What is Balance Transfer and How to do it?
Sep 26th 2014 at 6:09 AM
With the step of RBI’s on increasing REPO Rates all the banks have started raising their primary deposit rates and lending rates which effect all the fresh home loan seeking customer and existing customers too. The country’s largest public sector bank has already raised their lending rates and remaining banks are following the same path. All the existing and new customer need to shell more amount to pay their EMI’s. Banks have different kinds of products which suit different needs of customers in which Home Loan Balance Transfer is a product which is meant for those customers who already availed the home Loan. Customers who already availed a home loan from any bank can opt for a home loan balance transfer loan which will give different benefits compared to other products of home loan. Home Loan Balance Transfer can be opted for the benefit of inters rates, lower EMI’s, pre-closure benefits, Part payment benefits etc. Customer who would like to go for a balance transfer need to submit all the income documents and property documents along with some additional documents i.e One year repayment track, Outstanding letter and List of documents submitted infavour of the home loan account. Once the documents are submitted bank will do the processing of home loan and disburse the loan amount infavour of the Existing bankers name and collect the documents from the bank directly. It will take a maximum of 15 days to complete the process. Home Loan Balance Transfer is a product which will have all the benefits of home loan. Banks provide different combinations along with Home Loan Balance Transfer and the possible combinations are Top Up, Mortgage and Construction. Home Loan Tax benefits will not the applicable to the additional amount raised on Top-ups and Mortgages. The applicant should have the eligibility in terms of salary and property valuation without which transfer of Home loan from one bank to the other bank is not possible.
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