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Transfer Home Loan – An Overview

A Home Loan Transfer, also known as Loan Balance Transfer, allows you to transfer your existing home loan to another lender that offers a better interest rate or more favorable terms. This process can reduce your monthly EMI burden or shorten your loan tenure.

Lower Interest Rates: By transferring your home loan, you can take advantage of lower interest rates offered by a new lender.
EMI Reduction: Transfer your loan to reduce your monthly EMI amount, making it more manageable.
Better Terms: Home loan transfer might also offer you better repayment tenure, helping you pay off the loan faster or extend the repayment period for lower EMIs.

Documents Required for Home Loan Transfer


The following documents are generally required for a home loan transfer:

PAN Card of the Applicant

Aadhar Card or Address Proof

Original Loan Account Details (Loan Account Statement, Repayment History)

Property Documents (Title Deed, Sale Agreement, etc.)

Income Proof (Salary Slips, Bank Statements, ITR)

Processing Fee Cheque

Eligibility for Home Loan Transfer


Eligibility for transferring your home loan depends on factors such as your current loan balance, the property value, your credit score, and income stability.

Frequently Asked Questions

What is Home Loan Transfer?

Home loan transfer is the process of moving your existing home loan from one bank or financial institution to another to avail of better terms, such as lower interest rates or a more flexible repayment structure.

Can I Transfer My Home Loan Anytime?

Yes, you can transfer your home loan at any time, provided your existing loan has completed the minimum lock-in period, if applicable, and you meet the eligibility criteria set by the new lender.

What Are the Charges for Home Loan Transfer?

Some lenders charge a processing fee for home loan transfer, along with any applicable stamp duty charges for modifying documents. However, there might be no prepayment penalty for transferring the loan.