Home Loan Balance Transfer

For self-employed individuals:

• Must be an Indian resident
• Should be between 23-70 years of age
• Must have minimum 4 years of business continuity
• Must earn minimum ₹1.5 lakh per annum
• Tenure duration: 12 months to 300 months

For salaried individuals:

• Must be a resident or non-resident India
• Should be between 21-60 years of age
• Must have minimum 3 years of work experience
• Must earn minimum ₹1 lakh per annum
• Tenure duration: 12 months to 360 months

Some documents that you will require as you apply for the transfer are:

PAN Card

Photo identity proof

• Valid Passport with expiry date, photograph, and signature
• Voter’s Identity card issued by the Election Commission of India
• Driving license issued by regional transport authority
• AADHAAR card issued by UIDAI
• Job card issued by NREGA duly signed by an officer of the State Government
• National Population Register containing details of name and address

Address proof

• Valid Passport with expiry date, photograph, and signature
• Voter's Identity card issued by the Election Commission of India
• Driving license issued by regional transport authority
• AADHAAR card issued by UIDAI
• Job Card issued by NREGA duly signed by an officer of the State Government
• National Population Register containing details of name and address

Self-attested copies of income proof

• For salaried individuals: Last three months’ salary slip/salary certificate, latest year’s ITR with income computation/Form 16, last six month’s bank statement reflecting salary credits, repayment track/bank statements proof of track with loan sanction letter/amortization schedule.
• For self-employed individuals: Income tax return with income computation, Balance sheets and P&L accounts with schedules, GST return for the number of months not covered in the latest financial year, credit card statement for 6 months, copy of Contract Order and Form 16 A (applicable only if income is from contracts), bank statements for the last 6 months, account of the individual borrower and co-borrowers, and repayment track/bank statements proof of track with loan sanction letter/amortization schedule.

Besides the basic documents mentioned above, you may also need to produce:

• A letter from the present lender detailing the list of property documents in their possession
• On the letterhead of your current bank, send a copy of your most recent outstanding balance letter
• A photocopy of the title deeds (including Own Contribution Proof)