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Balance Transfer of Loan - is transferring an existing outstanding loan amount from one financer to another. The loan to be transferred can be a Personal Loan, Home Loan or Mortgage loan.
There are various reasons to transfer a loan.
To shift to a bank providing lesser rate of interest to save on the interest paid.
For getting a top-up on the existing loan amount.
A person with a existing loan with a clear track record & with a stable monthly income is eligible for Balance Transfer Loan
Salaried person.
Business Person with stable income & business.
A partnership or a Pvt. Ltd. company.
Professionals with stable income & business.
Balance TransferThe current home loan interest rate may be overwhelming, or you may not be happy with your current lender’s service; you can transfer the home loan’s outstanding balance to a different lender who offers a lower interest rate and better service. Upon transfer, you can even check out the possibilities of a top-up loan on your existing one.
Eligibility:Banks have a list of eligibility criteria for balance transfer loans. The first thing banks look at is one’s credit history to understand their repayment habits. Typically, a credit score of 750 and above is preferred. Some other important factors taken into account are as follows:
Age
Employment Type
Minimum Annual Salary
Collateral Security
Margin Requirements
Assets, liabilities, stability, and continuity of occupation
Residency status (Resident Indian/ Non-Resident Indian)