Balance Transfer Loans

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 Transfer

The 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)