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Apply NowA home loan balance transfer occurs when customers move their existing principal balance to some other bank for a lower interest rate or for an additional Top Up loan amount. A home loan balance transfer is beneficial for people who have taken out a loan, but it is surprising that only a few people know about it.Read More
Home loan balance transfers lower your interest rates, allowing you to save money on interest payments. If you are looking for a home loan balance transfer, you could consider transferring your loan to IDFC FIRST Bank. With many lucrative offers and a lower rate of home loan interest, IDFC FIRST Bank has everything you need.Read Less
A balance transfer for a reduced interest rate is known as a home loan balance transfer. Because of the disparity in interest rates offered on house loans, many people look for ways to achieve a cheaper rate and cut their monthly EMI. One of the most effective options is a balance transfer.
The following are some of the most common reasons people alter their loans:
If you are paying a higher interest rate on a home loan, you get the right to pick a lower interest rate, particularly if your bank refuses to drop it.
If you want to prolong the payback tenure to lower your monthly deductible, but your current house loan lender does not let you, you may choose to switch to an organisation like IDFC FIRST Bank that would.
If you're unhappy with how your home loan provider is handling your account, it could be time to re-evaluate your selection.
For self-employed individuals:
For salaried individuals:
Some documents that you will require as you apply for the transfer are:
PAN Card
Photo identity proof
Address proof
Self-attested copies of income proof
Besides the basic documents mentioned above, you may also need to produce:
Step 1
Click on ‘Apply Now’ ButtonStep 2
You will be asked to enter your mobile number. Once you’ve done that, confirm that you’ve read the Terms and Conditions.Step 3
Click on ‘Verify.’ You will receive an OTP on your mobile number. Enter the OTP and proceed.Step 4
Enter your personal details, such as first name, last name, email address, and city. Hit ‘Continue’ after you are done.When you are making a home loan transfer to another bank, you may wish to know the maximum funding for a home loan transfer process to another bank. The maximum funding, if you have taken a loan amount of up to ₹30 lakhs, is 90% of the market value of the property. It continues decreasing as the loan amount increases. For home loan transfer amount of ₹30 to ₹75 lakhs, you can get 80% of the market value of the property and for more than ₹75 lakhs, you can get 75% of the market value of the property for loan up to ₹5 crore.
After your home loan takeover, for a regular repayment method as per the Adjustable Rate Home Loan, the maximum loan repayment length is up to 30 years for salaried and 25 years for Self Employed.
The fees and charges you will incur fall into the following three categories:
The processing fees will amount to up to 3% of the amount borrowed, plus relevant taxes, whichever one is higher.
• Nil
• Nil
There are a few repayment options that you can choose from:
This option allows you to pay back your loan over a longer time, but not exceeding 30 years for salaried and 25 years for Self Employed. It translates to greater loan amount eligibility and lower EMIs.
When you buy an under-construction property, you must pay the interest on the amount owed taken until the loan is fully disbursed, after which you must pay EMIs. If you want to repay the principal right away, you can choose to divide the loan and pay EMIs on the total amount disbursed.
No, the interest rates on a home loan balance transfer are the same as a home loan.
Section 24b of the Income Tax Act provides tax benefits for house loan transfers, but only if a top-up loan is taken out. A borrower can claim a total interest deduction of ₹30,000 per financial year on the interest owed on the top-up loan.
Yes, if you have served more than 12 months for your existing home loan you may be eligible for FASTTRACK Balance Transfer with IDFC FIRST Bank.
Yes, Top Up at same ROI will be subject to max capping of 100% of the Balance transfer loan amount. However, this is a limited period offer and subject to change.