Home Loan Balance Transfer

Have you already taken a Home Loan from some other bank or NBFC, Do not miss a chance to lower your loan repayments when you have smarter options to choose from. You can move your home loan outstanding balance to ABM Financial Services.

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Features of Home Loan Balance Transfer

All loans are not created equal, Home Loan Balance Transfer has become a great option for people to use.

Loan Term

ABM Financial Services Home Loans provide loan tenure up to 30 years.

Loan Amount

You can move your complete balance loan with us no matter whether you have paid 12 EMIS or 60 EMIS.

Interest Rate & charges

8.80% to 12.00%.  The final rate of Interest will depend upon Profile, Loan amount, tenor and property type.

Home Loan Balance Transfer - Eligibility

Any Indian Citizen salaried, self-employed professional or self-employed business person with an outstanding home loan which has been regularly serviced can apply for a home loan balance transfer.

Age

Salaried (Min-Max) 21 – 60 years

Self Employed (Min-Max) 21 – 65 years

Co-applicant

Co-applicant: Not mandatory – but should be family members

Credit Rating

Applicant should have the bank specified credit score of 750 or above.

Frequently Ask Questions

The key reason for transferring your home loan from one lender to another is to benefit from a lower interest rate being provided to you by the new lender.

Yes. The maximum balance transfer amount is equal to the outstanding amount of the home loan.

You must not consider transferring your home loan if one of the following is applicable in your situation:

You have been repaying the loan for a long time now Your current bank has a prepayment penalty You are planning to move out of the property in the near future.

In case your credit score has dropped significantly since you applied for the initial home loan, it might affect the process. As the balance transfer process works similar to applying for a new home loan, your credit score and history would play a key role in determining your eligibility for the home loan balance transfer.

Most banks these days don’t have a prepayment penalty in the first place. But if your bank has it, then you can ask your new lending bank to take it into account. This will vary from bank to bank.

Transferring a home loan is treated like buying a home loan all over again by the bank, the loan is transferred to. Therefore, it might take 15-20 days or more for the home loan to be transferred to the new bank.

 

A top up loan is borrowed when the price of your property has risen significantly since you borrowed the loan and you now need extra money to refinance your property. Such a loan is also granted if you are looking to renovate your home.

 

Yes, depending upon your eligibility, the loan issuer can offer you the option to top up on the home loan to be transferred to the new bank but there may be processing and legal charges applicable.

Processing fees on transfer of home loans usually range from nil to 1% of the loan amount.

Your home loan makes you eligible for tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

  • Aadhaar card
  • Valid Driving License
  • Valid passport
  • Voter ID card
  • Last 3 months’ salary slips
  • Last 6 months’ bank statements, showing salary credit
  • Latest Form-16 & IT returns
  • Income Tax Returns with computation of income for the last 3 Assessment Years
  • Balance Sheet and Profit & Loss account statements of last 3 years along with the annexures and schedules
  • Current account statements of the business entity for the last 6 years
  • Savings account statements of the individual for the last 6 years
  • NOC from the builder
  • Registered agreement for sale
  • Chain of all old Agreements for sale
  • Certificate of occupancy
  • Any maintenance bill, electricity bill, property tax receipt
  • List of all original documents held at existing bank
  • Sanction Letter from the existing bank

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