Home Loan Balance Transfer
Why pay higher EMIs when you can transfer your existing home loan to a bank offering lower interest rates and better terms? With Mera Loan Doctor, we make the balance transfer process smooth, transparent, and quick—so you save on interest and reduce your financial burden.
Features of Personal Loan
- Lower Interest Rates – Shift to a lender offering reduced rates to cut down EMI burden.
- Top-Up Loan Facility – Get additional funds along with balance transfer for renovation, education, or personal needs.
- Flexible Tenure – Extend or shorten repayment tenure as per your requirement.
- Quick Processing – Hassle-free transfer with minimal paperwork.
- No Hidden Charges – Transparent process with clear fee structure.
Personal Loan Eligibility Criteria
- Applicant must have a running home loan with regular EMI payment history.
- Minimum 12 months of successful repayment with the current lender (varies by bank).
- Good credit score (preferably 700+).
- Property documents must be clear and valid.
- Age and income criteria as per new lender’s policy.
Documents required to apply for Personal Loan
- KYC documents (ID & Address Proof).
- Income Proof (Salary Slips, ITR, Bank Statements).
- Existing Loan Documents (Sanction Letter, Loan Statement).
- Property Papers (Title Deed, Sale Agreement, NOC from Builder/Society).
- Latest EMI payment receipts.
Fees and Charges for Personal Loan
- Processing Fee: 0.25% – 1% of loan amount (varies by lender).
- Stamp Duty & Legal Charges: As per state government rules.
- Foreclosure Charges: May apply if current loan is on fixed interest rate (floating loans usually have no penalty).
Faq's for Personal Loan
What is a home loan balance transfer?
It is the process of shifting your outstanding home loan from your existing lender to another bank/NBFC offering better interest rates or terms.
Why should I transfer my home loan?
To reduce EMI burden, save on total interest, or get additional top-up funds.
Is balance transfer available for all home loans?
Yes, but you must have a clear repayment track record (generally 12 months).
Do I need to provide all documents again?
Yes, new lenders require full documentation (KYC, income proof, property papers, loan statement) for fresh processing.
Are there any hidden charges?
No. However, processing fees, legal verification fees, and foreclosure charges (if applicable) must be considered.