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Balance Transfer

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Balance Transfer

A loan against property balance transfer facility allows you to transfer your outstanding principal on your existing loan against property at a lower interest rate. It helps you to reduce your EMIs significantly, save more on interest costs; thus, lowering your total debt burden.

What is balance transfer?

Balance transfer is the process of transferring your existing loan amount to another bank for the better rate of interest. Basically, you are taking a new loan to pay off your previous loan at a lower interest rate, which helps you to save on the EMIs.

What are the reasons to apply for a Balance Transfer?

The advantage of availing a balance transfer is saving money. The difference in interest rates between the two lenders, the tenure of the loan and the amount outstanding are the three primary contributing factors.If you see a significant benefit in the interest rate, it may well be worth considering a switch to the new lender. The reason of switching the lender could include:
  • Reducing the EMI burden every month
  • Reducing the amount of money to be paid as the interest on the loan
  • A person could also consider applying for a balance transfer simply to avail attractive discounts and benefits being offered by the other lender.

What are the documents required for Balance Transfer?

  • Identity proof
  • Address proof
  • Documents related to the existing loan
  • Last 3 month’s salary slips
  • Last 6 months’ bank statements
  • Last 3 years’ balance sheet and profit and loss account statements (Self-Employed)
  • Passport size photograph

Will balance transfer help me to improve my credit score?

It actually helps you to increase your credit score if taken once, but if you are transferring your loan again and again then it can actually make your credit score look bad because bank will think you can’t pay your loan and that’s why you are just transferring your loan frequently for less interest rate.

How much time it takes to process balance transfer?

Well, it depends on your lender but generally it takes around 7 to 10 days. Moreover, it is recommended to apply online as it takes less time.

Is it possible to merge two of my existing loans through balance transfer?

Yes, if you have two or three loans altogether and if you are tired of paying so many instalments individually, then balance transfer is the best saviour for you as it can merge them all into one single loan for better interest rate.

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