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Loan Restructuring​

Refinance Home Loan Lower EMIs, Higher Savings!!

Paying your Home Loan EMIs regularly? Time for a reward. Transfer your outstanding Home Loan to a new bank & lock the lowest housing loan

Loan Restructuring​

Stepping in to facilitate your business expansion plans

One Time Loan Restructuring

• The moratorium on payment of loan EMS enabled by RBI has ended. Aug 31, 2020 a. hence, we will not entertain any moratorium requests for EMS falling due from Sep 1, 2020.
• We have taken cognizance of the RBI circular on Restructuring CovicL13 impacted loans and have formalized a loan restructuring policy keeping in view RBI’s Expert Committee Report. For detail policy please click here

Get Lowest Rate

With home loan balance transfer you get to avail the best refinancing offer with lowest interest rate. Currently the lowest home loan balance transfer

Trim down EMIs

A reduced interest rate allows your existing EMIs to reduce. A 30 point interest rate reduction can lessen your EMI by Rs 1000 and overall interest payable by Rs 2 lakhs after resetting a Rs 50 lakh loan 8.50% for 20 years.

Avail Top Up

Enjoy greater repayment flexibility with home loan balance transfer top up and/or overdraft as per your needs. Check instant eligibility for housing loan refinancing and reset home loan terms basis your monthly budget.

Learn More About Home Loans Balance Transfer

Home Loan Balance Transfer (HLBT) is refinancing or switching of your existing Home Loan to a new lender. Using HLBT facility you can transfer Home Loan Balance to the new lender and avail of benefits such as lower Home Loan interest rate, affordable or readjusted EMIs, increase/decrease loan tenure and/or top up to 100% of Home Loan. Most lenders readily approve the balance transfer applications at lower rates because it is profitable and low risky to welcome customers already having a good repayment history. In the last one year maximum Home Loan Balance Transfer requests are made due to historic corrections in Home Loan Interest rates. The Home Loans (linked to repo rates) are available at lowest of 8.50% interest rate for 30 years. It is best to opt for Home Loan Transfer in the initial years, when your interest liability is high.

Features of Home Loan Balance Transfer

Let’s dig deep into the process of Home Loan Balance Transfer and understand how it works.

  • The takeover of the outstanding Home Loan balance from the existing lender is treated as a fresh loan by the new lender.
  • Just like a new loan, the lender will assess stability of income, credit score, and KYC verification. A prescribed application for the balance transfer should be submitted to the existing lender.
  • The panel advocate and the panel valuer of the new lender will undertake scrutiny of property documents and property valuation.
  • The transfer of balance will be allowed by the existing lender only after the loan has run for a minimum period as prescribed at the time of loan approval. Until then, the No Objection Certificate (NOC) will not be issued by the lender.
  • The new lender will treat the balance transfer like a fresh loan and hence processing charges will be collected at the prescribed rate, which ranges from 0.5% to 1% of the loan amount.
  • On transfer of the outstanding balance subsequent EMI becomes payable to the new lender.

Home Loan Balance Transfer – Eligibility

A Home Loan Balance Transfer account is akin to a Home Loan account and thus fees and charges are similar to a Home Loan account. When you apply for balance transfer, the bank will levy processing fees and administrative charges. Further, penal charges and prepayment charges will also be applicable. Overall Home Loan Balance Transfer charges will vary as per the lender’s policy.

Most banks & NBFCs follow rates as under:

  • Processing fee will range from 0.5% to 2% of the loan amount.
  • Penal charge will be up to 2% of outstanding per month.
  • Foreclosure charges will be up to 4% of the prepaid amount.

Best Home Loan Transfer Offer

There is no one-size-fits-all product. So choose the Best Home Loan Transfer offer according to your specific needs. If the new lender’s offer fulfils any of the following, it is likely to be a perfect match for you:

  1. Lower rate of interest– In maximum cases, people opt for balance transfer for lower interest rate. You may consider negotiating with the existing bank for refinancing your loan or opt for a new lender who is willing to offer a lower rate. Make sure the difference in rate after the switch is at least 50 bps. The higher is the difference, higher will be the saving.
  2. Better post disbursal service- If your existing bank has rigid terms and you are seeking better customer service and ease of loan repayment, make sure you read new lender’s terms carefully besides reading customer reviews.
  3. Lower EMIs- Discuss the new EMI plan and calculate the saving. Make sure you do not increase overall interest burden on your Home Loan.
  4. Top Up- If top is what you are looking for, do explore the top-up option with your current lender. Compare the offer with a new lender and only make a decision after a thoughtful comparison.
  5. Repayment flexibility- There is no foreclosure charge on Home Loan prepayment. However sometimes, there could be lock-in or limit on the amount that can be pre-paid for free. So make sure you carefully assess what kind of repayment flexibility you are seeking for from the new lender.

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