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How to Transfer My Home Loan?

Best home loan rates - Get instant New Home Loan form HDFC for purchase of a flat, row house, bungalow from private or govt development authorities approved projects<br>

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How to Transfer My Home Loan?

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  1. Housing Loan Procedure

  2. How to Transfer My Home Loan?

  3. Due to a high disparity between interest rates for existing and new customers, several home loan customers are unhappy with the high rates they are being forced to pay. • But when banks start discriminating between you and its new customers, it’s time for you to transfer your home loan to a lower interest rate and save money! • Step 1: Cost Benefit Analysis Analyze your situation, after which you will be able to decide the viability of transferring your home loan. Here are a few broad guidelines that will help you: • If your home loan is on a fixed interest rate, then you will have to pay a pre-payment penalty to transfer your loan. In this situation it is not advisable to transfer your home loan.

  4. Step 2: Get NOC from Bank • NOC HOW TO TRANSFER Next step is to get an NOC (no objection certificate) from your bank along with: • Foreclosure letter • Your payment history and • List of your documents that the bank has • This process may take 1 – 3 weeks, varying from bank to bank. • Step 4: Credit Approval • Loan approval • The bank will now evaluate your application and decide your eligibility status. It may ask you a few more questions as well.

  5. A catch 22 situation arises in case of Housing Loan Procedure • Home Loan Transfer to the new bank as the old bank will release your documents only if they get the cheque for the balance principal amount and the new bank will release the cheque only after all the documents are submitted to them. • To solve this, a meeting is held between representatives the two banks. A cheque of the balance principal amount is handed over to the old bank, following the hand-over of your loan papers to the new bank. • This ends the transfer process of your home loan. • [Source: http://www.switchme.in/blog/2013/12/how-to-transfer-home-loan-switch-banks/]

  6. Click to know more on Housing Loan Procedure : http://www.hdfc.com/housing-loans/home-loans/for-new-homes-salaried Thank You…

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