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Balance Transfer
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Product Info

HOME LOAN BALANCE TRANSFER

Feeling the interest burden of your existing home loan? Many people don't know that banks don't increase Home Loan EMIs but they increase the tenure of the home loan when the floating interest rate increases. If you are paying high interest rate on your home loan then we are here to help you save a money.

Many customers look at Home Loan Balance Transfers as making their loans more efficient. In some cases, the nature of Floating Interest Rates leaves customers with longer tenures, higher EMIs and so on. Many customers find their solution in Home Loan Balance Transfers which help to move from higher rate of interest to lower rate of interest or increase in loan components as Top ups.

Balance Transfer for Home Loan is a product, offering the customer a choice to transfer the outstanding balance of the home loan to avail for better terms & conditions, EMIs and lot of savings which can be better invested elsewhere.

Pre-payment of your home loan does not have any penalty and switching your home loan balance to a new bank has never been easier!

PERSONAL LOAN BALANCE TRANSFER

High value personal loans, loan against property, and multiple loans from different banks and credit cards can be consolidated into one high value loan using Personal Loan Balance Transfers. Due to floating interest rates being the norm for high value loans, customers may still retain their original EMIs but might end up with a much longer loan tenure. This is an undesirable situation for a loan taker, but a position that many find themselves in.

A personal loan balance transfer can help customers better manage their various loan products, possibly with a more competitive interest rate.

A personal loan balance transfer can help customers better manage their various loan products, possibly with a more competitive interest rate.

Customers can apply for a Top-Up on their Home Loans & Personal Loans using the Balance Transfer facility as and when they need to meet their personal requirements (other than for speculative purposes) or to possibly consolidate two loans from separate banks to a single larger loan from a different banking provider, with a more competitive interest rate. Customers can benefit from some additional funds against the security of property. Customers opt for top up loans for many reasons, some of which are mentioned below

  • Furnish your home
  • Buy consumer durables
  • Child's education expenses
  • Daughter’s marriage
  • Daughter’s marriage
  • Buy a new vehicle
  • Consolidate two active loans under a single provider
  • Documents Required

    Balance Transfer for Home Loans & Personal Loans, like most other financial products requires similar documentations. In order to help you understand the documents you need to keep handy before applying for a loan, we have compiled a list of items that can be of use to you

    The following documents are required by financial institutions to process loan balance transfer.

  • Identity Proof (Passport, Pan Card, Driver’s License etc.)
  • Bank Statement for 3 to 6 months. In case you are a salaried individual then the bank statement from your salary account
  • Salary Slips from your current employer
  • Proof of Residence (Ration Card, Property Documents, Registered Rent Agreements, etc.)
  • Self-Employed applicants will require to submit Profit and Loss accounts, Partnership Deeds, Balance Sheets and other documents as requested by the loan provider
  • Foreclosure Letter & List of Original Documents kept with the bank (These letters are to be obtained from the existing bank from where the loan is active. [Original letters obtained to be submitted.])
  • Property Documents in case of Residential / Commercial premises
  • Photocopies of all documents relating to the property to be mortgaged. [Original Documents will be collected at the time of disbursement]
  • Other documents as required by the respective Financial Institutions
  • FAQS

    What is an EMI?

    EMI (Equated Monthly Instalment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal

    What are the eligibility conditions for a home loan?

    To qualify for a home loan with DHFL, you must be:

  • An Indian resident or NRI
  • Above 21 years of age at the commencement of the loan
  • Below 65 when the loan matures
  • Either salaried or self employed
  • Who can be a co-applicant?

    A co-applicant is/are the co-owners of the property which is being offered as collateral/security to the loan. However all co-applicants need not be co-owners. Co-applicants to the loan are generally husband/wife, father/son, etc.

    What is a fixed rate of interest?

    Fixed rate of interest means the rate of interest remains unchanged for the entire duration of the loan. This means you do not benefit even if home loan interest rates drop in the market during the course of your loan.

    What is a floating rate of interest?

    In this case, the rate of interest fluctuates based on the market lending rate. This means you stand the risk of paying more than you budgeted for in case the lending rate goes up.

    What is Pre-EMI Interest?

    Prior to full and final disbursement and commencement of EMI, you pay pre-emi interest on the portion of the loan disbursed to you. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of the EMI.

    What are the other costs that usually accompany a home loan?

    Home loans are usually accompanied by the following costs:

  • Processing Charge: It’s a fee payable to DHFL on applying for a loan.
  • Pre-payment Penalties: If the Housing loan is under Variable/Floating Rate loan and the loan is prepaid through any source, no prepayment charges shall apply If the Housing loan is under fixed rate, the pre-payment charges shall apply except in the cases in which the customer is paying out of his ‘Own Sources’. The expression ‘own sources’ indicates that the proceeds of the prepayment should be from ‘any source other than from a bank/HFC/NBFC and/ or a financial institution’. All other Loans would continue to attract pre-payment penalty upon pre-closure, as per the terms and conditions of the loan agreement which is duly signed and executed by the customer.
  • Are securities required for home loans?

    In most cases, the property to be purchased, itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some institutions may ask for additional security such as life insurance policies, FD receipts and share or savings certificates.

    What are the tax benefits of home loans?

    Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is ` 1,50,000/- for the interest amount paid in the financial year and up to ` 1,00,000/- (under section 80 C) for the principal amount repaid in the same year.

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