#HomeLoanTransfer

[gossipdiaries]

5 important factors to keep in mind before opting for a home loan transfer. - GossipDiaries

Most of the financial firms have reduced their interest rates according to the instructions of RBI. So, if your bank is charging high-interest rates you can go for home loan transfer at any time.  Availing a home loan at lower interest rates will help you save a lot of money.

But, before opting for a home loan transfer to a new bank, have a look at some important factors listed below:

1. Terms and Conditions of a new bank

Before switching to another bank for a home loan transfer, try to know more about its terms and conditions, policies, deposit amounts etc. First be aware of all the Terms and Conditions carefully and then jump for it.

2. Calculate the processing as well as other charges

Do they charge any processing fee for the home loan transfer? What are the other allied charges charged by them like technical charges, legal charges, valuation fees? Check and calculate all the charges levied on home loan transfer before opting for any firm.

Click Here to read remaining important factors

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NRIs invest in properties in India for a wide variety of reasons.  During times of economic boom, several markets in India have seen a brilliant appreciation in real estate.  Be it land parcels or flats, prices have sky rocketed over the years. Availing a home loan and buying a flat makes prudent financial sense.  Reasons for selecting a lender (a bank/NBFC) is subjective and depends on the individual and his eligibility.  After a few years into such loans, circumstances may change and one may think of transferring the loan to another lender for lower rates, better customer service etc.  This process of balance transfer is called "Refinance".  The process may be challenging, especially if you reside overseas.  Our task force can help take the operational hassle off your back.  Logon to https://nriway.com/nri-service/home-loan-transfer-for-nri to know more

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Do you know the benefits you can get when you transfer your home loan? Read now.

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10 Things to Know about Home Loan Refinance

If you're paying high interest on your current home loan, you can switch it to another lender with a home loan transfer. Be aware of these 10 things before refinancing.

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Home Loan Transfer from HDFC to SBI

Regretting your decision of taking a Home Loan from your existing bank? You can opt for a Home Loan Balance Transfer to another financial institution to avail a lower rate of interest and better services.

Home Loan Balance Transfer is an ideal option for people who are not satisfied with their current lender and want to change their loan terms and conditions. However, the main reason why people opt for a Balance Transfer is to enjoy a low rate of interest. This move is supported by the RBI that announced an amendment in 2014 asking banks and NBFCs to stop imposing foreclosure and prepayment charges on borrowers who have availed Home Loans at floating rates of interest. This step has also compelled banks and NBFCs to reduce biasing between old and new customers.

This amendment came as a huge relief to Home Loan borrowers. So, now you can transfer your Home Loan without paying a huge penalty. If you want to opt for a Home Loan Balance Transfer from HDFC to SBI , here’s a comparative analysis of their interest rates and terms.

 HDFC

SBI

Interest Rate Range

9.55% - 9.60%

9.45%

Interest Type

Floating

Floating

Processing Fee Range

0% to 0.5% (max. ₹10,000)

0.35% (max.₹10,000)

Loan Amount

5 L - 10 Crs

15 L - 10 Crs

Tenure Range

1-30 Years

1-30 Years

Preclosure Fee

00

Part payment fee

00

Avg. approval time

4.2 Days

5 Days

  Documents required for Home Loan Balance Transfer from HDFC to SBI

 1.     Identity proof

2.     Address proof

3.     Salary slips of last three months

4.     Bank statement for the last 6 months

5.     Details of your existing Home Loan account

6.     Foreclosure letter from HDFC, which states the outstanding loan amount

7.     Other documents submitted to HDFC (they will be forwarded to SBI by HDFC)

 Procedure for Home Loan Balance Transfer

Follow these steps to smoothly transfer your Home Loan from HDFC to SBI:

·        Submit a letter requesting Home Loan Balance Transfer to your new lender

·        your existing lender will then issue a consent letter, an NOC, list of property documents, past EMI records, letter stating your outstanding balance

·        Next, you need to approach the new financial institution and apply for a Home Loan Balance Transfer

·        Apart from the documents mentioned above, your new lender might also ask you to submit an NOC from your builder and other documents

·        Once your new loan has been granted, your new lender will pay the outstanding loan balance to your previous lender

·        The post-dated cheques that you submitted with your previous lender will be cancelled

·        After this, the transfer process will be complete and your new loan account will be activated

 Why do borrowers prefer SBI when it comes to Home Loan Balance Transfer?

People opt for a Home Loan Balance Transfer when they feel that other financial institutions have a better Home Loan offer than their current one. And amongst them, SBI is an all-time favorite due to their hassle-free and quick services.

If you’re planning a Home Loan Balance Transfer from HDFC to SBI, keep the above pointers in mind while filing your application.

{Source: https://home-loan-balance-transfers.blogspot.in/2016/06/home-loan-transfer-from-hdfc-to-sbi.html}

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Home Loan Balance Transfer

Home loan balance transfer is the process where a home loan is transferred from one bank to another. Also known as refinancing, this is done in order to reduce interest rate, obtain better customer service, etc. In the event that a bank is not willing to reduce the rate on interest on the loan even after you’ve been paying off the loan religiously for a while, the option of refinancing can be looked at.

Reasons To Refinance Your Home Loan

Transferring the balance of your home loan can help you lower your EMI, depending on the bank

The interest rate on the loan can also reduce in many cases 

It can help increase your credit score as well

If you opt for a shorter tenure, the loan will get paid off much earlier

When looking out for a new bank, often times you can choose one that provides better service

The documentation needed to refinance a home loan is minimal and hassle-free. It is also a quick and easy process to refinance your home  loan

Method To Refinance A Home Loan

In general, the following steps is followed to refinance a home loan

Obtain the documents from your current lender necessary for the refinancing process

After receiving the documents, provide the same to the lender you wish to transfer the loan to

Subsequently, the home loan will be transferred from the old lender to the new lender

The old loan account will then be closed and all future payments will have to be made towards the new lender

The old lender will then pass on the property documents to the new lender, formally completing the refinancing process

Why Must You Refinance Your Home Loan? Why?

If you are paying a substantially higher rate of interest to a bank that usually provides a lower interest rate, you should think about refinancing your home loan

In the even that your bank refuses to reduce the rate of interest on a loan after a certain time frame, you should look out for banks that will offer a lower interest rate

If other banks are offering lower rates of interest, it is quite natural to want to transfer the home loan balance to that particular bank

When Must You Refinance Your Home Loan? When?

A home loan can be refinanced after twelve to eighteen months of availing the loan. However, ensure that the EMIs have been faithfully paid off  before you opt to transfer the balance on your housing loan.

Hurdles To Overcome Before Refinancing Your Home Loan

Although the procedure of refinancing you home loan is effortless, one must be aware about the hurdles that come with it. Impulsively transferring your home loan may cause an individual more damage than benefits. The following points must be adhered to before refinancing your home loan.

Credibility – Before opting to refinance your home loan, it is important to do a background check of the company you wish to transfer the loan to. Make sure the company is a credible one.

Make Sure All Payments Are Made – If all the payments towards the old loan hasn’t been paid, quite naturally, the loan will not be closed. Sometimes, even if you have made all payments towards the loan, it may take time for the bank to process it. Make sure the bank has processed the amount before refinancing your home loan.

Discuss The Disbursement Date With The New Lender – Make sure you are available when the refinance process is happening. In case you are not present, your current bank will not accept the payment from the new lender. In this case, you will end up paying the interest twice.

Make Sure You Obtain The No-due Letter – A no-due letter is a letter provided by your current lender stating that all payments towards the loan have been paid off. It is possible to face some hurdles in future in case you haven’t receive this letter.

Foreclosure Letter – Always make sure to obtain a foreclosure letter from the existing bank before you opt to refinance your loan. A foreclosure letter acts as proof stating that you wish to close the loan with the current bank. Apart from this acting as proof, this also provides the opportunity for you existing lender to reduce the rate of interest on the loan, freeing you from the burden or refinancing the loan.

Inform The Current Lender Of Closure – It usually takes a few days or even weeks to refinance your home loan. It will take even more time for your current lender to close the existing home loan. Therefore, it is important to keep your current lender informed regarding the closure. This will help you save time and also prevent you from paying any additional amount towards the loan.

Go Through The Fine Print – It is essential to go through the fine print of the document before choosing to refinance your home loan. Although you may benefit from saving money with a lowered rate of interest, it should not be the case wherein you are bombarded with hurdles that compromise on customer service, payment method, etc. Reading the fine print will eliminate this risk and also keep you informed of the policies of the new bank.

Consider All Costs – Refinancing your home loan can attract charges and fees. It is important to go through all the hidden costs and charges before you refinance your home loan. If the costs like stamp paper, documentation charges, processing fee, etc. outweigh the savings you receive, it becomes illogical to refinance your loan.

Quality Of Service – Occasionally, it can be noted that the marginal savings that a bank can offer via refinancing your home loan is irrelevant simply because your current bank provides you with an impeccable customer service. Don not fall into the trap of bad customer service. Always do your research on customer service before opting to refinance your home loan.

Get All The Necessary Approvals From The Co-borrowers – Make sure all the co-borrowers have signed the agreement to close the loan before refinancing it. If the co-borrowers hasn’t given his/her approval, the loan will not be closed.

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How to refinance a home mortgage with poor credit scores?

Mortgage refinance reduces your home loan interest rates. Find out how borrowers with poor credit scores can qualify for home loan refinance.

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