Balance Transfer: The most common ways to reduce interest rates. Balance transfer of a loan happens when the entire unpaid principal loan amount is transferred to another bank for a lower rate. While Balance transfer customer can avail a benefits to top-up loan for his other financial needs subject to market value of the property and customer repayment capacity.

Eligibility Criteria:

Any salaried, self-employed professional or self-employed non-professional with an outstanding Home/LAP loan which has been regularly serviced can avail for a home/LAP loan balance transfer. Though all loan Banks/NBFCs have different criteria, few basic ones are as follows:

  • You must be of Indian nationality and of an age 21 to 60 years. Whereas, self-employed individuals are eligible for the transfer up to 65 years.

  • Your credit score should not fall in the run-up to your loan transfer application. Irrespective of your credit score during the initial loan application, if the score dips by the time of transfer, banks might reject your application for refinancing.

  • There should not be any deviation in the property which was funded by the current lender.

  • You should either be employed by your current organization for a certain number of years or your company should have been operating for a time period specified by the lender. This period is generally 2 years.

  • You should have some monthly repaying capacity or the required minimum salary.

  • Some banks may also require a minimum gross family income specified by the lender.

Benefits of Balance Transfer :

  • 1. Avail a lower interest rate.

  • 2. Can avail top-up loan also while availing Balance Transfer with almost same interest rate.

  • 3. Top-up loan can be use for any other financial needs like Child higher education, medical treatments, child marriage, Home improvements, dream vacation and financial support for your business etc.

  • 4. Your can balance transfer with top-up any of your loan like Home loan, Loan against property, Business loan etc.

Balance Transfer Documents.

  • Documents Required Balance Transfer (Can be downloaded from here )

  • A. Personal and Financial documents.
    • For salaried individuals:

    • Passport Size colour photograph for borrower and co borrower.

    • Proof of identity and residence proof such as Aadhar Card, Voter ID Card, PAN Card, Passport.

    • Salary slips of past 3 months.

    • Latest Form-16 issued by current employer.

    • Six month salary credit bank statements.

    • A cheque covering the administrative costs/processing fees incurred by the bank in processing the application.

    • For Self-employed Businesspersons:

    • Proof of identity and residence proof

    • Educational qualification certificates, degrees, diplomas, and other academic credentials

    • IT Returns of the three years preceding the one in which loan is applied for.

    • Bank statements of six months preceding the one in which loan is applied for

    • For Self-employed Professionals:

    • Identity and Address proof documentation

    • Certificates that prove your academic qualifications/credentials

    • All registration/licensing certificate pertaining to your profession

    • Business existence proof/business profile details

    • Previous 3 years' balance sheets as well as Profit & Loss Statement of the company.

    • Acknowledged Income Tax statements of the company and self for previous 3 years

    • Last 6 months' bank statement.

  • B. Property Documents

    • Latest Sale Deed with all the previous link documents.

    • Building sanction plan and Proceedings.

    • Latest Property tax receipts.

    • Encumbrance Certificate.

    • Layout copy, land use Certificate and LRS copy(for Open Land only).

  • C. Documents from the existing lenders.

    • List of Original Documents(LOD),

    • Loan track record/ loan statement of account,

    • Loan Foreclosure letter.

With you can avail a lots of benefits, such as:

  • Calculate the loan amount that you will be eligible for and its free.

  • Calculate your balance transfer EMI

  • Get the best home loan quotes based upon your requirements

  • Compare the different home loan products against different parameters

  • Apply for home loan online

  • Refer... Earn and Grow ( FOR register : )


For Home Loan Balance Transfer : For LAP Balance Transfer : For Business Loan Balance Transfer :