Transfer. In your existing home loan, if you think that you are paying a higher interest rate and EMI then you should consider moving your home loan to another bank. An Indiabulls Home Loan balance transfer is an option that most individuals choose to take advantage of lower interest rates in the market. This allows you to use effective, strategic use of existing interest rates, which are being offered by various banks across the country. If you have paid your dues on time without defaulting, then this process is usually quite simple. The cost of Home Loan Balance Transfer may also vary. If you have a home loan with a fixed housing loan interest rate, your existing bank may charge a pre-payment penalty for transferring your loan. Or if you are making the transfer soon after you’ve taken the loan, your existing bank may charge a higher fee.
Through Indiabulls Home Loan Balance Transfer, move your Home Loan remaining balances to Indiabulls, pay lower monthly installments and enjoy your savings for the other things in life that really matter to you and your family. You may have ended up depending on a lender who charges the high rate of interest and has a complex documentation process. Now you can conveniently and quickly transfer your Home Loan Balance to Indiabulls at lower interest rates. The most important advantage of availing home loan balance transfer is the savings of money. In this process, the difference in interest rates between two lenders, the tenure of the loan and the outstanding amount are the three primary contributors to this scheme.
Important things to know before Transferring Your Loan:
A hasty move to transfer the home loan to another bank may cause more harm than good. Keep the following points in mind before transferring your home loan balance to other bank or lender:
- Reliability: It is important to make sure that the new bank or lender is reliable in lending out money and the reduced interest rate offered by the bank is not just a promotional strategy.
- Consider all costs: Sometimes it can be easy to ignore costs that are associated with refinancing a housing loan. Since you are transferring the housing loan balance to save money. So if the costs like stamp paper, documentation charges, processing fee, etc. overcharge the savings you receive, it becomes illogical to refinance your loan.
- Quality of service: It is important to do your research on the quality of customer support and service that a particular lender provides so that if there is any further problem, it can be easily overcome.
- Go through the fine print: A low rate of interest should not be the reason for your inconvenience in the future. As well as reading the fine print of the agreement with the new lender and the existing lender, you will give all the information needed to support your decision whether or not to refinance your home loan.
Features of Indiabulls Home Loan Balance Transfer:
The most important benefit of Indiabulls Home Loan Balance Transfer is that you can save money by transferring your loan at a lower interest rate.
- Through ISO certified process Indiabulls provide safe document storage.
- You can take the additional loan for Home Improvement, Extension, Business Expansion or other Personal Needs.
- Indiabulls provide simple documentation with speedy processing.
- Low Processing Fees.
- In Indiabulls Home Loan Balance Transfer, you can get lower EMI’s with higher tenure.
- You can also avail various tax benefits offered by the income tax authorities to individuals who have taken a housing loan from specified financial institutions.
- You can apply for a home loan balance transfer to avail attractive discounts and benefits being offered by the other bank or lender.
Eligibility Criteria for Indiabulls Home Loan Balance Transfer:
- Any salaried, self-employed professional or self-employed non-professional with an outstanding home loan can apply for a home loan balance transfer.
- The applicant must be of Indian nationality.
- The minimum age of applicant should be 21 years.
- The applicant’s age must not be over 60 years at the time of loan application (65 years for self-employed).
- The applicant must have overall 2 years of work experience and 1-year experience in the current organization.
- For self-employed applicants, the expectation of work experience is 2 years in the same profession.
- The applicant must have a regular source of income.
- The applicant must have a clear history of 12-18 months of steady repayments on his existing home loan.
- The loan amount is based on a number of factors including, the age of the applicant, current income, number of co-applicants, the applicant’s retirement age, etc.
Interest Rate of Indiabulls Home Loan Balance Transfer:
- Variable Rate:
|Loan Amount||Variable Rates%|
|Up to Rs. 75 lacs||8.35% to 9.75%|
|Above Rs. 75 Lacs and up to Rs. 3 crores||8.70% to 10.50%|
|Above Rs. 3 crores||8.80% to 11.25%|
- Fixed and Floating:
|Loan Amount||Fixed Rate Tenure||Variable Rates%|
|Up to and including Rs. 75 Lacs||Up to 2 Years||8.95% to 10.00%|
|Above Rs 75 lacs and up to Rs. 3 crores||9.00% to 10.75%|
|Above Rs. 3 crores||9.10% to 11.50%|
Documents Required for Indiabulls Home Loan Balance Transfer:
|Purpose||Documents for Salaried||Documents for Self-employed|
|Proof of identity (any 1)||
|Address proof (any 1)||
|Property related documents||