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Balance Transfer

Home Loan Balance Transfer - Switch to Aavas and Save Big

Transferring your home loan to a new bank can be a good option if the new bank offers a low interest rate and other benefits like an easy payment option and less penalty in case you miss paying an EMI on the due date. The following guide will help you in transferring your loan balance to a new bank, with ease. A penny saved is a penny earned. Now you can have more money at your disposal to spend the way you like. Reduce the burden of your existing loans by transferring them to Aavas and avail the benefit of lower EMIs with our Balance Transfer product.

Features of Aavas Balance Transfer Loan

  • You can transfer your home loans availed from other institutions to Aavas and get a benefit of the additional top-up loan.
  • Attractive interest rates
  • Tenure of up to
    • o 30 years for salaried customers (from government/ PSU/ Private sector) with more than ₹ 35,000/Month
    • o 25 years for other salaried customers
    • o 20 years for self-employed customers.
  • Integrated branch network that facilitates loan servicing at a branch convenient to you.

Home loan transfer FAQs

How to apply for a home loan balance transfer?

To apply for a home loan balance transfer you need to do:

  • Obtain all the necessary required documents
  • Obtain a consenting letter from the existing lender for the outstanding loan amount
  • Provide the documents to the bank you wish for transferring your home loan balance
  • How can I do a home loan transfer to a new bank?

    The applicant who is a resident of India, aged between 18-70 years and with a decent good record of previous payments, popularly is known as high CIBIL score, can opt for the facility of home loan transfer.

    Is balance transfer a good idea for a home loan?

    If you are getting additional benefits after shifting your housing loan account to a new bank, you should definitely opt for it. People usually shift their accounts to enjoy the benefits of a lower rate of interest, lower tenure, easy payment options etc.

    How much money will I save if I opt for a home loan balance transfer facility?

    How much amount will you save on each EMI, if you opt for a new bank, depends on factors like what is the rate of interest offered by the new bank. You can check the exact amount you will be paying and saving with the help of a home loan EMI calculator.

    Can I transfer a home loan from one bank to another?

    The housing loan can be transferred from one bank to the other, the remaining amount of the old bank should be paid by the new bank form where the remaining EMIs are paid to the new bank.

    Can I transfer my home loan to another bank after availing PMAY benefits?

    Yes, an individual even after availing the benefits of PMAY can opt for a home loan transfer facility. The borrower has to transfer the outstanding amount to the other lender offering a lower rate of interest.

    What are the benefits of transferring a home loan?

    The benefits of transferring a home loan are that the individual enjoys a lower rate of interest, lower tenure etc., that the applicant did not enjoy with the previous bank.

    How long does the process of home loan balance take?

    It takes approximately 4-8 weeks to switch from one lender to the other. The applicant must talk to the concerned bank to know about the exact time taken to switch from one lender to another.

    Can I get a top-up loan at the time of balance transfer?

    Yes, the applicant can get a top-up loan on the existing loan as he/she transfers the outstanding loan amount from one lender to the other. The applicant can apply for a top-up loan along with the transfer request of the existing loan with the new lender.

    Can a home loan be transferred to another person?

    Yes, a home loan can be transferred to another person if the property on which the loan is taken is being sold to that person, the loan can also be shifted to the person.

    What documents required for a home loan transfer?

    The following documents are required for a home loan transfer

  • Identity and residence proof (PAN card, Passport, Driving License, Aadhar Card)
  • Income proof (Form16, IT returns, Bank statement for last 6 months)
  • Balance transfer documents
  • List of documents held by the previous lender:

  • Outstanding balance letter from the lender, photocopy of the property papers against which the loan is taken).
  • Other documents (Photograph of the applicant and the co-applicant, a cheque in favour of the new lender for payment of processing fees)
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