Loan Amount Balance Transfer

This is the best part of Home Loan. Because RBI has given a facility to transfer an ongoing bank loan by closing the account on that bank and transferring the Home loan to a new bank if the other bank reduces the interest rate.

To avail this benefit customer has to make a pre payment before switching over to a new bank. Many Banks allows customer to avail the reduced rate by a nominal fees to ensure that the customer don’t switch over to another bank. Customer should keep a close watch on Interest Rate Fluctuation in order to avail this benefit.


ELIGIBILITY & DOCUMENTATION

Eligibility

♦  Person can be salaried , Self Employed or Self Employed professional
♦  Income not less than Rs. 12,000 monthly and Rs. 1,50,00/- yearly ( Net )
♦  Income of Spouse can be added is he or she falls short of minimum earning slab.
♦  Maximum Age can be 70 year for Self Employed & 60 for Salaried person

Documentation Required

Identity & Address Proof

♦  Valid Passport
♦  Adhar Card
♦  Voter ID
♦  Pan Card with Allotment Letter

Income Proof

♦  PAN CARD
♦  3 Month Salary Slip
♦  Last 6 months Bank Statement
♦  Latest Form 16 & IT Returns (Salaried)

Other Documents

♦  Employment Contract / Employment Letter for persons who are newly employed
♦  Last 6 months Bank Statement showing Repayment of Ongoing Loans ( If Any )
♦  Passport Size Photograph
♦  Cheque for processing fees
♦  MOU in case of Partnership Company for Self Employeed
♦  Sanction letter of Existing loan.
♦  List of Documents provided
♦  Outstanding Letter from Bank

Property Related Papers

♦  Documents Related to Property



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