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HLBT

Home Loan Balance Transfer Fulfilling the dream of owning a house is one of the biggest achievements in life and requires a large amount of money. The banks and other financial institutions have helped several people in buying a house by offering a Home Loan. Usually, the banks charge interest a home loan that can range from 8.35% to 12%. This rate of interest varies based on the eligibility of the borrower and the lending institution. Every borrower wants to save on his/her interest cost and that can happen when the rate of interest is reduced. The rate can be reduced either by talking to his existing bank or transferring the loan from the current bank to another bank at a reduced rate. What is HLBT? Home Loan Balance Transfer is a process that facilitates the borrower to shift his existing home loan to another bank at reduced or lower rate of interest. With this, the borrower can pay future EMIs to the new lender at the reduced interest rate. The process starts with the submission of an application requesting for the foreclosure statement of a home loan with the existing bank. If the bank accepts the application it will issue a foreclosure letter with current loan details including outstanding loan amount. After that, the borrower will file a request for a Home Loan Balance Transfer with the new bank. If the new bank accepts the loan application, all the formalities with the previous bank will be completed and all the new EMIs will be paid to the new bank. Thus, Home Loan Balance Transfer is beneficial for the borrowers who have a running home loan at a higher rate but wants to optimize his interest cost. Reasons for opting for Home Loan Balance Transfer There are several benefits that a borrower receives for getting his Home Loan transferred. Some of the reasons could be: ? Reduced monthly rate of interest ? Reduced monthly outflow (EMI) ? The borrower can also negotiate with his bank to reduce the loan tenor. ? HLBT helps in the reduction of amount of money the borrower has to pay as interest during the entire tenor of the loan. ? Banks also run special NIL fees offer on HLBT product from time to time. Eligibility for Home Loan Balance Transfer ? Age: The minimum age for applying for Home Loan Balance Transfer is 21 years for salaried employees. The maximum age for salaried employees is 60 years and 65 years for self-employed professionals and self-employed business men. ? CIBIL Score or Credit History: Good CIBIL Score and sound credit history is one of the important factors that affect the approval of the loan application. The borrower must maintain a good credit score. In case the score dips at the time of a loan transfer the bank may reject the loan application. ? Repayments track on current Home Loan: The borrower must have clear repayment track of at least 12- 18 months on his current Home Loan. ? Work Experience: The applicant must have relevant number of work experience. He or she must have at least 2 years of work experience with 1 year of work experience in the current organization. For self- employed the minimum work experience required is 3 years in the same profession.

Documents Required for Home Loan Balance transfer.

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